JAMES JOSEPH Vs. REGISTRAR OF CO OPERAIVE SOCIETIES

JUDGEMENT

(1.) THE petitioner availed a loan of Rs.1,50,000/- from the 4th respondent bank on 26.4.2004 on the security of 30.50 cents of land situated in Re-survey No.314/A of Panathady Village in Hosdurg Taluk. When the loan was not repaid, the bank filed A.R.C.No.118 of 2007 before the Joint Registrar of Co-operative Societies, Kasaragod. By Ext.P2 award passed on 16.6.2008 the Arbitrator directed the petitioner to pay the sum of Rs.1,67,742/- with future interest at the rate of 7.75% per annum on the principal sum of Rs.1,50,000/- till realisation. THE award also permitted the 4th respondent to recover the amount by sale of the security. Pursuant to the said award the security was brought to sale and sold in public auction on 25.3.2010 for the sum of Rs.3,55,000/-. THE 6th respondent was the successful bidder in the auction. He deposited the entire bid amount with the sale officer. After adjusting the award amount of Rs.2,12,877/- the balance amount of Rs.1,42,123/- was deposited in the SB account of the petitioner. THE petitioner had in the meanwhile filed objections prior to and after the sale before the Joint Registrar of Co-operative Societies. By Exts.P7 and P9 orders the said representations were rejected. THE sale was thereupon confirmed, the sale sannad was executed and registered. THE instant writ petition was thereupon filed challenging Exts.P6, P7 and P9 orders and seeking a direction to the official respondents to re-convey the property to the petitioner upon payment of the sale amount and the sum of Rs.70,000/- as compensation to the 6th respondent.

(2.) THE respondents have been served and they have entered appearance. When the writ petition came up for hearing today Sri.R.T.Pradeep, learned counsel appearing for the petitioner, submitted that in addition to the sum of Rs.3,55,000/- which was the amount realised by sale of the property, the petitioner will pay to the 6th respondent a further sum of Rs.75,000/- as compensation. THE learned counsel also submitted that as directed by this Court on 19.1.2011 the petitioner has deposited the sum of Rs.2,12,877/- and the sum of Rs.75,000/- with the 4th respondent bank and that the said amount together with the sum of Rs.1,43,123/-, which is presently lying to the credit of the petitioner in SB account No.3096 in the Malakallu Branch of the 4th respondent, can be paid over to the 6th respondent. THE learned counsel appearing for the petitioner also submitted that the petitioner is willing to meet the expenses for re-conveyance and also the expenses incurred by the 6th respondent to obtain the sale certificate in his favour. THE learned counsel appearing for the 4th respondent submitted that besides the above payments the petitioner will also have to meet the expenses incurred by the bank to defend this writ petition. THE learned counsel appearing for the 6th respondent submitted that on the 6th respondent receiving the sum of Rs.3,55,000/- and the sum of Rs.75,000/- which was fixed as compensation and the sum of Rs.24,850/- being the expenses incurred by him for obtaining the sale certificate, the 6th respondent will execute a sale deed conveying the property to the petitioner and hand over the original documents of title in his possession. In the light of the agreement arrived at by and between the parties, I dispose of the writ petition in the following terms: THE petitioner shall within one week from today deposit with the 5th respondent the sum of Rs.5,000/- towards costs of this writ petition and the sum of Rs.24,850/- within a month from today for payment to the 6th respondent. THE 4th respondent bank shall thereupon pay over to the 6th respondent the sum of Rs.3,55,000/- (comprising of the sum of Rs.1,42,123/- presently lying in SB account No.3096 and the sum of Rs.2,12,877/- and the sum of Rs.75,000/- deposited by the petitioner pursuant to this Court's order dated 19.1.2011) on the day the 6th respondent executes a sale deed conveying the property, which is the subject matter of the impugned orders, to the petitioner. THE 6th respondent shall upon receipt of the said amount take steps to register the sale deed and hand over possession of the prior documents of title to the petitioner. THE sale deed shall be executed and possession of the prior documents of title handed over to the petitioner within an outer time limit of six weeks from today. It will be open to the 4th respondent to appropriate the sum of Rs.5000/- deposited by the petitioner towards costs of this writ petition.