IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 28TH OCTOBER 2011 / 6TH KARTHIKA 1933 WP(C).No. 10982 of 2010(W) --------------------------------------- PETITIONER: ------------------- YOUNG MENS CHRISTIAN ASSOCIATION, CALICUT, REPRESENTED BY ITS GENERAL SECRETARY, NIRMAL, RESIDING AT 1723, WEST AVENUE, KACHERY AMSOM AND DESOM, KOZHIKODE TALUK. BY ADV. SRI.E.NARAYANAN. RESPONDENTS: ------------------------ 1. UNITED BANK OF INDIA, REGIONAL OFFICE, SOUTHERN REGION, 118 OLD NO.217, RAMAKRISHNA MATH ROAD, MYLAPORE, CHENNAI. 2. UNITED BANK OF INDIA, KANNUR ROAD BRANCH, KOZHIKODE-1. 3. THE CHAIRMAN, UNITED BANK OF INDIA, HEAD OFFICE, 11, HEMANTA BASU SARANI, KOLKOTTA - 01. R1 TO R3 BY ADV. SRI.M.MOHAMED NAVAZ. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.10982/2010-W: APPENDIX PETITIONER'S EXHIBITS:- EXT.P.1: COPY OF THE ADVERTISEMENT PUBLISHED BY THE R.1. BANK IN THE MATHRUBHUMI DAILY DTD. 28/08/08. EXT.P.2: COPY OF THE ORDER DTD. 10/12/2008 IN W.P.(C).NO.35800/2008. EXT.P.3: COPY OF THE AUTHORIZATION GIVEN TO SRI. P.M. NIYAS, ADVOCATE. EXT.P.4: COPY OF THE LETTER DATED 13/01/2009 ISSUED FROM THE BANK TO THE PETITIONER. EXT.P.5: COPY OF THE REPLY DTD. 15/01/09 SENT BY THE PETITIONER TO THE BANK. EXT.P.6: COPY OF THE LETTER DTD. 23/01/09 ADRESSED TO THE ASSISTANT GENERAL MANAGER, (AUTHORIZED OFFICER) REGIONAL OFFICE, CHENNAI. EXT.P.7: COPY OF THE REPLY DTD. 27/01/2009. EXT.P.8: COPY OF THE LETTER DTD. 07/02/2009 SENT BY THE PETITIONER TO THE BANK. EXT.P.9: COPY OF THE LETTER DTD. 25/06/2009 SENT BY THE PETITIONER TO THE BANK. EXT.P.10: COPY OF THE NOTIFICATION PUBLISHED IN THE NEW INDIAN EXPRESS DTD. 06/07/2009. EXT.P.11: COPY OF THE REPRESENTATION DTD. 09/02/2010 SUBMITTED BY THE PETITIONER TO THE RESPONDENTS. EXT.P.12: ACCOUNT OF THE AMOUNT DUE CALCULATED AT THE RATE OF 6% AS PREPARED BY THE CHARTERED ACCOUNTANT OF THE PETITIONER. EXT.P.13: ACCOUNT OF THE AMOUNT DUE CALCULATED AT THE RATE OF 6% AS PREPARED BY THE CHARTERED ACCOUNTANT OF THE PETITIONER. EXT.P.14: COPY OF THE REPLY DTD. 09/02/10 ISSUED BY THE RESPONDENTS TO THE PETITIONER. EXT.P.15: COPY OF THE WRITTEN REQUEST DTD. 28/10/2010. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.10982 OF 2010 ---------------------------------------------- Dated this the 28th day of October, 2011 JUDGMENT The petitioner has filed this writ petition challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. At the request of the parties, I referred the matter for mediation to the Kerala Mediation Centre. The Mediator originally filed a report dated 22.10.2010 enclosing a settlement between the parties, which reads as follows: “The dispute covered by the above Writ petition was referred for Court annexed mediation and was mediate by Mr. T.P. George, Advocate and accredited trained Mediator, and the parties have agreed to settled the dispute on the following terms: 1. The Respondent Bank has received Rs.9.00 crores (Rupees Nine Crores only) being sale proceeds of the immovable property mortgaged to the bank by the petitioner. Out of the said amount, the Respondent Bank has already credited the dues of the petitioner to their two term loan accounts with the respondents bank. Balance amount of sale proceeds is lying W.P.(C)No.10982/10 2 with the respondent bank in a Non Interest earning account. 2. The first Respondent Bank has credited an amount of Rs.5,26,56,920/- (Rupees Five crores twenty six lakhs fifty six thousand nine hundred and twenty only) to the term loan accounts of the petitioner towards full satisfaction of the liability of the petitioner to the bank in the above two accounts as on 24.03.2010. 3. The petitioner agrees the above amount ie. Rs.5,26,56,920/- (Rupees Five crores twenty six lakhs fifty six thousand nine hundred and twenty only) as the total amount due to the Respondent bank by the petitioner as on 24.03.2010. 4. The Respondent bank hereby confirms that they are retaining an amount of Rs.3,73,43,080/- (Rupees Three Crores Seventy three lakhs forty three thousand and eighty only, paise nil) with them being surplus of the sale proceeds of the immovable property of the petitioner and the same will be released as an when ordered by DRT subject to further expenses, if any incurred by the bank. 5. This settlement will not affect the rights and contentions of the parties before DRT with regard to the adjudication and disposal of the surplus sail proceeds lying with the Respondent Bank.” But, still the question of return of title deed is outstanding. Despite further efforts by the Mediator as directed by this Court, that issue could not be settled. In the above circumstances, the learned counsel for the petitioner submits that the writ petition may be disposed of in terms of the above settlement without prejudice to the right of the petitioner to W.P.(C)No.10982/10 3 seek appropriate reliefs in respect of other pending issues. Accordingly, the writ petition is disposed of in terms of the above said settlement without prejudice to the right of the petitioner to take up the pending issues appropriately. S. SIRI JAGAN, JUDGE acd W.P.(C)No.10982/10 4