Kerala High Court
M/S Arun Handlooms vs State Bank Of India on 11 April, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
THURSDAY, THE 11TH DAY OF APRIL 2024 / 22ND CHAITHRA, 1946
WP(C) NO. 13718 OF 2024
PETITIONERS:
1 M/S ARUN HANDLOOMS
REPRESENTED BY ITS PROPRIETOR RAVI R.
ARUN NIVAS, PERUMPAZHATHOOR
THIRUVANANTHAPURAM, PIN - 695126
2 RAVI R.
AGED 61 YEARS
S/O RAMUNADAR, ARUN NIVAS, PERUMPAZHATHOOR
THIRUVANANTHAPURAM, PIN - 695126
3 N.R. KAMAL
AGED 44 YEARS
S/O RAVEENDRAN, SANGEETHA, NEDUMOM,
KOVALAM P.O., THIRUVANANTHAPURAM,
PIN - 695527
BY ADV A.AHZAR
RESPONDENTS:
1 STATE BANK OF INDIA
REPRESENTED BY ITS MANAGER,
BALARAMAPURAM BRANCH, BALARAMAPURAM,
THIRUVANANTHAPURAM, PIN - 695501
2 AUTHORISED OFFICER
STATE BANK OF INDIA,
STRESSED ASSET RECOVERY BRANCH,
LMS COMPOUND, OPP. MUSEUM WEST GATE,
VIKAS BHAVAN P.O. THIRUVANANTHAPURAM,
PIN - 695033
SRI.JITHESH MENON(STANDING COUNSEL)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
11.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) No.13718 Of 2024
2
JUDGMENT
Dated this the 11th day of April, 2024 The petitioners, who have availed a financial advance from the 1st respondent-Bank and against whom the Bank had initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, filed this writ petition seeking the following reliefs:-
"i. Issue a writ in the nature of certiorari or any other appropriate writ, order or direction calling for the records leading to Ext P3 and subsequent proceedings initiated against the petitioners and petitioners' properties having an extent of 3.03 Ares of land and building comprised in Re- survey No.627/8 (Block No.13) in Athiyannur Village, Neyyattinkara Taluk, Thiruvananthpauram District in the name of the 2nd petitioner and 30.98 Ares of land and building comprised in Re-survey No.45/4-2 (Block No.41) in Aruvikkara Village, Nedumangad Taluk in Thiruvananthapuram District in the name of the 3 rd petitioner and quash the same;
ii. Issue a writ in the nature of Mandamus or any other appropriate writ, direction or order directing the respondents to reschedule/restructure the Cash Credit Facilities availed by the petitioners."
WP(C) No.13718 Of 2024 3
2. When this writ petition came up for admission on 04.04.2024, Standing Counsel representing the Bank submitted that the petitioners have agreed to remit ₹11,50,000/- on or before 09.04.2024.
3. When this matter came up for hearing today, counsel for the petitioners submits that the petitioners could pay only ₹2 lakhs on 08.04.2024 and if the petitioners are given a breathing time to pay the balance amount, the petitioners will be able to pay the said amount of ₹11,50,000/-.
4. Taking into consideration the facts of the case, I am of the view that the writ petition can be disposed of with appropriate directions.
In the facts of the case, the writ petition is disposed of directing that if the petitioners remit an amount of ₹9,50,000/- more on or before 29.04.2024 and remits the balance amount in ten equated and consecutive monthly WP(C) No.13718 Of 2024 4 instalments, coercive proceedings against the petitioners shall stand deferred. If the petitioners commit any default to make payments as directed above, the respondents will be at liberty to proceed against the petitioners in accordance with law.
Sd/-
N.NAGARESH JUDGE hmh WP(C) No.13718 Of 2024 5 APPENDIX OF WP(C) 13718/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL RECORDS OF THE 2ND PETITIONER'S WIFE Exhibit P2 TRUE COPY OF THE MEDICAL RECORD OF THE 2ND PETITIONER Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE, DATED 21.11.2023 ISSUED BY THE 2ND RESPONDENT