Risheraj V.R vs Authorised Officer

Kerala High Court

Risheraj V.R vs Authorised Officer on 21 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

    IN THE HIGH COURT OF KERALA AT ERNAKULAM
                     PRESENT
      THE HONOURABLE MR.JUSTICE N.NAGARESH
    TUESDAY, THE 21ST DAY OF MAY 2024 / 31ST
                 VAISAKHA, 1946
            OP (DRT) NO. 177 OF 2024
  SA NO.34 OF 2022 OF DEBTS RECOVERY TRIBUNAL,
                    ERNAKULAM
PETITIONER:

   1   RISHERAJ V.R,
       AGED 47 YEARS, S/O RAJAPPAN P.K,
       VATTEKKAT HOUSE, KARIMUGHAL P.O,
       PUTHENCRUZ, ERNAKULAM, PIN - 682 302.

   2   SOORAJ V.R,
       S/O RAJAPPAN P.K, VATTEKKAT HOUSE,
       KARIMUGHAL P.O, PUTHENCRUZ, ERNAKULAM,
       PIN - 682 302.

   3   RAJAPPAN P.K,
       VATTEKKAT HOUSE, KARIMUGHAL P.O,
       PUTHENCRUZ, ERNAKULAM, PIN - 682 302.

       BY ADVS.
           K.MOHAMMED RAFEEQ
           BIBIN MATHEW
           P.M.MATHEW
           AMARNATH R LAL
           SANALDEV E.P.
           VISHNUMAYA ANANDAN
           SONYMON ANTONY
           AJMAL V. KARIM
 OP(DRT) No. 177 of 2024
                          :2:



RESPONDENT:

           AUTHORISED OFFICER,
           DCB BANK, BRANCH OFFICE AT NO.6,
           RAJAJI ROAD, OPPOSITE TENNIS STADIUM,
           NUNGAMBAKKAM, CHENNAI, PIN - 600 034.

           BY ADV
               JITHIN SAJI ISAAC

    THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME
UP FOR ADMISSION ON 21.05.2024, THE COURT ON THE
SAME DAY DELIVERED THE FOLLOWING:
 OP(DRT) No. 177 of 2024
                                  :3:




                             JUDGMENT

Dated this the 21st day of May, 2024 The petitioners against whom the Bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, have approached this Court seeking the following reliefs:

a) To direct the respondent to keep in abeyance of the SARFAESI measures initiated in order dated 06.05.2024 in S.A. No. 34/2022 before the Debt Recovery Tribunal-1, Ernakulam for a period of four weeks to enable petitioners to obtain an order of stay in the said SARFAESI measures from the Debt Recovery Tribunal, Chennai.

b) Issue any such order that this Hon'ble Court may deem appropriate and proper on the facts and circumstances of the above case.

2. Counsel for the petitioners submits that the Debts Recovery Tribunal has dismissed the S.A. filed by the petitioners and the petitioners want to prefer appeal before the Debts Recovery Appellate Tribunal invoking Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of OP(DRT) No. 177 of 2024 :4: Security Interest Act, 2002. The Debts Recovery Tribunal has not been issued certified copy of the order so far. If in the meanwhile the Bank takes coercive proceedings and takes over physical possession of the secured asset, the petitioners will be put to irreparable loss. The petitioners therefore seek to direct the respondent not to proceed against the petitioners for a limited period, so that the petitioners can approach Appellate Tribunal and obtain favorable interim and final orders.

3. Standing Counsel representing the Bank submitted that the order of the Tribunal was passed on 06.05.2024 and the statutory period is yet not over. The Bank will not take any coercive proceedings, till the statutory appeal period is over.

4. Taking into consideration the afore said statement made on behalf of the respondents and taking into consideration the fact that there is still more than 15 days remaining for the expiry of the statutory OP(DRT) No. 177 of 2024 :5: appeal period, no further orders are necessary in the O.P.(DRT).

The O.P.(DRT) is therefore disposed of recording the statement made on behalf of the respondents.

Sd/-

N. NAGARESH AMR JUDGE OP(DRT) No. 177 of 2024 :6: APPENDIX OF OP (DRT) 177/2024 PETITIONERS' EXHIBITS Exhibit-P1 TRUE COPY OF THE AMENDED S.A. NO.34/2022 ON THE FILES OF THE DEBT RECOVERY TRIBUNAL -1, ERNAKULAM WITHOUT ITS ANNEXURES.

Exhibit-P2 THE TRUE COPY OF THE DAILY ORDER DATED 06/05/2024 IN S.A NO.34/ 2022 OF DRT-1 ERNAKULAM UPLOADED IN THE DRT WEBSITE.

Exhibit-P3           THE TRUE COPY OF THE E-FILING RECEIPT
                     DATED     08/05/2024    WITH     DAIRY

NO.442/2024 FOR THE CERTIFIED COPY OF FINAL ORDER IN S.A NO.34/ 2022 OF DRT- 1 ERNAKULAM.