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Judgment
Ramachandran Nair, J.—Heard Sri. Thampan Thomas, counsel appearing for the appellant and Standing Counsel appearing for third respondent. Appellant''s grievance is that their properties are being sold in recovery proceedings for recovery of loan amount availed by their predecessors. Admittedly, loan availed was above Rs. 17 lakhs and the borrower had repaid substantial amount. So far as balance is concerned, dispute is with regard to failure of the third respondent to grant incentives to farmers granted by the Government. We do not think this is a dispute that the appellant can raise against the third respondent. Appellant is absolutely free to approach the concerned Department of the Government for getting whatever incentives that are available to plante Rs. So far as loan amount is concerned, the lender institution is entitled to recover the arrears failing which properties will be sold in auction. The property is already sold and in the absence of purchasers the bank itself has purchased the property. The learned Single Judge considered the matter and directed the bank to inform the appellant in writing the amount which they should pay in lump to have the sale set aside. It was also directed that the bank shall have due regard to the concession, if any, to be extended to persons who have availed loans from co-operative institutions by the Registrar of Co - operative Societies and appellant was given two months from the date of communication to deposit the amount demanded. So much so, appellant cannot have any grievance on this. If any further incentive is due from the Government, it is for the appellant to approach the Government and get it. Further, we do not find any justification for continuing the stay.
After hearing both sides and considering the fact that loan availed was only Rs. 17 lakhs, though 16 years back, and since appellant''s predecessor has already paid Rs. 14 lakhs, we feel that the appellant can be granted incentives to settle liability by payment of Rs. 25 lakhs or before 31st March, 2012. If payment is made, as stated above, the sale will stand set aside and the property will revert back to the legal heirs of the deceased including the appellant. It will be open to the appellant to negotiate for sale of the very same property now purchased by the bank in auction and proceed with the execution of agreement for sale and approach the bank with payment either by the appellant or by the purchaser and if payment is made, bank will release the title deeds. The sale in favour of the Bank will stand stayed till 31-3-2010 and, in the event of failure to make payment by them, the sale will stand confirmed in favour of the bank.
Writ Appeal is disposed of as above.