JUDGMENT

Heard both sides.

2. Following are the reliefs sought in this petition:-

“I. Issue the writ of mandamus or other appropriate writ, order or direction commanding the respondents No.1 and 2 to release the original title deeds and documents of the two properties (1) 14.36 cents of land and building owned by the petitioner and (2) 24.767 cents of land in the name of K P Narayanan.

II. Issue the writ of mandamus or other appropriate writ, order or direction commanding the respondents No.1 and 2 to extend the validity of OTS by one month from the date of release of the documents of two properties in Ext.P6.

III. Declare that the OTS for Rs.4 crores as per Ext.P6 is valid till one month from the date of release of title deeds of the two properties (1) 14.36 cents of land and building owned by the petitioner and (2) 24.767 cents of land in the name of K P Narayanan, notwithstanding the date

31.1.2021 mentioned in Ext.P6.

IV. Issue such other reliefs that this Hon'ble court may consider appropriate in the nature and circumstances of the case.”

2. The learned counsel appearing for the petitioners on behalf of Adv.Sri C Unnikrishnan (Kollam), on instructions, submits that the petitioners have obtained private loan and shall clear the entire liability regarding the financial facilities availed from the respondents by the end of this month.

3. The learned counsel appearing for the respondents drew my attention to the final order passed by the learned Debt Recovery Tribunal -1, Ernakulam in O.A. No.555 of 2015 [Ext.R1(A)]. I have perused the said judgment. The following is the clause (a) of paragraph No.11 of the said judgment:

“11.(a) The applicant bank shall recover the sum of Rs.5,58,23,784.39 (Rupees five crores fifty eight lakhs twenty three thousand seven hundred eighty four and paise thirty nine only) with interest on the sum of Rs.5,54,50,408.39 (Rupees five crores fifty four lakhs fifty thousand four hundred eight and paise thirty nine only) @13% per annum from 30.11.2015 till realisation and also its proportionate costs from defendants 1 to 9 jointly and severally and by sale of 'A' to 'L' schedule immovable properties and also from other assets, if any, succeeded to from deceased K.P. Narayanan and which have not been duly disposed of by defendants 4, 10 and 11, who shall be personally liable to the extent of the value of such assets in the event of their failure to satisfactorily account for the same.”

4. The petitioners herein had submitted a compromise proposal on 24.12.2020 and the same came to be accepted by the respondents vide communication Ext.P6.

5. It is worthwhile to reproduce paragraph Nos.1, 2 and 4 of this compromise proposal of the petitioner accepted by the respondent bank as below:- “With reference to the above, Sanction is accorded to settle the above account under OTS by remitting Rs.400.00 (Rupees four hundred lakh only), towards full and final settlement. Of the above, Rs.225.00 lakh to be remitted on or before 31.12.2020 and the balance amount of Rs.175.00 lakh to be remitted on or before 31.01.2021.

Sanction is also accorded for release of two properties (1) 14.36 cents of land and building owned by Geego T.D. (2) 24.767 cents of land in the name of K P Narayanan on payment of Rs.225.00 lakh subject to the compliance of following conditions:

1. Consent letter for release of the aforesaid security properties should be signed by all the parties to the suit/translation in the presence of authorized officer as per the prescribed format.

2. Suits filed against the bank should be withdrawn.

3. Consent of legal heirs of Late.Smt.Karthyani should be obtained.

4. Release of title deeds will be done after obtaining from DRT and the same will be released to mortgagors/legal heirs of the deceased mortgagor.

This sanction is valid only upto

31.1.12021 subject to the remittance of Rs.225.00 lakh on or before 31.12.2020 and the same will automatically get cancelled if the party failed to remit the same. Balance amount of Rs.175 l