Suresh Kumar vs M/S Omkara Assets Reconstruction Pvt ...

Kerala High Court

Suresh Kumar vs M/S Omkara Assets Reconstruction Pvt ... 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. 11211 OF 2024
PETITIONER:

          SURESH KUMAR,
          AGED 54 YEARS
          S/O VIKRAMAN NAIR R, NO 20/156,SANJEEV
          MANCH,CHENGANNUR, ALAPPUZHA, PIN - 686016.

          BY ADVS.
          P.VINODKUMAR
          PARVATHI VENUGOPAL
          M.J.SAJITHA


RESPONDENTS:
     1     M/S OMKARA ASSETS RECONSTRUCTION PVT LTD ,
           REGISTERED OFFICE AT C/515,KANAKIA ZILLION,, JUNCTION
           OF LB S ROAD&CST ROAD,BKC ANNEXE, NEAR QUINOX,
           KURLA(WEST),MUMBAI,MAHARSHTRA-REP BY ITS AUTHORISED
           OFFICER., PIN - 400070.
     2     INDUS IND BANK
           INDUS IND BANK , M.G.ROAD,OPP NEW JAYALAKSHMI SILKS,
           SHENOYS, ERNAKULAM REP BY ITS MANAGER, PIN - 682035.
     3     M/S TRINITY ENTERPRISES,
           M/S TRINITY ENTERPRISES,NO 22/214,NEAR MINI BYPASS
           ROAD, TRIPUNITHURA,ERNAKULAM REP BY ITS MANAGING
           PARTNER., PIN - 682301.
     4     MR R UNNIKRISHNAN NAIR,
           MANAGING PARTNER , M/S TRINITY ENTERPRISES, RESIDING AT
           SNRA 51,KRISHNENDU, SASTRI NAGAR, MARADU P.O,ERNAKULAM,
           PIN - 682304.
     5     MRS ANU THOMAS,
           MRS ANU THOMAS,W/O LATE SHIBY JOSEPH,PARTNER,M/S
           TRINITY ENTERPRISES, RESIDING AT THUMDATHI
           HOUSE,THELLAKAM P.O,ETTUMANOOR,KOTTAYAM, PIN - 686016.
           BY ADVS.
           RENJITH.R
           ANJU MOHAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 11211 OF 2024              2


                                   JUDGMENT

Dated this the 20th day of May, 2024 This writ petition has been filed by the petitioner seeking the following relief:-

a) Issue a Writ of Mandamus or any other appropriate Writ, Order or Direction directing the 1st respondent to regularize the loan account of the 3rd respondent Firm and to grant time to pay the loan amount in Equal Monthly Installments.

2. It is seen that the petitioner is a guarantor to a loan taken by the 3rd respondent for an amount of Rs.37,61,000/- in the year 2021. As the loan repayment fell into arrears, the loan account was declared as Non Performing Asset and now stands transferred to the 1st respondent - Reconstruction Company.

3. The Standing Counsel for the 1st respondent submits that the total outstanding amount as on date is Rs.43,98,000/- and if the petitioner makes a proposal for settlement of the loan account within a reasonable time, the same can be considered.

In the facts of the case, this writ petition is disposed of directing that if the petitioner pays an amount of Rs.5 lakhs within a period of one month and makes a proposal for settlement of the entire loan account, coercive proceedings against the WP(C) NO. 11211 OF 2024 3 petitioner shall stand deferred till the 1 st respondent takes a final decision in the matter. If the petitioner does not pay the amount as directed above and fails to make a proposal for settlement, the 1st respondent will be at liberty to proceed against the petitioner in accordance with law.

Sd/-

N.NAGARESH JUDGE Sru WP(C) NO. 11211 OF 2024 4 APPENDIX OF WP(C) 11211/2024 PETITIONER'S EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN M.C 907/2022 ON THE FILES OF THE ACJM(M.P/M.L.A) ERNAKULAM DATED 7/3/2024.