JAYACHANDRAN Vs. PALAKKAD DISTRICT CO-OPERATIVE BANK

JUDGEMENT

(1.) THE petitioner has filed this writ petition challenging coercive proceedings initiated against him for recovery of amounts demanded by the first respondent. The petitioner had availed a loan of Rs.3,00,000/ - (Rupees three lakhs only) from the District Co -operative Bank represented herein by its Branch Manager. Since the loan was not repaid the bank initiated arbitration proceedings and ARC 124/2011 ended in an award for an amount of Rs.3,90,858/ -. Thereafter, E.P.46/2012 was filed before the third respondent. As per proceedings in the execution petition, the property mortgaged by the petitioner was sold in auction on 26.6.2014. According to the petitioner, he was not aware of the auction sale at that time. Therefore, as soon as he came to know of the same, he has filed this writ petition challenging the sale. As per interim order dated 30.7.2014 confirmation of the sale was stayed. The said order is still in force.

(2.) ACCORDING to the counsel for the petitioner, he is ready to pay the entire amount payable, in five equal monthly instalments, with up -to -date interest. He seeks the issue of appropriate orders permitting him to pay the entire amount and to save his property. He pleads financial difficulties as the reason for his default.

(3.) HEARD . Since the auction has not been confirmed in the name of the successful bidder, he has not acquired any rights in respect of the property pursuant to the auction. It is not in dispute that the auction that was conducted was subject to confirmation. The confirmation has been stayed by this Court. Therefore, the auction purchaser is not a necessary party to this writ petition.