Petitioners seeking re-conveyance of a property mortgaged to an urban co-operative bank after an auction sale. Court fixed dues at Rs.14,75,000 including compensation for price escalation and directed conveyance upon payment.
Renunciation of mortgage and re-conveyance of the property to petitioners upon payment of Rs.14,75,000.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT :
THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN
MONDAY, THE 18TH FEBRUARY 2008 / 29TH MAGHA 1929
WP(C).No. 4996 of 2008(T)
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PETITIONERS:
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1. K.C.THOMAS,S/O.CHACKO, KOOTTIYANIYIL HOUSE, PALA, KOTTAYAM DISTRICT.
2. K.C.SEBASTAIN,S/O.CHACKO, KOOTTIYANIYIL HOUSE, PALA, KOTTAYAM DISTRICT.
BY ADV. SRI.P.V.BABY SRI.R.KIRAN
RESPONDENTS:
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1. PALA URBAN C0-OPERATIVE BANK LTD. NO.1850, PALA P.O.,REPRESENTED BY ITS GENERAL MANAGER.
2. JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) KOTTAYAM.
3. ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) MEENACHIL, PALA.
R1 BY ADV. SRI.P.C.HARIDAS, SC R2 7 R3 BY SR. GOVERNMENT PLEADER SMT. ANU SIVARAMAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Kss
THOTTATHIL B. RADHAKRISHNAN, J.
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Dated this the 18th day of February, 2008. JUDGMENT
WP(C)4996/2008 -: 2 :-
14-2-2008 was placed on record on behalf of the first respondent, showing certain amounts that would be arrived at. Further, it was noticed that an interest component was added on to the principal amount thereby resulting in doubling the interest rate while arriving at the aforesaid statement. Accordingly, a calculation was made afresh and the learned counsel for the bank pointed out that an amount of Rs.13,92,725/- would be the amount due by reworking the amounts and that the bank may be given reasonable amount as a component of compensation for its reasonable expectation of price escalation for the property for the last about 4½ years.
WP(C)4996/2008 -: 3 :-
parties, it is directed that if the amount of Rs.14,75,000/- is paid on or before 29-2-2008, the property will be conveyed to the petitioners at their expenses. If there is any failure to pay such amount and take re-conveyance as ordered above, the first respondent will be entitled to recover an amount of Rs.15,000/- as cost from the petitioners.
THOTTATHIL B. RADHAKRISHNAN, JUDGE.
Sha/
2 issues framed by the court
Whether the petitioners can be permitted to have re-conveyance of the mortgaged property after settling the dues and compensation.
Whether a sum of Rs.14,75,000 comprising principal, interest, and compensation for price escalation should be paid to convey the property back.
K.C. THOMAS
K.C. SEBASTAIN
PALA URBAN CO-OPERATIVE BANK LTD.
JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) KOTTAYAM
ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) MEENACHIL
THOTTATHIL B. RADHAKRISHNAN
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
