Court permits sale of attached property by petitioners to alleviate recovery burden, ensuring payment meets liability directly.

JUDGMENT

The Writ Petitioner challenges Ext. P5 notice of attachment of the 1^st petitioner’s property. There is a reference document number covered by Deed No.1785 of 1985 of Kochi Sub Registrar Office.

2. According to the petitioner, the petitioner has various other properties, which have already been mortgaged with KSFE for other loans availed by him. However, instead of proceeding against those properties, KSFE had now proceeding by Ext. P5 against the property of which show encumbrance exist. The learned Counsel further submitted that, the petitioner is willing to identify third party purchasers who can pay the amount, the purchase price directly, to KSFE so as to relieve them of the burden of the recovery proceedings and also enable the petitioner to obtain a much higher price than KSFE would obtain in auction proceedings.

3. The learned Standing Counsel, upon instructions, submitted that the total liability due from the petitioner is Rs.1,43,69,035/- as on 28.02.2026. It is further submitted that, if the petitioner is genuine in identifying a purchaser, the respondent has no objection in entering into tripartite agreement for executing the sale deed and relieving the property from the attachment.

4. In view of the above, respondent Nos. 1 to 3 are directed to permit the petitioner to sell the property in terms of the consensus recorded in the preceding paragraph, subject to the condition that the petitioner shall produce the proposed purchaser before KSFE and that the sale consideration, to the extent necessary to discharge the liability covered by Ext. P5, shall be remitted directly by the purchaser to KSFE. If such payments are made, respondents shall release property of the attachment effected by Ext. P5 immediately on the receipt of payment and corporate with the execution of the sale deed in favour of the purchaser.

This Writ Petition is disposed of as above.

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