IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.N.RAVINDRAN MONDAY, THE 12TH DECEMBER 2011 / 21ST AGRAHAYANA 1933 WP(C).No. 17754 of 2010(T) --------------------------------------- PETITIONER(S): ------------------------- P.POKKER, S/O. SRAJU, AGED 54 YEARS, PULAKKAL HOUSE, MUNNORKODU, THRIKKADIRI POST, OTTAPALAM TALUK. BY ADV. SMT.T.D.RAJALAKSHMI SRI.R.SREEHARI RESPONDENT(S): ---------------------------- 1. CHERPALCHERI CO-OP. URBAN BANK LTD. NO.1696, CHERPALCHERI, REPRESENTED BY ITS SECRETARY. 2. THE SPECIAL SALE OFFICER FOR CHERPALCHERI CO-OP. URBAN BANK LTD., OFFICE OF THE ASST. REGISTRAR OR CO-OP. SOCIETIES(G), OTTAPALAM. R1 BY ADV. SRI.V.K.BALACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.17754/2010 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE PROPERTY SALE NOTICE DATED 26/4/2010 ISSUED BY THE SECOND RESPONDENT. P2 COPY OF THE REPRESENTATION FILED BEFORE THE RESPONDENTS DATED 27TH MAY, 2010(27/5/2010). RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts P.N.RAVINDRAN, J. --------------------------- W.P.(C) No. 17754 OF 2010 -------------------------- Dated this the 12th day of December, 2011 J U D G M E N T The petitioner availed a loan from the first respondent co- operative society way back in the year 2002 on the security of a parcel of land approximately 25.7 Ares in extent. When the loan was not repaid, the bank filed A.R.C. No.563 of 2007 wherein an award was passed in the year 2007 itself. Even thereafter, the petitioner did not repay the debt. The bank thereupon took steps to execute the award and in execution of the award, the immovable property offered by the petitioner as security was brought to sale. Though the sale was scheduled to be held on 10.6.2010, by virtue of the interim order passed by this Court on 9.6.2010, it was not held. In this writ petition, the petitioner challenges the steps taken by the bank to sell the security furnished by him. 2. When the writ petition came up for admission on 9.6.2010, this Court while admitting the writ petition stayed further proceedings pursuant to Ext.P1 sale proclamation in the WPC No.17754/2010 2 event of the petitioner depositing the sum of Rs.50,000/- on or before 10.6.2010 and a further sum of Rs.50,000/- before 5.7.2010. When the writ petition came up for further hearing today, the learned counsel appearing for the petitioner submitted that the petitioner has deposited the first instalment of Rs.50,000/- and that for want of sufficient funds, he could not deposit the second instalment. 3. Sri.V.K.Balachandran, learned counsel appearing for the first respondent submitted that as on 3.12.2011 the sum of Rs.5,95,000/- was due from the petitioner and that if the petitioner is prepared to pay the sum of Rs.4,85,000/- within a period of two months from today, the bank will record full satisfaction of the award, close the loan account and return the documents of title deposited by the petitioner. The learned counsel appearing for the petitioner submitted that as the bank is willing to grant him two months time to clear off the loan and the said period will expire only on 10th February, 2012, the time for payment of the sum of Rs.4,85,000/- may be enlarged till 31.3.2012. The learned counsel appearing for the bank did not WPC No.17754/2010 3 seriously oppose the said request. In such circumstances, I dispose of the writ petition with a direction that the sale proposed to be held under Ext.P1 sale proclamation shall be kept in abeyance till 31.3.2012 in order to enable the petitioner to repay the entire loan by paying the sum of Rs.4.85,000/- in lump within the said period. If the petitioner does not remit the sum of Rs.4,85,000/- in lump on or before 31.3.2012, it will be open to the respondents to proceed to sell the security to realise the entire amount due from him and in that event, the petitioner will not be entitled to waiver of any portion of the loan amount. However, in the event of the petitioner remitting the sum of Rs.4.85,000/- on or before 31.3.2012, the bank shall record full satisfaction of the award, close the loan account and return the documents of title deposited by the petitioner. P.N.RAVINDRAN, (JUDGE) vps WPC No.17754/2010 4