M/S. Sark Spice Products Pvt. Ltd ... vs The South Indian Bank Ltd Represented By ...

Kerala High Court

M/S. Sark Spice Products Pvt. Ltd ... vs The South Indian Bank Ltd Represented By ... on 20 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

        IN THE HIGH COURT OF KERALA AT ERNAKULAM
                        PRESENT
          THE HONOURABLE MR.JUSTICE N.NAGARESH
 MONDAY, THE 20TH DAY OF MAY 2024 / 30TH VAISAKHA, 1946
                 WP(C) NO. 7607 OF 2024
PETITIONERS:

    1    M/S. SARK SPICE PRODUCTS PVT. LTD REPRESENTED
         BY CHAIRMAN & MANAGING DIRECTOR- ABRAHAM T.
         KURUVILLA ALIAS T A KURUVILA
         TAK INDUSTRIAL COMPLEX, EARA NORTH,
         NEELAMPEROOR, ALAPPUZHA, KERALA, REPRESENTED BY
         CHAIRMAN & MANAGING DIRECTOR - ABRAHAM T.
         KURUVILLA ALIAS T A KURUVILA, THURUTHITHARA
         HOUSE, EARA NORTH P.O., NEELAMPEROOR,
         ALAPPUZHA, KERALA, PIN - 686534
    2    ABRAHAM T. KURUVILLA ALIAS T A KURUVILA
         AGED 70 YEARS
         MANAGING DIRECTOR, SARK SPICE PRODUCE PVT. LTD.
         THURUTHITHARA HOUSE, EARA NORTH P.O.,
         NEELAMPEROOR, ALAPPUZHA, KERALA, PIN - 686534

         BY ADV LUKE J CHIRAYIL


RESPONDENTS:

    1    THE SOUTH INDIAN BANK LTD REPRESENTED BY ITS
         AUTHORISED OFFICER
         'SIB HOUSE', T.B.ROAD, MISSION QUARTERS,
         THRISSUR, KERALA, PIN - 680001
    2    THE SOUTH INDIAN BANK LIMITED REPRESENTED BY
         ITS AUTHORISED OFFICER
         REGIONAL OFFICE, REGENCY SQUARE, K.K.ROAD,
         COLLECTORATE P.O., KOTTAYAM,
         KERALA, PIN - 686002
    3    THE SOUTH INDIAN BANK LIMITED REPRESENTED BY
         ITS CHIEF MANAGER
         CHINGAVANAM BRANCH, WARD NO.11/134C,
         KUNNUTHARAYIL ARCADE, M.C ROAD,
         CHINGAVANAM P.O., KOTTAYAM,
         KERALA, PIN - 686531
 W.P.(C) No.7607/2024
                             :2:


    4      THE BRANCH MANAGER
           THE SOUTH INDIAN BANK LIMITED, CHINGAVANAM
           BRANCH, WARD NO.11/134C, KUNNUTHARAYIL ARCADE,
           M.C ROAD, CHINGAVANAM P.O., KOTTAYAM,
           KERALA, PIN - 686531

           BY ADVS.
           SUNIL SHANKER
           VIDYA GANGADHARAN(K/000424/2020)
           SANDHRA.S(K/001610/2021)

     THIS WRIT PETITION (CIVIL) HAVING COME UP         FOR
ADMISSION ON 20.05.2024, THE COURT ON THE SAME         DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.7607/2024
                                       :3:




                           N. NAGARESH, J.

          `````````````````````````````````````````````````````````````
                       W.P.(C) No.7607 of 2024

          `````````````````````````````````````````````````````````````
                Dated this the 20th day of May, 2024


                            JUDGMENT

~~~~~~~~~ The 1st petitioner is a Private Limited Company and the 2nd petitioner is its Managing Director. The petitioners seek to direct the 3 rd and 4th respondents to regularise the SIB OTS Account No.0764658000000208, which is held by the 1st petitioner with the 3rd respondent and thereby permit the petitioners to remit the outstanding amount in 25 monthly instalments along with the regular payments.

2. The 1st petitioner had taken six loans from the 3 rd respondent-South Indian Bank. The loans were merged into one account. It appears that on the failure of the petitioners to maintain the loan account, the Bank has initiated W.P.(C) No.7607/2024 :4: proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. According to the petitioners, the economic situation of the 1st petitioner has improved. The 1 st petitioner is receiving substantial orders from abroad. The petitioners therefore seek to regularise the loan account by paying the amount in instalments.

3. It is evident from the pleadings and arguments that the Bank has initiated coercive proceedings and it is thereupon that the petitioners have filed this writ petition seeking to repay the amount in instalments. The Bank opposes grant of any such relief. This Court will not be justified in granting instalment facility to the petitioners unilaterally while proceedings under the SARFAESI Act are pending.

The writ petition is therefore dismissed.

Sd/-

N. NAGARESH, JUDGE aks/14.05.2024 W.P.(C) No.7607/2024 :5: APPENDIX OF WP(C) 7607/2024 PETITIONER'S EXHIBITS Exhibit P1 TRUE COPY OF THE JUDGEMENT DATED 05.01.2024 IN OP (DRT) NO. 488 OF 2023 ON THE FILES OF THE HONOURABLE HIGH COURT OF KERALA.

Exhibit P2 TRUE COPY OF THE JUDGEMENT DATED 19.06.2023 IN OP (DRT) NO. 232 OF 2023 ON THE FILES OF THE HONOURABLE HIGH COURT OF KERALA.

Exhibit P3 TRUE COPY OF THE JUDGEMENT DATED 25.05.2023 IN OP (DRT) NO. 122 OF 2023 ON THE FILES OF THE HONOURABLE HIGH COURT OF KERALA.

Exhibit P4 TRUE COPY OF THE JUDGEMENT DATED 13.10.2022 IN W.P. (C) NO. 28659 OF 2022 ON THE FILES OF THE HONOURABLE HIGH COURT OF KERALA.

Exhibit P5 TRUE COPY OF THE JUDGEMENT DATED 11.07.2022 IN W.P. (C) NO. 9509 OF 2022 ON THE FILES OF THE HONOURABLE HIGH COURT OF KERALA.

Exhibit P6 TRUE COPY OF THE LETTER DATED 27.02.2024 HAVING NUMBER C. NO.

4027072/1898-99 ISSUED BY NAVEEN KUMAR, ASSISTANT DIRECTOR, OFFICE OF DEVELOPMENT COMMISSIONER (MSME). Exhibit P7 TRUE COPY OF THE PHOTOGRAPHS OF THE FINAL FINISHED PRODUCTS AT THE FACTORY OF THE FIRST APPLICANT.

Exhibit P8 TRUE COPY OF THE IMPORT CONTRACT DATED 29.11.2023 EXECUTED BETWEEN WEBB JAMES SRL WITH TEROVA INC.