The petitioner availed a financial assistance from the respondent Bank on the strength of security interest created over the property in question. Admittedly, there occurred some default, pursuant to which the Bank proceeded with further steps under the relevant provisions of law, which made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel for the petitioner submits that, the petitioner would like to clear the entire liability by availing the benefit of 'OTS Scheme'. There is also a prayer to permit the petitioner to effect private sale of the property concerned and to have the loan account closed. Exts.P2 and P3 petitions are pending consideration before the authorities of the Bank.
3. Heard the learned counsel appearing for the respondent Bank as well, who points out that a facility to liquidate the liability under the 'OTS Scheme' is available, adding that appropriate orders will be passed on Exts.P2 and P3 in this regard W.P.(C) No.29464 of 2014 2 and the outcome will be communicated to the petitioner within 'one month'. As such, it will be for the petitioner to satisfy the due amount under the 'OTS Scheme' in the manner to be specified by the Bank. Coercive proceedings shall be kept in abeyance till such time.
4. With regard to the prayer of the petitioner for effecting sale of a portion of the property concerned, it is always open for the petitioner to identify a prospective purchaser and take him to the doors of the Bank to cause necessary arrangements for effecting the payment to the requisite extent directly to the Bank and to finalise the deal accordingly.
The writ petition stands disposed of.
P.R. RAMACHANDRA MENON, JUDGE sp