V.N.Sathishkumar vs Authorized Officer
2022 Latest Caselaw 4976 Ker

           IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
             THE HONOURABLE MR. JUSTICE GOPINATH P.
  WEDNESDAY, THE 4TH DAY OF MAY 2022 / 14TH VAISAKHA, 1944
                       WP(C) NO. 15069 OF 2022
PETITIONER:

            V.N.SATHISHKUMAR
            S/O.NEELAKANDAN NAMBOOTHIRI, AGED 59 YEARS,
            VYAKKATH MANA, 'SAKETHAM', PALAZHI,
            GURUVAYURAPPAN COLLEGE P.O., KOZHIKODE, PIN-673 014

            BY ADVS.
            RAJESH SIVARAMANKUTTY
            ARUL MURALIDHARAN



RESPONDENTS:

    1       AUTHORIZED OFFICER
            PUNJAB NATIONAL BANK, (AUTHORIZED OFFICER UNDER
            SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS
            AND ENFORCEMENT OF SECURITY INTEREST ACT),
            KATHRIKADAVU BRANCH, 1899A, KASSIM BUILDINGS,
            SEBASTIAN ROAD, COCHIN, PIN-682 017

    2       THE BRANCH MANAGER,
            PUNJAB NATIONAL BANK, KATHRIKADAVU BRANCH, 1899A,
            KASSIM BUILDINGS, SEBASTIAN ROAD, COCHIN, PIN-682 017


OTHER PRESENT:

            SRI. C. AJITH KUMAR (SC)




        THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
04.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.15069 of 2022                    -2-




                             GOPINATH P., J.
                           -------------------------------
                           W.P.(C) No.15069 of 2022
                      --------------------------------------
                      Dated this the 04th day of May, 2022


                                  JUDGMENT

The petitioner faces recovery proceedings in respect of a loan availed by

him from the Punjab National Bank. The petitioner states that there is a

buyer readily available to purchase the mortgaged asset and the said buyer is

willing to settle the entire liability with the Bank. He, therefore, seeks for a

direction to consider Ext.P1, which is a representation filed by him, seeking

permission to effect a private sale with the prospective buyer with the

permission of the Bank.

2. The learned counsel appearing for the respondent Bank would

vehemently oppose the grant of any relief. He states that an Original

Application has been filed by the Bank before the Debt Recovery Tribunal as

O.A. No.62/2021, which is now at the stage of proof affidavit, and the same is

now posted to 07.06.2022. He also states that the Bank is well within its

rights to proceed against the petitioner under the provisions of the

Securitization and Reconstruction of Financial Assets and Enforcement of

Security Interest (SARFAESI) Act. It is submitted that an Advocate

Commissioner has been appointed by the Judicial First Class Magistrate

Court, Kozhikode, to take physical possession of the secured asset under the

provisions of Section 14 of the SARFAESI Act.

3. Having regard to the facts and circumstances of the case and

considering the fact that the secured asset in question is a residential house of

the petitioner and also considering the fact that, according to the petitioner,

there is a purchaser for the secured asset, who is willing to settle the entire

liability of the Bank, I deem it appropriate to direct the 2 nd respondent to

consider Ext.P1 and to take a decision thereon within a period of 2 weeks from

the date of receipt of a copy of this judgment. Till a decision is taken on

Ext.P1, further proceedings under the Securitization and Reconstruction of

Financial Assets and Enforcement of Security Interest Act will be kept in

abeyance.

This writ petition is disposed of, with the above direction.

Sd/-

GOPINATH P.

JUDGE Skk/4.5.22

APPENDIX OF WP(C) 15069/2022

PETITIONER EXHIBITS:-

Exhibit P1 TRUE COPY OF THE COMMUNICATION DATED 21.4.2022 ISSUED BY THE PETITIONER TO THE RESPONDENTS

Exhibit P2 TRUE COPY OF THE NOTICE DATED 25.4.2022 TO ISSUED TO PETITIONER BY ADVOCATE COMMISSIONER APPOINTED IN MC NO.61/2019 BY THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, KOZHIKODE

RESPONDENTS' EXHIBITS:- NIL