Baby. K. Nair vs The Authorised Officer, the South Indian Bank Limited, Regional Office, Info Park Road, Rajagiri Valley P.O., Kakkanad-Kochi-682039, The Manager, South Indian Bank Limited, Muvatupuzha Branch, T.B. Junction, M.C. Road, Muvattupuzha-684321, M/s. Vibha Choclates (P) Limited, Kerala Industrial Infrastructure Development Corporation Small Industries Park, Nellad, Cochin-682034 and Binoj Bhaskar, Managing Director, M/s. Vibha Choclates (P) Limited, ''''Thushara'''', Pattithara, Thrithala, Palakkad-679534

Justice Antony Dominic

The petitioner is one of the guarantors for loans availed of by the third respondent from the second respondent, bank. Default committed by the third respondent led to initiation of SARFAESI proceedings against secured assets including 4.45 ares of land with residential building comprised in survey No. 436/4 of Puthur village, belonging to the petitioner. The bank has issued Ext. P1 tender-cum-auction notice for sale of the assets.

It is thereupon, the writ petition is filed and the prayer made by the petitioner is that she will pay the reserve price of Rupees Twenty Lakhs specified in Ext. P1 and on payment, bank may be directed to release the property. I heard the learned standing counsel for the bank also. According to the bank, if the amount is paid and consent of all guarantors is also produced by the petitioner on or before 31.12.2012, bank is agreeable for the request made.

Now that the bank has agreed to the aforesaid concession, I dispose of this writ petition directing that if petitioner pays Rs. 20,00,000/- and produces consent letter from the guarantors before 31.12.2012, bank will release item No. 5 of Ext.P1 to the petitioner and also the documents in relation thereto. Needless to say that in case the above directions are not complied with, bank will be free to continue with the sale of the property as notified.