The petitioner is the guarantor for the loan availed of, by his son. A small property being 1 ½ cents of property, with a shop room, was mortgaged to the respondent Bank. The respondent Bank submits that the writ petition is a mere dilatory tactics and that an amount of Rs.3,00,000/- is due to them. Considering the nature of the property, it is also submitted that only if proceedings are initiated now, there would be any possibility of arranging a proper auction and the sale of the properties. 2. The learned Counsel appearing for the petitioner also submits that the petitioner, would not be able to settle the dues, even in instalments. The petitioner only prays that he may be permitted to bring a seller so that, the property can be sold for a price agreeable to the bank as also to the petitioner. For that three months time is sought W.P.(C) No. 6855 of 2014 2 for.
2. In such circumstance, the petitioner shall be granted three months time from today to bring a purchaser and the sale transaction, if any, shall be only with the junction of the respondent Bank and subject to the consideration being paid to the Bank, to the extant of the liability. If the petitioner is not able to bring a purchaser within the period stipulated, the bank shall be free to proceed against the property for recovery of the amounts due to them. Needless to say there shall be a stay of recovery for three months from today. This is on a specific undertaking by the petitioner, that no proceedings will be taken before the DRT.
The Writ Petition is disposed of as above.
K. VINOD CHANDRAN, JUDGE SB