V.K.Pareed vs Oriental Bank Of Commerce on 31 March, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 8665 of 2009(C)


1. V.K.PAREED, AGED 50 YEARS,
                      ...  Petitioner

                        Vs



1. ORIENTAL BANK OF COMMERCE, M.G.ROAD,
                       ...       Respondent

                For Petitioner  :SRI.M.RAMESH CHANDER

                For Respondent  :SRI.THOMAS CHAZHUKKARAN

The Hon'ble MR. Justice ANTONY DOMINIC

 Dated :31/03/2009

 O R D E R
                        ANTONY DOMINIC, J.
                        ---------------------------
                      W.P.(C) No. 8665 of 2009
                  ------------------------------------
              Dated this the 31st day of March, 2009

                               JUDGMENT

Petitioner submits that in respect of the liability that is due

from him to the respondent bank, O.A No.252/2004 filed by the

Bank is pending before the Debt Recovery Tribunal, Ernakulam

for releasing Rs.10,13,049/-. During its pendency, he applied for

the benefit of One Time Settlement Scheme and the bank agreed

to settle the liability by accepting Rs.7,00,000/-. According to the

petitioner, when he tendered payment, he was informed that

documents deposited by him relating to the property mortgaged

can be released only if the liability that is due from M/s. Agro

Tech Industries, a proprietary concern of his wife, is also settled.

Petitioner submits that he is in no way connected with the

aforesaid liability. Therefore, according to him, liability of his

wife cannot stand in the way of the bank accepting payment and

releasing the documents of the properties mortgaged by him.

2. Counsel for the respondent bank submits that

W.P.(C) No. 8665/2009
2

documents are produced before the Debts Recovery Tribunal

and that proceeding are still pending.

3. Irrespective of pendency of the proceedings before the

DRT, the bank has not disputed that they accepted the offer of

the petitioner to settle the liability by accepting Rs.7,00,000/-.

They have also no case that the petitioner is in anyway liable for

the dues of M/s. Agro Tech Industries, a proprietary concern of

his wife. If that be so, on the petitioner paying Rs.7,00,000/-

agreed between the parties, bank is bound to accept the same

and release the documents in respect of the property mortgaged

by the petitioner.

Therefore, the writ petition is disposed of with the following

directions;

That within ten days from today, the petitioner

shall pay an amount of Rs.7,00,000/- to the

respondent bank and if payment is made as above,

such payment will be accepted and respondent bank

shall, without any further delay, release the title deeds

of the properties mortgaged by the petitioner also. It

W.P.(C) No. 8665/2009
3

is clarified that the liability, if any, due from the

petitioner’s wife, cannot stand in the way of the bank

accepting payment as above or releasing the

documents of title deposited by the petitioner.

ANTONY DOMINIC, JUDGE

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