The petitioner is aggrieved with the sale proceedings initiated against the mortgaged property for recovery of defaulted arrears in a loan account. Admittedly the petitioner had availed of a loan from the respondent and had committed default in the same. The petitioner, at this point of time, contends in the above writ petition that, the petitioner is ready to pay off the entire loan amount with interest and that the property may be released to him without any encumbrance. 2. The learned counsel appearing for the respondent-Society submits that, on default being committed, the respondent was before the Arbitrator with a petition under Section 69 of the Kerala Co-operative Societies Act, 1969 [for brevity “the Act”]. An award was passed on 17.06.2004 and execution proceedings were initiated. The petitioner was a party before the Arbitrator as also before the executing Court. The mortgaged property was brought to sale and the respondent-Society purchased WP(C).No.29524 of 2014 - 2 -
the same, which sale was confirmed on 11.11.2011. A sale certificate was issued and delivery of the property was effected on 26.04.2013.
3. Despite the proceedings having been concluded as above, it is submitted by the respondent-Society that, the petitioner was granted an opportunity by Exhibit P3. Exhibit P3 directed the petitioner to deposit the entire amounts with interest on or before 30.09.2013 and on such condition being complied with by the petitioner, the respondent-Society was ready to re-convey the property to the petitioner. Admittedly the petitioner did not comply with the same.
4. In the above circumstance, the Bank resold the property, after obtaining permission from the authority, on 15.10.2014. Now, the property belongs to the auction purchaser and the Bank cannot at all consider the prayer of the petitioner, is the contention.
In the context of the aforesaid facts, the writ petition is found to be unsustainable. The same would stand dismissed. Parties are left to suffer their respective costs.
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Sd/- K.Vinod Chandran Judge ( true copy )