IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 22ND DAY OF DECEMBER 2022 / 1ST POUSHA, 1944
WP(C) NO. 29795 OF 2022
AGAINST THE ORDER/JUDGMENTSA 403/2022 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM
PETITIONERS:
1 M/S CANON GRANITES (P) LIMITED REP. BY ITS MANAGING DIRECTOR,
JOSE.K.FRANCIS
AGED 60 YEARS
S/O K C FRANCIS,
KUTTIKKADAN HOUSE, LOURDHPURAM , THRISSUR, PIN - 680005
2 SIMON K FRANCIS
AGED 58 YEARS
S/O.K.C FRANCIS, DIRECTOR,
M/S CANON GRANITES (P) LIMITED KUTTIKKADAN HOUSE, LOURDHPURAM ,
THRISSUR
, PIN - 680005
BY ADV G.SREEKUMAR (CHELUR)
RESPONDENTS:
1 THE AUTHORIZED OFFICER
SOUTH INDIAN BANK, REGD. OFFICE, SIB HOUSE, TB ROAD, MISSION
QUARTERS, THRISSUR , PIN - 680001
2 SOUTH INDIAN BANK
AYYANTHOLE BRANCH, PLATINUM JUBILEE BUILDING, CIVIL LINE ROAD,
AYYANTHOLE, THRISSUR-03 REPRESENTED BY ITS BRANCH MANAGER,
AYYANTHOLE P O, THRISSUR DISTRICT , PIN - 680003
BY ADVS.
SRI.K.K.JOHN,SC,SOUTH INDIAN BANK
Sunil Shankar A
VIDYA GANGADHARAN(K/000424/2020)
SANDHRA.S(K/001610/2021)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P. (C) No. 29795 of 2022
..2..
JUDGMENT
Dated this the 22nd day of December, 2022 This writ petition has been filed challenging Ext.P6 order of the Tribunal on I.A.No.1927 of 2022 and I.A.No.1926 of 2022 in S.A.No.403 of 2022. When this Writ petition is taken up for consideration today, it is not disputed that the petitioners have failed to comply with the conditions imposed in the interim order, dated 26.09.2022.
2. It is submitted by the learned counsel appearing for the respondent bank that the amount remitted by the petitioners is less than 10% of the amount directed to be paid in terms of the interim order.
3. The learned counsel appearing for the petitioners would state that the petitioners have already filed an affidavit in S.A.No. 403 of 2022, W.P. (C) No. 29795 of 2022 ..3..
undertaking that if the entire liability is not settled within three months from 07.11.2022, the petitioners will abandon all the contentions taken in the Securitization Application. It is submitted that the tribunal is not acting on the said affidavit, on account of the fact that this Writ Petition is pending before this court. The learned counsel for the petitioners would state that if the bank is willing to permit the petitioners to act in terms of the undertaking contained in the affidavit filed before the Debts Recovery Tribunal, this Writ Petition can be disposed of recording the undertaking given by the petitioners.
4. The learned counsel appearing for the respondent bank states that since the petitioners have not complied with the conditions imposed in the interim order dated 26.09.2022, the petitioners are clearly not entitled to any further directions or relief W.P. (C) No. 29795 of 2022 ..4..
from this court. The learned counsel appearing for the respondent bank states that since the petitioners did not comply with the terms of the interim order, the bank is proposing to take physical possession of the secured asset tomorrow (23.12.2022).
5. The learned counsel appearing for the petitioners would submit that the secured asset in question is a running quarry, where nearly 200 workers are employed and if the bank takes possession without considering the request of the petitioners for some time to settle the liability, the entire business will collapse and nearly 200 families will loose their only source of livelihood. It is submitted that the other secured asset is the residential house of the petitioners. It is submitted that in such circumstances since the petitioners are undertaking to withdraw all contentions in the securitisation application and also undertaking to W.P. (C) No. 29795 of 2022 ..5..
give up all challenge to the measures adopted by the bank, it is only appropriate that the bank considers the request of the petitioners for time to settle the liability.
6. Having heard the learned counsel for the petitioners and learned counsel for the respondent bank and having regard to the limited relief now sought for by the petitioners, this writ petition will stand disposed of directing that if the petitioners submit a proposal for settling the liability in full on or before a particular date to be indicated in the proposal, the competent authority of the respondent bank shall consider such request, provided such request is filed before 05.00PM today (22.12.2022). A decision on the request of the petitioners shall be taken after affording to the petitioners an opportunity of being heard. The petitioners shall appear before the competent authority of the respondent bank at W.P. (C) No. 29795 of 2022 ..6..
11.00AM on Monday (26.12.2022). Till such time as a decision is taken on the request made by the petitioners, taking of physical possession shall stand adjourned.
The writ petition will stand disposed of as above.
Sd/-
GOPINATH P.
JUDGE RMV W.P. (C) No. 29795 of 2022 ..7..
APPENDIX OF WP(C) 29795/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE DATED 23.7.2021 ISSUED BY THE RESPONDENT TO THE PETITIONERS. Exhibit P2 A TRUE COPY OF THE OBJECTION DATED 16.9.2021 ISSUED BY THE PETITIONERS TO THE RESPONDENT. Exhibit P3 A TRUE COPY OF THE PAPER PUBLICATION DATED 29.3.2022 OF THE POSSESSION NOTICE.
Exhibit P4 A TRUE COPY OF THE S A NO 403 OF 2022 DATED 22.6.2022 ON THE FILE OF THE DEBTS RECOVERY TRIBUNAL, ERNAKULAM.
Exhibit P5 : A TRUE COPY OF THE NOTICE DATED 5.8.2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONERS. Exhibit P6 TRUE COPY OF THE ORDER IN IA NO. 1926 OF 2022 FOR STAY OF EXHIBIT P5 NOTICE DATED 26.8.2022 PASSED BY THE DRT II, ERNAKULAM..
Exhibit P7 A TRUE COPY OF THE JUDGMENT IN O P DRT NO 355 OF 2022 DATED 1.9.2022 BY THIS HON'BLE COURT. Exhibit P8 A TRUE COPY OF THE LETTER GIVEN BY THE PETITIONERS DATED 13.9.2022.
Exhibit P9 A TRUE COPY OF THE SALE NOTICE ISSUED TO THE PETITIONERS DATED 13.9.2022.
Exhibit P10 A TRUE COPY OF THE I A IN S A NO. 403 OF 2022 DATED 15/L2/2022.
RESPONDENTS' EXHIBITS:NIL TRUE COPY P.A.TO JUDGE