C.N.RAMACHANDRAN NAIR, C.K.ABDUL REHIM
K. C. Thampi – Appellant
Versus
Kunnathunad Taluk Primary Co-op. Agricultural and Rural Development Bank Limited – Respondent
RamachandranNair, J.
1. The appellant borrowed funds from the 1st respondent, which is an Agricultural Rural Development Bank, and defaulted payment. The Bank referred the matter for arbitration and based on award passed, the 2nd respondent notified appellant's mortgaged property for sale against which Writ Petition was filed. The limited prayer made by the appellant before the learned Single Judge was to permit him to sell part of the mortgaged property and settle the debt due to the Bank so that he can retain balance property. In the first place, this is an equitable relief normally granted by this Court in writ proceedings filed under Article 226 of the Constitution of India, and invariably in every such case debt is cleared within the time granted and the debtors are able to save at least part of their property. Whenever we gave freedom to borrowers to sell mortgaged property on condition of settlement of liability due to the Bank before execution of sale deed, they were able to sell the property at market price, settle the arrears and retain some amount for themselves. In this case also identical relief was sought based on Rule 11 of the Co-operative Agricultural Deve
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