The petitioner is aggrieved with the sale proceedings initiated against the petitioner's property and the purchase of the property in the name of the 1st respondent.
2. The petitioner admittedly committed default in his loan account. The Writ petition, which is admitted in 2011, stayed the confirmation of sale, on remittance of Rs.2,00,000/- in two instalments. The time specified for the last instalment was enlarged by another Interim Order. Admittedly, that has been complied with.
3. The learned counsel appearing for the respondent - Bank submits that the respondent- Bank had purchased the property even before the Writ Petition. Confirmation, definitely has been kept in abeyance on the orders issued by W.P.(C) No. 13955/2011 -2-
this Court. The respondent - Bank also submits that it is ready to re-convey the property, on the petitioner remitting the entire defaulted amounts with interest up to date, as also the expenses incurred in the sale proceedings. The respondent - Bank shall hence issue a statement of accounts showing the amount due as on 15.11.2014 along with the expenses incurred by the respondent - Bank which the petitioner shall deposit within three months from 15.11.2014.
4. The learned counsel appearing for the petitioner has also a contention that the petitioner has arranged sale of 8 cents of property comprised in the total 15 cents and if the attachment of the said property is released, then the sale proceeds would satisfy the entire amounts due. If within the time granted by this Court the petitioner finds a bonafide purchaser and remits the money towards sale W.P.(C) No. 13955/2011 -3-
consideration to the respondent - Bank to the extent of his liability with the Bank, then the respondent - Bank shall consider lifting of the attachment of the 8 cents, to facilitate such sale. If either of the options granted herein is not availed of by the petitioner within the time stipulated, the respondent Bank shall be entitled to such confirmation of the sale effected in its favour.
Writ petition disposed of.
Sd/- K.VINOD CHANDRAN, JUDGE jjj