M/S. Neha Leather vs Csb Formerly Known As Catholic ...
2023 Latest Caselaw 5002 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
                          OP (DRT) NO. 172 OF 2023
 AGAINST THE ORDER/JUDGMENT IN SA 80/2021 OF DEBT RECOVERY TRIBUNAL- 2,
                                  ERNAKULAM
PETITIONERS/APPLICANTS:

     1       M/S. NEHA LEATHER.,
             A PARTNERSHIP FIRM DOOR NO. T.C.VIII/227 & 228
             GROUND FLOOR, EMMATTY TOWERS, AMBAKKADAN JUNCTION,
             NEAR ST. THOMAS COLLEGE ROAD, THRISSUR-680 005.

     2       K.V. SHIRAZ.,
             AGED 49 YEARS
             S/O. SRI. K. HAMZOO, NOORJAHAN,
             SHENOYS ROAD, KALOOR, KOCHI, PIN - 682 017

             BY ADV DENU JOSEPH


RESPONDENTS/DEFENDANTS:

     1       CSB FORMERLY KNOWN AS CATHOLIC SYRIAN BANK.,
             A BANKING COMPANY REGISTERED UNDER THE COMPANIES ACT,1956
             HAVING ITS ZONAL OFFICE AT P.B.NO.502, CSB BHAVAN,
             ST. MARY'S COLLEGE ROAD, THRISSUR - 680 020
             REPRESENTED BY ITS ZONAL MANAGER.

     2       AUTHORIZED OFFICER,
             CSB FORMERLY KNOWN AS CATHOLIC SYRIAN BANK.
             A BANKING COMPANY REGISTERED UNDER THE COMPANIES ACT, 1956
             HAVING ITS ZONAL OFFICE AT P.B.NO.502, CSB BHAVAN,
             ST. MARY'S COLLEGE ROAD, THRISSUR ~, PIN - 680 020

             BY ADV MADHU RADHAKRISHNAN


             SRI. C. A. JOY SC.


     THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON
13.04.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 OP (DRT) NO. 172 OF 2023
                                       2



                              T.R.RAVI, J.
                      ----------------------------------------
                       OP (DRT) No.172 of 2023
                    -------------------------------------------
                Dated this the 13th day of April, 2023

                             JUDGMENT

The petitioners are applicants in SA.No.80/2021.

Pending the application, the movables have already been sold

and all that remains is the immovable property which

remains as secured asset. As far as the movables are

concerned, an application was filed seeking valuation, but,

subsequent to the date of sale. In the above circumstances, in

Ext.P9 order, the Debt Recovery Tribunal rejected the

application for issuance of a Commission finding that the

application is filed after the date of sale and observing that if

the petitioners had been diligent in getting the movable

assets valued, they ought to have approached the Tribunal

prior to the sale. There is neither any legal reason nor any

factual possibility for having the the movables valued at this

stage. However, it is admitted that the immovable assets are

not sold and going by the two valuations of the immovable OP (DRT) NO. 172 OF 2023

property done on different dates, it would appear that the

valuation done on the later date shows a considerably

reduced the price. In the above situation, the petitioners are

justified in making a request for valuation of the immovable

property. The petitioners may move the Debt Recovery

Tribunal for appropriate orders within ten days from the date

of receipt of a copy of this judgment and the Debt Recovery

Tribunal shall consider the same and pass orders regarding

appointment of a Commissioner for valuing the immovable

assets de hors the findings recorded in Ext.P9 order.

The Original Petition is disposed of as above.

Sd/-

T.R.RAVI

JUDGE sn OP (DRT) NO. 172 OF 2023

APPENDIX OF OP (DRT) 172/2023

PETITIONER'S EXHIBITS

Exhibit P1 THE COPY OF THE S.A.NO.80/2021 WITH ANNEXURES A1 & A2 DATED 19.03.2021

Exhibit P2 THE COPY OF THE WRITTEN STATEMENT FILED BY THE RESPONDENT BANK TOGETHER WITH ANNEXURES B1 TO B5 DATED 30.03.2021

Exhibit P3 THE COPY OF THE STAY PETITION AS IA NO. 497/2023 FILED IN THE MATTER DATED 13.02.2023.

Exhibit P4 THE COPY OF THE PROCEEDINGS OF DRT 1. ERNAKULAM DATED 17.02.2023 IN EXHIBIT PI SA.

Exhibit P5 THE COPY OF THE AMENDMENT PETITION AS IA NO.

601/2023 FILED IN THE MATTER TOGETHER WITH ANNEXURES A3 TO A6 DATED 21.02.2023 .

Exhibit P6 THE COPY OF THE COMMISSION APPLICATION AS IA NO.

602/2023 FILED IN THE MATTER DATED 21.02.2023 .

Exhibit P7 THE COPY OF THE COUNTER AFFIDAVIT DATED 20.02.2023 FILED BY THE RESPONDENT BANK AGAINST COMMISSION APPLICATION

Exhibit P8 THE COPY OF THE COUNTER AFFIDAVIT DATED 20.02.2023 FILED BY THE RESPONDENT BANK AGAINST STAY PETITION TOGETHER WITH ANNEXURE B6 TO B8 DOCUMENTS.

Exhibit P9 THE COPY OF THE ORDER DATED 15.03.2023 IN EXHIBIT P5 IA SEEKING APPOINTMENT OF COMMISSION

Exhibit P10 THE COPY OF THE ORDER DATED 15.03.2023 DISMISSING THE STAY PETITION

RESPONDENT'S EXHIBITS : NIL

//TRUE COPY// PA TO JUDGE