IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
WP(C) NO. 25520 OF 2019
PETITIONER:
C.M.JOHN,
AGED 48 YEARS, S/O.MATHEW,
CHAMAVALAPPIL HOUSE, NEAR HOLY CONVENT,
POTTA, THRISSUR - 680 722.
BY ADV T.RAJASEKHARAN NAIR
RESPONDENTS:
1 M/S.PEGASUS ASSETS RECONSTRUCTION (P) LTD.,
NO.31/970 B2, UZHIZELIL TOWERS, 1ST FLOOR,
SUBHASH CHANDRA BOSE ROAD, PONNURUNNI, VYTTILA P.O.,
KOCHI - 682 019, REP. BY P.M.MOHAN.
2 INDUSIND BANK LIMITED,
REGISTERED OFFICE, AT 2401, G
EN. THIMMAYYA ROAD, PUNE - 411 001.
BY ADVS.
SRI.LAL K.JOSEPH
SRI.A.A.ZIYAD RAHMAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 25520 OF 2019 2
JUDGMENT
This writ petition has been filed in the year 2019 challenging the proceedings initiated by the respondent, an Asset Reconstruction Company, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of amounts due under the debt assigned to it under the provisions of the aforesaid Act.
2. The learned counsel appearing for the petitioner submits that though the petitioner was not able to comply with the condition imposed in the order dated 04-11-2019, if a reasonable opportunity is granted, the petitioner will be in a position to clear the entire liability. It is pointed out that the petitioner could not remit the amounts due only on account of the Covid-19 pandemic.
3. The learned counsel appearing for the respondents would submit that since the 1st respondent is an Asset Reconstruction Company, any recovery proceedings, beyond five years from the date of WP(C) NO. 25520 OF 2019 3 assignment will be extremely difficult in view of statutory prohibitions and since the debt was assigned in the year 2018, immediate steps will have to be taken to recover the amounts due. It is submitted that for the last four years, this writ petition has been pending before this Court and the petitioner has not made any effort to pay the amounts due to the respondents.
4. The learned counsel for the petitioner in reply submits that if the petitioner is given a chance to approach the 1st respondent for One Time Settlement, he will be in a position to clear the liability under One Time Settlement, if sufficient concessions are granted and sufficient time is granted to pay off the liability.
5. Having regard to the facts and circumstances of the case and after hearing the learned counsel for the petitioner and the learned counsel appearing for the respondents, this writ petition is disposed of directing that if the petitioner files a suitable proposal for settlement of liability before the 1st respondent within a period of 10 days from today, further coercive steps against the petitioner shall be deferred until a decision is WP(C) NO. 25520 OF 2019 4 taken on such proposal by the respondent. If a suitable proposal is not placed on record within the time granted as above, the respondent will be free to proceed against the petitioner in accordance with law.
Sd/-
GOPINATH P.
JUDGE ats WP(C) NO. 25520 OF 2019 5 APPENDIX OF WP(C) 25520/2019 PETITIONER EXHIBITS EXHIBIT P1 A TRUE PHOTOCOPY OF THE DEMAND NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER. EXHIBIT P2 A TRUE PHOTOCOPY OF THE NOTICE DATED 18/9/2019 ISSUED BY THE ADVOCATE COMMISSION IN CRL.M.P.NO.3335/2019 ON THE FILE OF THE CJM, THRISSUR TO THE PETITIONER.
EXHIBIT P3 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER RESPONDENTS' ANNEXURE ANNEXURE R1A TRUE COPY OF THE ASSIGNMENT DEED DATED 14-03-
2019.
ANNEXURE R1B TRUE COPY OF THE -ASSIGNMENT INTIMATION LETTER DATED 05.02.2019" SENT BY THE ASSIGNOR BANK TO THE RESPONDENTS ANNEXURE R1C TRUE COPY OF THE ACCOUNT STATEMENT FOR THE PERIOD FROM 29/12/2018 TO 20/11/2019.