M/S. Josh Dezigns vs The South Indian Bank
2023 Latest Caselaw 4930 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                 THE HONOURABLE MR. JUSTICE T.R.RAVI
    THURSDAY, THE 13TH DAY OF APRIL 2023 / 23RD CHAITHRA, 1945
                       WP(C) NO. 13637 OF 2023


PETITIONERS:

    1     M/S. JOSH DEZIGNS
          A PARTNERSHIP FIRM REPRESENTED BY ITS
          MANAGING PARTNER, JOSHY A. CHEMBARATHI,
          S/O AUGUSTINE, AGED 54,
          CHEMBARATHIKKAL HOUSE,
          MUTHALAKODAM P.O,
          IDUKKI DISTRICT, PIN - 685605

    2     JOSHY A. CHEMBARATHI
          AGED 54 YEARS
          S/O AUGUSTINE,
          CHEMBARATHIKKAL HOUSE,
          MUTHALAKODAM P.O,
          IDUKKI DISTRICT,
          PIN - 685605

    3     SHIJI JOSHI
          AGED 49 YEARS, W/O JOSHI,
          CHEMBARATHIKKAL HOUSE,
          MUTHALAKODAM P.O,
          IDUKKI DISTRICT, PIN - 685605

    4     SACHIN JOSHY
          AGED 30 YEARS
          S/O JOSHY A. CHEMPARATHI,
          CHEMBARATHIKKAL HOUSE,
          MUTHALAKODAM P.O,
          IDUKKI DISTRICT,
          PIN - 685605

          BY ADVS.
          CHITHIRA VENUGOPAL
          P.B.KRISHNAN
          SABU GEORGE
          B.ANUSREE
          P.B.SUBRAMANYAN
 WP(C) NO. 13637 OF 2023
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RESPONDENTS:

    1     THE SOUTH INDIAN BANK
          REPRESENTED BY ITS REGIONAL MANAGER,
          REGIONAL OFFICE, FIRST FLOOR,
          REGENCY SQUARE, COLLECTORATE P.O.,
          KOTTAYAM DISTRICT, PIN - 686002

    2     THE AUTHORISED OFFICER
          THE SOUTH INDIAN BANK,
          REGIONAL OFFICE, FIRST FLOOR,
          REGENCY SQUARE, COLLECTORATE P.O.,
          KOTTAYAM DISTRICT, PIN - 686002

    3     THE BRANCH MANAGER
          THE SOUTH INDIAN BANK,
          THODUPUZHA MAIN BRANCH,
          THODUPUZHA P.O., IDUKKI DISTRICT,
          PIN - 685584

          SRI.MOHAN JACOB GEORGE, SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
13.04.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 13637 OF 2023
                                   3



                             T.R. RAVI, J.
              --------------------------------------------
                     W. P. (C). No.13637 of 2023
               --------------------------------------------
                 Dated this the 13th day of April, 2023

                              JUDGMENT

The petitioners have approached this Court challenging the

SARFAESI proceedings initiated. Admittedly, there is an overdraft

facility with a limit of ₹2,20,00,000/-. On the request of the

petitioners, the Bank had on 27.03.2023 informed the petitioners that

the overdraft facility can be continued at a lesser limit of ₹1.5 crores,

provided the petitioners pay the additional amounts which have

already been taken, which comes to more than ₹70,00,000/- along

with the amounts which are overdue in the other accounts, which

according to the counsel for the respondents comes to about

₹50,00,000/-. The respondents have notified sale on 05.05.2023. The

petitioners pray for time to pay the amounts directed to be paid by

the respondents in their letter dated 27.03.2023 and further pray that

coercive steps may be kept in abeyance. Admittedly, the petitioners

have defaulted in the one overdraft loan account and the entire

amount is payable. The Bank has made an offer for extending the

facility at a lesser limit. The petitioners may approach the Bank for WP(C) NO. 13637 OF 2023

the manner in which the extension of the facility can be ensured. If

such an application is filed within one week from today, the Bank shall

inform about their decision before 30.04.2023. The petitioners shall

not be dispossessed til then.

Sd/-

T.R. RAVI JUDGE

Pn WP(C) NO. 13637 OF 2023

APPENDIX OF WP(C) 13637/2023

PETITIONERS' EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT NO.2 DATED 05.11.2022

Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 27.01.2023 ISSUED BY THE RESPONDENT NO.2

Exhibit P3 TRUE COPY OF THE NOTICE DATED 03.02.2023 ISSUED BY THE AUTHORIZED SIGNATORY OF RELIANCE PROJECTS AND PROPERTY MANAGEMENT SERVICES LIMITED

Exhibit P4 TRUE COPY OF THE NOTICE DATED 10.02.2023 UNDER SEC. 13(8) OF THE SARFAESI ACT ISSUED BY THE AUTHORIZED OFFICER

Exhibit P5 TRUE COPY OF THE LETTER DATED 17.02.2023 ISSUED BY THE PETITIONER NO.3 TO THE MANAGER, RELIANCE PROJECTS AND PROPERTY MANAGEMENT SERVICES LIMITED

Exhibit P6 TRUE COPY OF THE ACCOUNT STATEMENT OF THE OVERDRAFT ACCOUNT BEARING NO.

0325081000000399 MAINTAINED WITH THE RESPONDENT NO.1 BANK FOR THE PERIOD 01-11-2022 TO 03-04-2023

Exhibit P7 TRUE COPY OF THE ACCOUNT STATEMENT OF THE TERM LOAN ACCOUNT BEARING NO.

0325652000000700 MAINTAINED WITH THE RESPONDENT NO.1 BANK FOR THE PERIOD 01-11-2022 TO 03-04-2023

Exhibit P8 TRUE COPY OF THE ACCOUNT STATEMENT OF THE TERM LOAN ACCOUNT BEARING NO.

0325656000000291 MAINTAINED WITH THE RESPONDENT NO.1 BANK FOR THE PERIOD 01-11-2022 TO 03-04-2023 WP(C) NO. 13637 OF 2023

Exhibit P9 TRUE COPY OF THE LETTER DATED 24.03.2023 ISSUED BY THE PETITIONER NO.2 TO THE BRANCH MANAGER OF RESPONDENT NO.1 BANK

Exhibit P10 TRUE COPY OF THE LETTER DATED 27.03.2023 ISSUED BY RESPONDENT NO.3

Exhibit P11 TRUE COPY OF THE TENDER CUM AUCTION SALE NOTICE DATED 30.03.2023 ISSUED BY THE AUTHORISED OFFICER, THE SOUTH INDIAN BANK