Adarsh Muraleedharan vs Small Industries Development ...
2022 Latest Caselaw 8765 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
        THURSDAY, THE 7TH DAY OF JULY 2022 / 16TH ASHADHA, 1944
                       WP(C) NO. 14201 OF 2022
PETITIONER:

            ADARSH MURALEEDHARAN,
            AGED 36 YEARS,
            S/O. V.A.MURALEEDHARAN, 522/21, ANJALI,
            AVANEESHWARAM RSPO, KUNNIKODU, KOLLAM DISTRICT,
            PIN-691 508.

            BY ADV P.A.MUJEEB



RESPONDENTS:

    1       SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI),
            REPRESENTED BY ITS BRANCH MANAGER, FINANCE TOWER,
            2ND FLOOR, POST BOX NO.4209, KALOOR, KOCHI,
            PIN - 682 017.

    2       THE AUTHORIZED OFFICER,
            SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI),
            FINANCE TOWER, 2ND FLOOR, POST BOX NO.4209, KALOOR,
            KOCHI, PIN-682 017.

            BY ADV SUJESH KUMAR K P, SC




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 14201 OF 2022

                                      2




                               JUDGMENT

This writ petition has been filed challenging the

proceedings initiated against the petitioner under the

provisions of the SARFAESI Act.

2. Today when the matter is taken up consideration, it

is the submission of the learned counsel appearing for the 1 st

respondent that the amount presently due from the petitioner

is Rs.1.98 Crores and the 1 st respondent has already filed an

Original Application before the Tribunal. It is submitted that

this writ petition is not maintainable as no concrete proposal

has been put forward by the petitioner to settle the liabilities

towards the 1st respondent.

3. Heard the learned counsel for the petitioner and the

learned counsel appearing for the respondents.

Taking note of the fact that the 1st respondent has

already approached the Debts Recovery Tribunal by filing an

Original Application, I am of the opinion that the petitioner is

not entitled to any further relief from this Court. The petitioner

may file a Securitisation application against any proceedings WP(C) NO. 14201 OF 2022

initiated by the Bank under the SARFAESI Act if he is aggrieved

by the same. Reserving such liberty of the petitioner, this writ

petition will stand closed, making it clear that the period

during which this writ petition was pending before this Court,

namely from 19.04.2022 till today shall be excluded for the

purpose of determining any period of limitation for filling a

Securitisation application. This will however be on condition

that the Securitisation Application is filed within a period of

one week from the date of receipt of a certified copy of this

judgment. If such Securitisation application is filed within the

time permitted above, the coercive steps against the petitioner

under the SARFAESI Act shall be kept in abeyance till

25.07.2022 in order to enable the petitioner to seek

appropriate interim reliefs from the Tribunal. It is made clear

that I have not expressed any opinion on the merits of the

matter and it will be open to the Tribunal to decide the matter

in accordance with law .

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 14201 OF 2022

APPENDIX OF WP(C) 14201/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED THE 2ND RESPONDENT AGAINST THE PETITIONER TO THE CLEARANCE OF OVERDUES DATED 21.10.2021

Exhibit P2 TRUE COPY OF THE STATEMENT OF LOAN ACCOUNT

Exhibit P3 TRUE COPY OF THE ORDER DATED 20.12.2021 IN WPC NO.25071 OF 2021 BEFORE THIS HON'BLE COURT