C.M.John vs M/S.Pegasus Assets ...
2022 Latest Caselaw 9598 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
              THE HONOURABLE MR. JUSTICE GOPINATH P.
     THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
                       WP(C) NO. 25520 OF 2019
PETITIONER:

          C.M.JOHN,
          AGED 48 YEARS, S/O.MATHEW,
          CHAMAVALAPPIL HOUSE, NEAR HOLY CONVENT,
          POTTA, THRISSUR - 680 722.

          BY ADV T.RAJASEKHARAN NAIR


RESPONDENTS:

    1     M/S.PEGASUS ASSETS RECONSTRUCTION (P) LTD.,
          NO.31/970 B2, UZHIZELIL TOWERS, 1ST FLOOR,
          SUBHASH CHANDRA BOSE ROAD, PONNURUNNI, VYTTILA P.O.,
          KOCHI - 682 019, REP. BY P.M.MOHAN.

    2     INDUSIND BANK LIMITED,
          REGISTERED OFFICE, AT 2401, G
          EN. THIMMAYYA ROAD, PUNE - 411 001.

          BY ADVS.
                    SRI.LAL K.JOSEPH
                    SRI.A.A.ZIYAD RAHMAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 25520 OF 2019                2



                            JUDGMENT

This writ petition has been filed in the year 2019

challenging the proceedings initiated by the respondent,

an Asset Reconstruction Company, under the provisions

of the Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act

(SARFAESI Act) for recovery of amounts due under the

debt assigned to it under the provisions of the aforesaid

Act.

2. The learned counsel appearing for the

petitioner submits that though the petitioner was not able

to comply with the condition imposed in the order dated

04-11-2019, if a reasonable opportunity is granted, the

petitioner will be in a position to clear the entire liability.

It is pointed out that the petitioner could not remit the

amounts due only on account of the Covid-19 pandemic.

3. The learned counsel appearing for the

respondents would submit that since the 1st respondent is

an Asset Reconstruction Company, any recovery

proceedings, beyond five years from the date of

assignment will be extremely difficult in view of statutory

prohibitions and since the debt was assigned in the year

2018, immediate steps will have to be taken to recover

the amounts due. It is submitted that for the last four

years, this writ petition has been pending before this

Court and the petitioner has not made any effort to pay

the amounts due to the respondents.

4. The learned counsel for the petitioner in reply

submits that if the petitioner is given a chance to

approach the 1st respondent for One Time Settlement, he

will be in a position to clear the liability under One Time

Settlement, if sufficient concessions are granted and

sufficient time is granted to pay off the liability.

5. Having regard to the facts and circumstances

of the case and after hearing the learned counsel for the

petitioner and the learned counsel appearing for the

respondents, this writ petition is disposed of directing

that if the petitioner files a suitable proposal for

settlement of liability before the 1st respondent within a

period of 10 days from today, further coercive steps

against the petitioner shall be deferred until a decision is

taken on such proposal by the respondent. If a suitable

proposal is not placed on record within the time granted

as above, the respondent will be free to proceed against

the petitioner in accordance with law.

Sd/-

GOPINATH P.

JUDGE

ats

APPENDIX OF WP(C) 25520/2019

PETITIONER EXHIBITS EXHIBIT P1 A TRUE PHOTOCOPY OF THE DEMAND NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER.

EXHIBIT P2 A TRUE PHOTOCOPY OF THE NOTICE DATED 18/9/2019 ISSUED BY THE ADVOCATE COMMISSION IN CRL.M.P.NO.3335/2019 ON THE FILE OF THE CJM, THRISSUR TO THE PETITIONER.

EXHIBIT P3 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER

RESPONDENTS' ANNEXURE ANNEXURE R1A TRUE COPY OF THE ASSIGNMENT DEED DATED 14-03-

2019.

ANNEXURE R1B TRUE COPY OF THE -ASSIGNMENT INTIMATION LETTER DATED 05.02.2019" SENT BY THE ASSIGNOR BANK TO THE RESPONDENTS ANNEXURE R1C TRUE COPY OF THE ACCOUNT STATEMENT FOR THE PERIOD FROM 29/12/2018 TO 20/11/2019.