Kerala High Court
M/S.Eco Fibre Furnishing vs The Punjab National Bank on 31 August, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 31ST DAY OF AUGUST 2022 / 9TH BHADRA, 1944
WP(C) NO. 27612 OF 2022
PETITIONER:
1 M/S.ECO FIBRE FURNISHING
XV/103, S.N.PURAM, KANJIKKUZHY,
CHERTHALA, ALAPPUZHA, PIN - 688582
REPRESENTED BY IT'S PROPRIETRIX, SMT. BIJI SANJEEV,
AGED 50 YEARS, W/O.SANJEEV KONCHERY HOUSE,
KANJIKKUZHY, CHERTHALA, ALAPPUZHA, PIN - 688582
BY ADVS.
V.MAHENDRANATH
P.T.SHEEJISH
RESPONDENTS:
1 THE PUNJAB NATIONAL BANK
REPRESENTED BY THE CHIEF MANAGER,
CIRCLE SASTHRA CENTRE,
THIRUVANANTHAPURAM, PIN - 605036
2 THE CHIEF MANAGER
THE PUNJAB NATIONAL BANK,
ALAPPUZHA BRANCH, MULLAKKAL,
ALAPPUZHA, PIN - 688011
3 THE CHIEF GENERAL MANAGER
MSME CREDIT MONITORING CELL,
RESERVE BANK OF INDIA,
SHAHID BHAGATH SINGH ROAD, MUMBAI, PIN - 400001
BY ADV. C. AJITH KUMAR
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WPC NO.27612 OF 2022
2
JUDGMENT
Dated this the 31st day of August, 2022
This writ petition has been filed challenging
proceedings initiated under the provisions of the
SARFAESI Act, 2002.
2. When this matter is taken up for
consideration today, it is the submission of the
learned counsel for the petitioner that the petitioner
may be given a chance to approach the respondent
bank for One Time Settlement (OTS). It is submitted
that earlier offer made by the petitioner for OTS has
been rejected by the respondent bank.
3. The learned counsel for the respondent
bank states that the petitioner had already
approached the Tribunal by filing S.A. No.279/2019
challenging the proceedings initiated under the
provisions of the SARFAESI Act and that the said
Application was dismissed on 07.07.2022. It is
submitted that an O.A. is also pending consideration
WPC NO.27612 OF 2022
and the same is listed for final hearing on
22.11.2022. It is submitted that the present liability
is in excess of Rs.3.64 crores and the petitioner is
unnecessarily trying to protract the proceedings. It is
submitted that the since Securitisation Application has
already been dismissed on merits, no relief can be
granted to the petitioner in the present writ petition.
It is submitted that if the petitioner wishes to settle
the liability in instalments, it is always open to him to
approach the respondent bank with such offer.
Having heard the learned counsel for the
petitioner and the respondent bank, this writ petition
is disposed of directing that if the petitioner makes an
application for OTS or for settling the entire liability in
instalments within a period of one week from today,
the competent authority of the respondent bank shall
take a decision on the same forthwith. The decision
taken on the proposal to be submitted by the
petitioner shall be communicated to the petitioner by
email to [email protected] If the
WPC NO.27612 OF 2022
petitioner fails to comply with the terms on which the
bank permits the petitioner to settle the liabilities, it
will be open for the respondent bank to proceed
against the petitioner in accordance with law.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
SKP/31-8
WPC NO.27612 OF 2022
APPENDIX OF WP(C) 27612/2022
PETITIONER'S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE E-AUCTION NOTICE DATED 05-02-
2020 ISSUED BY THE LST RESPONDENT AND SERVED
UPON THE PETITIONER
EXHIBIT P2 TRUE COPY OF THE JUDGMENT DATED 08-04-2021 IN
W.P.(C).8304/2021 OF THIS HON'BLE COURT..
EXHIBIT P3 TRUE COPY OF THE LETTER DLT.20-08-2022 OF THE 1
ST RESPONDENT ADDRESSED TO THE PETITIONER.
EXHIBIT P4 TRUE COPY OF THE ORDER DATED 12-08-2022 IN
M.C,NO.485/2022 OF THE COURT OF CHIEF JUDICIAL
MAGISTRATE, ALAPPUZHA
RESPONDENTS' EXHIBITS: NIL
TRUE COPY
P.A.TO JUDGE
