KUTTAPPAN Vs. THRISSUR DISTRICT CO-OPERATIVE BANK LTD.

JUDGEMENT

(1.) The petitioner, who says that he is the father of respondent No. 3 and the father-in-law of respondent No. 4, concedes that a large loan was taken by them from the 1st respondent-District Co-operative Bank. He adds that the 5th respondent is the business partner of his son and daughter-in-law and that they had not been careful in servicing the loan, leading it to the a Non Performing Asset and thus impelling the Bank to take further action against the property, which is owned by him and offered as the security for the said loan, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act ('the SARFAESI Act' for brevity).

(2.) The petitioner says that he is willing to pay off the entire liability to the Bank, by selling the secured asset and he prays that the Bank be directed to allow him to do so by giving him five months time for this purpose.

(3.) Shri P.C. Sasidharan, the learned Standing Counsel appearing for the 1st respondent-Bank, submits that the secured asset has already been taken physical possession of by his client under the provisions of the SARFAESI Act; but he offers very fairly that if the petitioner identifies and brings a purchaser for the said property to the Bank, who can then pay the entire liability to them, they will not stand in the way of a private sale and that the title documents of the property can also be released to the purchaser provided the loan is liquidated. He says, however, that the petitioner's attempt must not be to collaborate with respondents 3, 4, and 5 and avoid payment or that this be used as a ruse for respondents 3, 4 and 5 to approach this Court or other alternate Forums in future.