The petitioners are the wife and children of one deceased V.P Narayanan Nair. The petitioners 1 and 2 along with the deceased stood as guarantors for a loan availed by the 3rd respondent from the 1st respondent. The Directors of the 3rd respondent Company were impleaded as the respondents 4 and 5. The property of the petitioners were mortgaged as security for the loan availed. Sri. V.P Narayanan Nair is said to have succumbed to Cancer after prolonged treatment and the petitioners are aggrieved by the charge subsisting on the property, which, according to the petitioner, is of a large extent and a sale even of a portion would satisfy the entire debt to the 1st respondent. 2. The learned Counsel appearing for the respondent Bank submits that no action as such has been WPC No.13602/2014 ::2::
taken against the property or even for recovery of the loan, since the loan has not even been declared as a Non- Performing Asset. The learned counsel also submits that, at present there is an amount of Rs.24,00,000/- due and payable in the loan account.
3. The petitioners only pray that Ext.P2 representation filed before the first respondent be considered. In Ext.P2, they pray for a One Time Settlement as also permission to sell of a portion of the property to clear off the entire dues. It is only proper that the Bank consider the said prayer especially since the widow and children of a deceased person is before this Court, seeking to release the mortgage of their property by settlement of the loan due. In such circumstance, the respondent Bank shall, after giving an opportunity of personal hearing to the petitioners, consider whether any One Time Settlement can be granted. Simultaneously, the respondent Bank shall also consider any proposal placed by the petitioner before the WPC No.13602/2014 ::3::
Bank for sale of any portion of the property so as to satisfy the entire loan. It is made clear that no sale shall be effected by the petitioners without prior sanction of the respondent Bank and proceeds if any received, shall be deposited in the Bank and not appropriated by the petitioners themselves. The petitioners would be entitled to bring any purchaser to the bank for facilitating the sale as directed above. The bank shall consider the aforesaid offer, as expeditiously as possible, and fix a time limit for payment under One Time Settlement Scheme, taking into consideration the aforesaid directions by this Court.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, jma Judge //true copy// P.A to Judge