The petitioner was aggrieved with the sale proceedings initiated against the petitioner's property, which was admittedly mortgaged in favour of the respondent Bank as security for satisfaction of a loan availed. Default was committed and the Bank proceeded against the property. The property was purchased by the respondent Bank in a sale conducted on 02.01.2013 for the amounts due as on that date in a loan account. Very fairly, the respondent Bank submits that if the petitioner deposits the arrears due on the date of sale with interest @ 12% and expenses. The respondent Bank shall not press for conveyance of the sale effected in favour of the respondent Bank. The petitioner seeks for a breathing time to satisfy the same. 2. In such circumstance, the petitioner shall be issued W.P.(C) No.5352 of 2013 - T 2 with a statement of accounts showing the dues as on 30.11.2014. The same shall be paid on or before 01.01.2015. On payment being effected, any future interest due shall also be demanded, which shall also be paid within one week from the date on satisfaction of the entire loan amounts as stipulated above, the Bank shall not press for conveyance of the property. In the event of the failure on the part of the petitioner to comply with the directions, the Bank would entitled to seek for confirmation and conveyance, which shall be granted by the appropriate authority.
The writ petition is disposed of.
K. VINOD CHANDRAN, JUDGE SB