IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 18TH FEBRUARY 2008 / 29TH MAGHA 1929 WP(C).No. 4996 of 2008(T) --------------------------------------- PETITIONERS: ---------------------- 1. K.C.THOMAS,S/O.CHACKO, KOOTTIYANIYIL HOUSE, PALA, KOTTAYAM DISTRICT. 2. K.C.SEBASTAIN,S/O.CHACKO, KOOTTIYANIYIL HOUSE, PALA, KOTTAYAM DISTRICT. BY ADV. SRI.P.V.BABY SRI.R.KIRAN RESPONDENTS: --------------------------- 1. PALA URBAN C0-OPERATIVE BANK LTD. NO.1850, PALA P.O.,REPRESENTED BY ITS GENERAL MANAGER. 2. JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) KOTTAYAM. 3. ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) MEENACHIL, PALA. R1 BY ADV. SRI.P.C.HARIDAS, SC R2 7 R3 BY SR. GOVERNMENT PLEADER SMT. ANU SIVARAMAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.4996 of 2008-T = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 18th day of February, 2008. JUDGMENT 1.The first petitioner availed a loan from the first respondent mortgaging an item of property belonging to the second petitioner. That transaction led to Ext.P1 arbitration award and sale in auction. The bank purchased the property. After requesting for certain concessions and certain other benefits by moving the first respondent, the petitioners seek that they may be permitted to have re-conveyance of the property after settling the transaction. 2.On the basis of deliberations at the hearing of this writ petition, a statement of accounts dated WP(C)4996/2008 -: 2 :- 14-2-2008 was placed on record on behalf of the first respondent, showing certain amounts that would be arrived at. Further, it was noticed that an interest component was added on to the principal amount thereby resulting in doubling the interest rate while arriving at the aforesaid statement. Accordingly, a calculation was made afresh and the learned counsel for the bank pointed out that an amount of Rs.13,92,725/- would be the amount due by reworking the amounts and that the bank may be given reasonable amount as a component of compensation for its reasonable expectation of price escalation for the property for the last about 4½ years. 3.Having heard counsel for parties, on the basis of the submissions made, the total amount due under the transaction is rounded off and fixed at Rs.14 lakhs and a further amount of Rs.75,000/- is determined as a reasonable amount of compensation component for expected price escalation for the last more than four years and on consensus of WP(C)4996/2008 -: 3 :- parties, it is directed that if the amount of Rs.14,75,000/- is paid on or before 29-2-2008, the property will be conveyed to the petitioners at their expenses. If there is any failure to pay such amount and take re-conveyance as ordered above, the first respondent will be entitled to recover an amount of Rs.15,000/- as cost from the petitioners. 4.The writ petition is disposed of in the above terms. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/