Kerala High Court
Ck Lalu vs The Authorized Officer on 6 May, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 6TH DAY OF MAY 2022 / 16TH VAISAKHA, 1944
WP(C) NO. 14976 OF 2022
PETITIONER :
CK LALU, AGED 49 YEARS,
ADIYOTTIL VEEDU, SWAMY KUTTI, SREEPADAM,
PANTHALAYANI, KOYILANDY, PIN - 673 305.
BY ADVS.C.R.SIVAKUMAR & BINI.K
RESPONDENTS :
1 THE AUTHORIZED OFFICER, THE INDIAN BANK
ZONAL OFFICE, WEST NADAKKAVU,
KOZHIKKODE, PIN - 673011.
2 THE BRANCH MANAGER, THE INDIAN BANK,
KOYILANDY BRANCH, PIN - 673305
3 RESERVE BANK OF INDIA REP BY THE GENERAL MANAGER
RBI OFFICE, BANERJI RD, ERNAKULAM NORTH,
KALOOR, ERNAKULAM, KERALA, PIN - 682018.
4 UNION OF INDIA REP BY THE JOINT SECRETARY
GOVERNMENT OF INDIA, DEPARTMENT OF MINISTRY OF
MICRO, SMALL & MEDIUM ENTERPRISES,
A-WING 7TH FLOOR, NIRMAN BHAWAN,
MAULANA AZAD ROAD, NEW DELHI, PIN - 110108.
PABX NO.011-23063800.
SC,SRI.S.EASWARAN, ASG .SRI.S.MANU.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 06.05.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) No.14976 of 2022 -2-
GOPINATH.P, J
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WP(C) No.14976 of 2022
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Dated this the 6th day of May, 2022
JUDGMENT
The petitioner has approached this Court challenging the
proceedings under the Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2000. It is seen from
Ext.P4 that a possession notice has been issued by the respondent
Bank.
2. The learned Standing counsel for the Bank states that the
present dues are in excess of Rs.47 Lakhs and the petitioner is a chronic
defaulter and no indulgence can be shown.
3. The learned counsel for the petitioner submits that he will
file a proposal for settlement of the entire liability and the same may be
considered by the respondent Bank. He also states that in order to
prove his bona fides he is willing to deposit a sum of Rs.5 Lakhs within
one month from today.
Having regard to the facts and circumstances of the case, this writ
petition is disposed of directing the first respondent to consider any
proposal that may be submitted by the petitioner for clearing the entire
liability in installments.
This shall, however, be subject to the condition that the petitioner
deposits a sum of Rs.5 Lakhs within one month from today. Till a
decision is taken on the proposal submitted by the petitioner, physical
possession shall not be taken. It is made clear that all other proceedings
under the SARFAESI Act may go on.
Sd/-
GOPINATH P.
JUDGE
amk
APPENDIX OF WP(C) 14976/2022
PETITIONERS' EXHIBITS :
Exhibit1 THE TRUE COPY OF THE CURRENT ACCOUNT OF STATEMENT
OF ACCOUNT OF THE PETITIONER ISSUED DATED
26/03/2021 BY THE 2ND RESPONDENT
Exhibit2 THE TRUE COPY OF THE NOTICE ISSUED BY THE 1ST
RESPONDENT DATED 26/11/2021
Exhibit3 THE TRUE COPY OF THE REPLY DATED 13/12/2021
Exhibit4 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY
THE FIRST RESPONDENT DATED 11/02/2022
Exhibit5 THE TRUE COPY OF THE RESTRUCTURING GUIDELINES
ISSUED BY THE RESERVE BANK OF INDIA DATED
01/01/2019
Exhibit6 THE TRUE COPY OF THE RESTRUCTURING ADVANCES
GUIDELINES ISSUED BY THE RESERVE BANK OF INDIA
DATED 11/02/2020
Exhibit7 THE TRUE COPY OF THE RESTRUCTURING GUIDELINES
(RESOLUTION OF FRAME WORK 2.0-RESOLUTION OF COVID
19-RELATED STRESS OF MICRO SMALL AND MEDIUM
ENTERPRISES (MSMES) ISSUED BY THE RESERVE BANK OF
INDIA DATED 05/05/2021
