The petitioner has approached this Court with the following prayers:
“i) Issue a writ of mandamus or other appropriate writ, order or direction directing the 1st respondent to release the mortgaged immovable property of the petitioner on the payment of market value of the property as fixed by the approved valuer of the 1st respondent;
ii) Issue a writ of mandamus or other appropriate writ, order or direction directing the 1st respondent to consider Ext.P7 application to release the mortgaged immovable property of the petitioner on same terms as in the case of the 2nd respondent and other guarantors;
iii) Issue a writ of mandamus or other appropriate writ, order or direction restraining the 1st respondent from initiating coercive proceedings against the mortgaged property of the petitioner under the SARFAESI Act, 2002;
iv) Grant such other and further reliefs as this Hon'ble Court may deem fit to grant in the facts and circumstances of the case.”
2. The learned counsel for the petitioner submits that, the Bank has released three items of properties of the 2nd respondent, who is the borrower, enabling him to satisfy the market value. Similarly, the Bank has also permitted other sureties to get their properties released, subject to satisfaction of the market value. It is in the said circumstances that, the W.P.(C) No.28413 of 2014 2 petitioner has also come forward, stating that the petitioner is ready to satisfy the market value of the property, so as to save her property as well.
3. Today, during the course of hearing, the learned counsel for the petitioner submits that, settlement talks are going on with the Bank and that the petitioner is ready to deposit a sum of Rs.10,00,000/- (Rupees Ten lakhs only) within 'two weeks' to prove the bonafides, in the attempt to discharge the liability.
4. The learned Senior Counsel appearing for the respondent Bank submits that, if the petitioner deposits the aforesaid sum of Rupees Ten lakhs within two weeks, the balance liability can be permitted to be liquidated, subject to the outcome of the settlement talks with regard to the 'OTS' amount to be cleared by the petitioner.
5. In the said circumstances, the petitioner is directed to deposit a sum of Rupees Ten lakhs within 'two weeks' from the date of receipt of a copy of this judgment. Subject to this, coercive proceedings, stated as being pursued against the petitioner, shall be kept in abeyance for the time being.
W.P.(C) No.28413 of 2014 3
6. It is made clear that, if the petitioner fails to satisfy the due amount, once the settlement talks are finalised in terms of settlement, if any, it shall be for the petitioner to effect vacant surrender of the premises, for proceeding with further steps. It is also made clear that, in the event of any failure of the settlement talks, it will be still open for the petitioner to satisfy the market value of the property and to have the property released. It is for the Bank to intimate the market value to the petitioner, based on the contents of Ext.P7 representation preferred in this regard, so as to liquidate the liability, adopting such a course as well.
The writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE sp