IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 13TH JANUARY 2011 / 23RD POUSHA 1932 WP(C).No. 246 of 2011(E) ----------------------------------- PETITIONER: ------------------- NARAYNAN KUTTY, S/O. KRISHNAN NAIR, VELLOR PADINJARETHIL HOUSE, POTTOR.P.O. POTTOR, TRICHUR DISTRICT-680 581. BY ADVS. SRI.V.B.HARI NARAYANAN, SMT.RUBY P.PAULOSE. RESPONDENTS: ------------------------ 1. THE AUTHORIZED OFFICER, ANDHRA BANK, M.G.ROAD, ERNAKULAM-682 016. 2. THE BRANCH MANAGER, ANDHRA BANK, NATIONAL LODGE BUILDING, M.G.ROAD, THRISSUR-680 001. R1 & R2 BY SRI. ABRAHAM MATHEW (VETTOOR). THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/01/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. C.K.ABDUL REHIM, J. = = = = = = = = = = = = WP(C).No.246 of 2011-E. = = = = = = = = = = = = Dated this the 13th January, 2011. J U D G M E N T Petitioner's brother, who is now working abroad, has entered into an agreement for purchase of a property from one Mr.Anand. The property in question was under mortgage with the respondent Bank as security for a loan availed by the above said Mr.Anand. When the respondent Bank initiated coercive steps against the property, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the petitioner's brother approached the Debt Recovery Tribunal invoking Section 17(1). The Debt Recovery Tribunal, by virtue of an interim order issued on 19.1.2010, had restrained the respondent from proceeding with taking over possession of the property subject to condition of the petitioner therein depositing a sum of Rs.50,00,000/-, in an interest bearing no lien WP(C).No.246 of 2011-E. 2 account. Ext.P1 is the copy of the interim order issued by the Debt Recovery Tribunal in IA.No.181/2010, dated 19.1.2010. 2. However, subsequently, the securitisation application was sought to be withdrawn and the Tribunal as per Ext.P2 order had dismissed the IA observing that, the applicant is not more interested to purchase the subject secured asset and directed the respondents to release the amount of Rs.50 lakhs since deposited as above, forthwith to the applicant in the IA, along with the accrued interest, against valid acknowledgment. 3. Grievance of the petitioner is that, inspite of request made by the brother of the petitioner, the amount in deposit in the no lien account is not paid along with interest as direct in Ext.P2. It is pointed out that the respondent bank had issued a reply as per Ext.P3, on 23.12.2010, to the effect that since the Zonal Office of respondent bank was referred to find out possibilities for WP(C).No.246 of 2011-E. 3 filing appeal before the DRAT, it is unable to part with the amount at present. The Bank had expressed regret with respect to the inconvenience caused in this regard. 4. It is notice that the brother of the petitioner who had approached the Debt Recovery Tribunal is neither a borrower nor a guarantor. He owns no money to the respondent bank. It is further noticed that the withdrawal of the securitisation application was not seen opposed nor it is mentioned in Ext.P2 that any mention was made before the Tribunal to award cost or compensation. The amount was deposited in a no lien account which carry interest. The specific direction in Ext.P2 is to return the amount along with interest. The order in this regard was issued as early as on 24.9.2010. Even though 3 ½ months have lapsed since the date of the order, the amount was not seen returned, which according to the petitioner, is totally unjustified on the part of a nationalised Bank. However, there is no evidence to show that any appeal was filed WP(C).No.246 of 2011-E. 4 against Ext.P2 nor that any competent authority had stayed operation of Ext.P2. 5. Under such circumstance, the writ petition is disposed of directing the respondent to comply with the directions contained in Ext.P2 order of the Debt Recovery Tribunal, at the earliest possible, at any rate within a period of two weeks from the date of receipt of a copy of this Judgment, unless the operation of the order is stayed by any competent authority. C.K.ABDUL REHIM, (Judge) Kvs/-