MOHAMMED SHEREEF S/O IBRAHIMKUTTY Vs. CHIEF MANAGER AND AUTHORIZED OFFICER THE FEDERAL BANK LTD MULLAKKAL

JUDGEMENT

(1.) RESPONDENTS 3 to 6 are the owners of 1.71 acres of land comprised in Sy.Nos.100/35, 100/38B, 100/40, 100/40-2, 100/44 and 100/96 of Kayamkulam Village. Petitioners herein entered into an agreement of sale with respondents 3 to 6 for the purchase of the property offering `1.75 lakhs per cent. It is their case that they also paid Rs.80 lakhs to respondents 3 to 6 in order to enable them to get the liability created in respect of 32.96 ares of the property which was mortgaged to the respondent Bank cleared. It is also stated that contrary to the agreement, payment was not made to the Bank, as a result of which, Bank initiated SARFAESI proceedings and possession was taken over. It was at that stage this writ petition was filed.

(2.) THE prayers sought by the petitioners are to direct the Bank to issue them sale certificate on payment of the balance sale consideration or to issue them notice as and when the properties are sold or to accept `1.75 lakhs per cent agreed in Ext.P1 as their offer and consider the same along with the offers received as and when the property is sold.

(3.) IN my view, the only option the petitioners have is to participate in the auction as and when the property is sold by the Bank and take their chance on that basis. Writ petition is disposed of as above.