Kerala High Court
State Bank Of India vs M/S. Vasu Coco Resorts Private ... on 23 December, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 23RD DAY OF DECEMBER 2022 / 2ND POUSHA, 1944
OP (DRT) NO. 520 OF 2022
IN SA 530/2022 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM
PETITIONER:
1 STATE BANK OF INDIA
AGED 50 YEARS
STRESSED ASSET MANAGEMENT BRANCH COIMBATORE,
1112, RAJA PLAZA, AVINASHI ROAD,
COIMBATORE, TAMIL NADU STATE, PIN - 641037
REPRESENTED BY ITS AUTHORIZED OFFICER,
SHRI.RAJKUMAR RAMAIAH,
AGED 50 YEARS, S/O.LATE RAMAIAH
BY ADV.SRI JAWAHAR JOSE
RESPONDENTS:
1 M/S. VASU COCO RESORTS PRIVATE LIMITED
VP II/326 B, VAYALAR,
CHERTHALA, ALLEPPEY DISTRICT, PIN - 688536
REPRESENTED BY ITS MANAGING DIRECTOR, DR. P. VASUDEVAN.
2 THE DEBTS RECOVERY TRIBUNAL-2
1ST FLOOR, KSHB BUILDING,
PANAMPILLY NAGAR, KOCHI, PIN - 682036
REPRESENTED BY ITS REGISTRAR
BY ADV PRAVEEN K. JOY
THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON
23.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
OP(DRT) No.520 of 2022
2
JUDGMENT
Dated this the 23rd day of December, 2022
The petitioner has approached this Court seeking
the following reliefs:
"i) stay the operation of Exhibit P4
proceedings to the extent it extends the interim
order till the next date.
ii) to permit the petitioner to receive the
balance sale consideration of 75% of the bid
amount from the successful bidder of the auction
sale held on 30.11.2022 pursuant to Exhibit P2
sale notice".
2. The property of the 1st respondent was brought
to sale by the bank to recover amounts due from the
1st respondent. The proceedings initiated by the bank
are under challenge in S.A. No.530/2022 on the file of
Debts Recovery Tribunal-II, Ernakulam.
2. On a consideration of the matter, the Tribunal
has passed the following order on 30.11.2022:
"Mr.Deepu Rajagopal counsel appeared for
OP(DRT) No.520 of 2022
the applicants.
Counsel for the defendant not appeared.
IA Nos.2976/2022 & 3322/2022: Heard the
counsel for the petitioners.
Matter is adjourned for filing counter of
respondents in IA Nos. 2976/2022 &
3322/2022, to 08.12.2022. Status quo has to be
maintained in IA No.2976/2022 and
confirmation of sale, if so held, shall stand
deferred till then".
The said order is being extended from time to
time.
3. The petitioner is aggrieved by the fact that on
account of the status quo order, the petitioner is
unable to receive the balance sale consideration. It is
submitted that the 25% of the bid amount has
already been deposited by the bidder who bid for the
property that was brought to sale for a sum of
Rs.42.31 crores. It is submitted that successful bidder
is willing to deposit the balance sale consideration. It
is submitted that the total liability is in excess of
Rs.91 crores.
OP(DRT) No.520 of 2022
4. Learned counsel appearing for the 1 st
respondent (borrower) refers to the counter affidavit
filed in this original petition and states that the
petitioner bank has to approach the Tribunal if any
modification is required in respect of the interim
order. It is also submitted that the bank has also not
disclosed the name of the auction purchaser who has
to be impleaded in proceedings before the Tribunal.
5. Having heard the learned counsel for the
petitioner bank and the learned counsel for the
respondents, this original petition is disposed of
directing that notwithstanding the order dated
30.11.2022 extracted herein above, it will be open to
the petitioner bank to accept balance sale
consideration from the successful bidder. The bank
shall also intimate to the 1st respondent (borrower)
the name and address of the successful bidder
through e-mail, so that the 1st respondent can take
appropriate steps to implead the successful bidder in
OP(DRT) No.520 of 2022
proceedings before the Tribunal.
The original petition is disposed of with the above
observations.
Sd/-
GOPINATH P.
JUDGE
SKP/23-12
OP(DRT) No.520 of 2022
APPENDIX OF OP (DRT) 520/2022
PETITIONER'S EXHIBITS:
EXHIBIT P1 TRUE COPY OF I.A.NO.2976 OF 2022 DATED
04.11.2022 FILED BY THE 1ST RESPONDENT
EXHIBIT P2 TRUE COPY OF THE SALE NOTICE DATED 29.10.2022
ISSUED BY THE PETITIONER
EXHIBIT P3 TTRUE COPY OF THE JUDGMENT IN O.P.(DRT).NO.470
OF 2022 DATED 02.12.2022
EXHIBIT P4 TRUE COPY OF THE PROCEEDINGS OF THE 2ND
RESPONDENT DATED 13.12.2022 IN S.A.NO.530/2022
RESPONDENTS' ANNEXURES:
EXHIBIT R1(A) TRUE COPY OF THE RELEVANT PAGE OF E-MAIL DATED
07/12/2022 SENT TO THE PETITIONER
EXHIBIT R1(B) TRUE COPY OF THE REPLY E-MAIL DATED 09/12/2022
SENT BY THE PETITIONER
EXHIBIT R1(C) TRUE COPY OF THE RELEVANT PAGE OF THE SALE
NOTICE IN ECONOMIC TIMES DAILY, BANGALORE DATED
09/11/2022.
EXHIBIT R1(D) TRUE COPY OF THE RELEVANT PAGE OF THE SALE
NOTICE IN ECONOMIC TIMES DAILY, CALCUTTA DATED
09/11/2022
TRUE COPY
P.A.TO JUDGE
