Kerala High Court
Bank Employees Co-Operative Society ... vs Pallichal Farmers Service ... on 5 June, 2024
Author: Devan Ramachandran
Bench: Devan Ramachandran
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
WEDNESDAY, THE 57# pay OF JUNE 2024 / 15TH JYAISHTA, 1946
P(C) N 2470 OF 2023
PETITIONER:
BANK EMPLOYEES CO-OPERATIVE SOCIETY LIMITED NO.
T-167 TKV SMARAKAM, PULIMOODU THIRUVANANTHAPURAM
REPRESENTED BY ITS SECRETARY, PIN -- 695001.
BY ADVS.
KHADEEJA RISHBATH KALLINGAL
P.LINIMOL
RESPONDENT:
PALLICHAL FARMERS SERVICE CO-OPERATIVE BANK LTD
NO.T-677, VEDIVECHANKOVIL P.O, THIRUVANANTHAPURAM,
REPRESENTED BY ITS MANAGING DIRECTOR, PIN - 685501.
BY ADVS.
C.S.MANU
DILU JOSEPH (D-125)
C.A.ANUPAMAN (A-503)
T.B.SIVAPRASAD (K/17/2007)
C.Y.VIJAY KUMAR (K/152/2014)
MANJU E.R. (K/000401/2016)
ANANDHU SATHEESH (K/613/2020)
ALINT JOSEPH (K/505/2020)
PAUL JOSE (K/000862/2020)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.06.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 42470 OF 2023
-2-
JUDGMENT
When this matter was called today, the
learned counsel for the parties were ad idem
that the disputes between their clients have
been settled under mediation, conducted under
the aegis of the Ernakulam Mediation Centre.
2. I notice from the files that the Report
of the learned Mediator is also on record.
In the afore circumstances, I allow this
Writ Petition, directing the parties to act as
per the terms of settlement between them; for
which purpose, a copy of the same shall stand
appended as a part of this judgment.
Sd/-
DEVAN RAMACHANDRAN
JUDGE
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WP(C) NO. 42470 OF 2023
APPENDIX OF WP(C) 42470/2023
PETITIONER EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
Pl
P4
PS
P6
TRUE COPY OF THE RESOLUTION NO.19
DATED 10-10-2023 PASSED BY THE
MANAGING COMMITTEE OF THE PETITIONER
SOCIETY
TRUE COPY OF THE RESOLUTION DATED 17-
3-2023 PASSED BY THE MANAGING
COMMITTEE OF THE PETITIONER SOCIETY
TRUE COPY OF THE LETTER DATED 16-8-
2023 SUBMITTED BY THE PETITIONER
SOCIETY TO THE RESPONDENT BANK
TRUE COPY OF THE REPLY DATED 21-8-2023
BEARING NO.PFSCB/ 11/23-24 ISSUED BY
THE RESPONDENT BANK
TRUE COPY OF THE LETTER DATED 3-10-
2023 ISSUED BY THE PETITIONER SOCIETY
TO THE RESPONDENT BANK
TRUE COPY OF THE REPLY DATED 10-10-
2023 ISSUED BY THE RESPONDENT BANK TO
THE PETITIONER SOCIETY
SEPORE THE HONOURABLE HIGH COURT OF KERALA AT
ERNARLULAM
WP. fC) Na ge arg of 2023
Preset ele wager
Peh toner
Dahllyaebel Warm are Recto PRO : 3 eanoaneysant
Pallchal Farmers Service Le acer en : ABSpPQHUET
REPORT SUBMITTED BY THE MEDINATOR
Mediated matter is settled,
Ferms and conditions are attached herewith,
Gated this the Ist day of June, 2024.
y
Se
Meator
"wea toa sien Rd aodiontionn Sepa
Ernakuign) Mediation Cerire
BEFORE THE HON'BLE HIGH COURT OF KERALA,
ERNAKULAM
Bank Employees Co-operative -- ; Petitioner
Saciety L. td.
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Pallichal Farmers Service Co-op. ; Respondent
Bank Ltd.
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T PERMS OF SETT LEMENT
WHEREAS the writ petitioner society filed the above said writ
petition seeking a writ of mandamus directing the respondent bank to
repay the Fixed Deposits with interest:
AND WHEREAS several loanees of the respondent bank has
committed default in repayment of the loans to the bank and such
defaulimg loanees who are creditors to the bank have agreed to
transter the mortgaged property/other immovable properties in favour
ofthe nominees of the bank towards the discharge of their habiliges
to the bank:
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initiated by the Co-operative Department agamst the bank under
sections 65, 66 and the proceedings under section 32 of the Kerala
Co-operative Societies Act, 1969, due to political reasons which are
challenged in writ petitions filed by the bank before the Hon'ble
High Court.
AND WHEREAS the respondent bank bas offered the writ
petitioner society to arrange sale of immovable properties of its
debtors in Hen of 75% of the amount due to the writ petitioner
society and to pay the balance amount of 25% of the debt by way of
Money;
AND WHEREAS the petitioner society in pursuance of the
resolution passed by the Board of Directors in terms of discussions
and deliberations among themselves, has agreed to accept the
aforesaid offer made by the respondent bank subject to certain terms.
and conditions;
te involved in the above writ petition,on the following terms and
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{. The respondent bank will discharge the Nability due to the writ
petitioner Society by way of transferring immovable properties
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in leu of 75% of the amount due to the writ petitioner Society
and the balance 25% of the lability will be discharged by
payment of the amount. The respondent bank will arrange
transfer of immovable properties in favour of the writ
petitioner Society in heu of payment of 75% of the debt duc to
the writ petitioner and the writ petitioner will treat the same as
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discharge of 75% liability of the respondent bank. The bank
will arrange transfer of properties belonging to us debtors,
with their fall consent in favour of the writ petitioner Society
as stated above, towards discharge of 75 % of the Hability of the
respondent to the writ petitioner.
2. Valuation of the immovable property for such transfer w
made by the parties jointly through a panel of valuers of the
financial institutions and / or revenue authorities. Valuation of
{he immovable properties and the legal scrutiny of the title
cuments will be to the satisfaction of the writ petitioner
pean Von ee "-- i.
Society . ave been, Pregl
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The above exercise shall be done by the parties within a period
of three months from the date of this mediation agreement.
Arrears of interest of an amount of Rs.11,00,00G/- lakhs due to
the petitioner will be paid by the respondent bank in twelve
monthly instalments commencing from 30th September, 2024,
Future interest for the amount of balance 25% amount of the
debt will be paid by the respondent bank to the writ petitioner
society every month fron m 30th September, 2024.
4. Remaining 25% of the debt due to the writ petitioner Society
will be paid by the respondent bank in instalments within a
period of three years after clearing the arrears of interest Le.
within a period of three years after August, 2025.
AQ Respondent
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