IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 15TH JUNE 2010 / 25TH JYAISTHA 1932 WP(C).No. 15772 of 2010(V) -------------------------- OA.535/2002 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER(S): --------------- V.HARI, S/O.VASUDEVAN NAIR (LATE), AGED 51 YEARS, H.NO.S.18, TC 29/704, SREEVELI NAGAR, PALKULANGARA, PETTAH P.O., THIRUVANANTHAPURAM. BY ADV. SRI.SAJEEV KUMAR K.GOPAL SMT.AMBIKA RADHAKRISHNAN RESPONDENT(S): --------------- 1. THE PUNJAB NATIONAL BANK, PALKULANGARA BRANCH, CHEMBAKASSERY JUNCTION, THIRUVANANTHAPURAM, REP.BY ITS BRANCH MANAGER. 2. PRADEEP KRISHNA, S/O.KRISHNAN, URUMBIL HOUSE, ARIVUKUZHA P.O., KOTTAYAM-686 503. 3. THE RECOVERY OFFICER, DEBTS RECOVERY TRIBUNAL, ERNAKULAM. ADV. SRI.H.HAMSA RAWTHER FOR R2 SRI.H.SUNIL FOR R2 SRI.V.K.PEERMOHAMED KHAN FOR R2 SRI.C.AJITH KUMAR FOR R1 SRI.T.P.GEORGE (MEDIATOR) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.15772 of 2010-V ---------------------------- Dated this the 15th day of June, 2010. J U D G M E N T The petitioner had availed a loan from the respondent Bank. The deceased wife of the petitioner had created security interest over the property in question, in connection with the loan transaction. Since the loan amount was not re-paid, the Bank initiated recovery proceedings by filing O.A.No.535 of 2002 before the Debts Recovery Tribunal and finally on the basis of the final orders passed, it was got executed by causing the property to be sold in public auction, which was purchased by the second respondent, remitting the sale consideration. 2. The petitioner approached this Court stating that the default was never wilful and that the petitioner is ready and willing to clear the entire liability to the Bank and also to pay the necessary compensation to the successful bidder, the second respondent. 3. When the matter came up for consideration before this Court earlier, it was caused to be mediated at the Mediation Centre, Ernakulam. Pursuant to further steps, a report has been filed by the mediator, also producing a settlement agreement as contemplated W.P(C) No.15772 of 2010-V 2 under the relevant rules. As per the terms brought to light, the matter was agreed to be settled by paying a sum of Rs.26 lakhs to the respondent Bank, out of which Rs.18 lakhs has already been satisfied and the balance amount is to be paid on or before 30.6.2010. With regard to the liability of the second respondent/successful bidder, the petitioner has agreed to pay to the second respondent/auction purchaser the sum of Rs.3,25,000/- inclusive of Rs.1,30,000/-already deposited in the DRT by the petitioner as compensation in lieu of sale. After giving credit to the amount already deposited in the Debts Recovery Tribunal, it is agreed to pay a sum of Rs.1,95,000/-, which is stated as already complied with. 4. In the above circumstances, the settlement arrived at among the parties is recorded and the sale conducted in favour of the second respondent is hereby set aside. The petitioner shall satisfy the balance sum of Rs.8 lakhs to the Bank within the time as agreed. The petitioner shall pay the 'mediation fee' of Rs.5,000/- to the Mediator directly and shall file a memo in this regard . The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab