M/S Annam Steels (P) Limited vs M/S Canara Bank Ltd
2023 Latest Caselaw 3869 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE T.R.RAVI
     THURSDAY, THE 30TH DAY OF MARCH 2023 / 9TH CHAITHRA, 1945
                        OP (DRT) NO. 123 OF 2023
    AGAINST THE ORDER    IN IA NO.509/2023 IN SA 76/2023 OF DEBT
                     RECOVERY TRIBUNAL, ERNAKULAM
PETITIONERS:

    1     M/S ANNAM STEELS (P) LIMITED.,
          AGED 52 YEARS
          OFFICE AT 11/40E, FASHION TOWER,
          CHEROOTY ROAD, KOZHIKODE-673 001,
          REPRESENTED BY ITS MANAGING DIRECTOR E.T.FIROZ,

    2     E.T.FIROZ,
          AGED 52 YEARS
          S/O. E.T.MUHAMMED BASHEER,SOUMYA,2/1788A,
          FLORICAN ROAD, KALATHI AVENUE, CIVIL STATION,
          MALAPPARAMBU,KOZHIKODE-673 030

    3     MOHAMMED FAVAS,
          AGED 42 YEARS
          S/O. KUNHI MOIDEEN KUTTY,FLAT NO.12 B, SKYLINE
          OCEANIC,OCEANIC, BEACH ROAD,
          KOZHIKODE-673032, PIN - 673 032

    4     ANEES ADAM.K.M.,
          AGED 38 YEARS
          S/O. T.MUNEER, KOYAPPATHODI VILLA,KRISHNAN NAIR
          ROAD,MALIKADAVI, NEAR GOVT,ITI,KOZHIKODE - 673 010

    5     SYED MUHAMMED THAYYIL,
          AGED 60 YEARS
          S/O. THAYYIL KHADAR HAJI, THAYYIL
          HOUSE,KATTACHIRA,B.P.ANGADI
          (P.O),VENGALOOR,TIRUR,MALAPPURAM-676 102

    6     V.ABDUL RAZZACK,
          AGED 65 YEARS
          S/O. MUHAMMED,BARIKODAN HOUSE,
          EERNAD, MALAPPURAM-673 639

    7     ABDUL LATHEEF,
          AGED 67 YEARS
          RAFA PARK HOUSE, THALASSERY,KANNUR - 670 101
 OP (DRT) NO. 123 OF 2023
                                 2

    8     DR.T.AHAMMED THOTTIYIL,
          AGED 68 YEARS
          THOTTIYIL HOUSE, KOTTAKKAL.P.O, MALAPPURAM - 676 503

    9     P.K.SIVADASA MENON,
          AGED 54 YEARS
          LAKSHMI KRIPA,NORTH PARUR,ERNAKULAM - 673 032

          BY ADVS.
          S.EASWARAN
          K.V.RAJESWARI
          P.MURALEEDHARAN (IRIMPANAM)



RESPONDENTS:

    1     M/S CANARA BANK LTD.,
          CHEROOTY ROAD BRANCH, COURT ROAD, KOZHIKODE -673 001,
          REPRESENTED BY ITS CHIEF MANAGER AND AUTHORISED OFFICER

    2     M/S PUNJAB NATIONAL BANK LTD.,
          EROTH CENTRE, BANK ROAD, KOZHIKODE- 673 001,
          REPRESENTED BY ITS CHIEF MANAGER

    3     IGNIVA PS PRIVATE LIMITED.,
          CALICUT TRADE CENTRE, SAROVARAM BIO PARK,
          SAROVARAM, ERANHIPALAM, KOZHIKODE 673 020,
          REPRESENTED BY ITS MANAGING DIRECTOR

          BY ADV C.AJITH KUMAR




          SRI.PRAVEEN. H.




     THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION
ON 30.03.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 OP (DRT) NO. 123 OF 2023
                                        3

                              T.R.RAVI, J.
                       ----------------------------------------
                        OP (DRT) No.123 of 2023
                     -------------------------------------------
                Dated this the 30th day of March, 2023

                             JUDGMENT

When the case is taken up today, the counsel for the

petitioner submitted that an appeal before the DRAT has

been filed and has been alloted diary No.335/2023. The

petitioner will have to remit a sum equivalent to 25% for

maintaining the appeal and the counsel for the petitioner

prays that the petitioner may be permitted to take the

amount from out of Rs.7,90,00,000/- (Rupees Seven Crore

Ninety Lakhs) deposited on directions of this Court to show

his bonafides. The counsel for the auction purchaser on

instruction submits that the auction purchaser has parted

with huge amounts and is affected unnecessarily because of

the delay in proceedings and suggested that the

securitisation application itself may be heard and disposed of

on an early date so that one round of litigation can be

avoided.

2. I find considerable force in the said submission. There

is no necessity to incur more cost in the litigation by OP (DRT) NO. 123 OF 2023

prosecuting an interlocutory order when main matter itself

can be disposed of.

3. In view of the above submissions and on agreement of

the parties, the original petition is disposed of directing the

Debt Recovery Tribunal-I to take up SA No.76 of 2023 at the

earliest and pass final orders. The counsel submits that the

securitisation application now stands posted for completion

of pleadings. The respondents shall file their version by the

next posting. The Tribunal shall take up the case and

complete the proceedings within one month thereafter. The

proceedings for handing over possession to the auction

purchaser shall be kept in abeyance till the disposal of the

securitisation application. The Tribunal shall pass final orders

untrammeled by the observations in the interlocutory order.

The counsel for the respondents submitted that the issue will

not be precipitated in the meanwhile and the said submission

is recorded.

Sd/-

T.R.RAVI

JUDGE sn OP (DRT) NO. 123 OF 2023

APPENDIX OF OP (DRT) 123/2023

PETITIONER'S EXHIBITS

Exhibit1 COPY OF SA NO 76 OF 2023 ON THE FILES OF DEBT RECOVERY TRIBUNAL -1 ERNAKULAM

Exhibit P2 COPY OF IA NO 509 OF 2023 IN SA NO 76 OF 2023 ON THE FILES OF DRT-1 ERNAKULAM

ExhibitP3 COPY OF THE COUNTER AFFIDAVIT FILED BY RESPONDENTS 1 AND 2 IN IA NO 509 OF 2023 IN SA NO 76 OF 2023

Exhibit P4 COPY OF THE COUNTER AFFIDAVIT FILED BY 3RD RESPONDENT IN IA NO 509 OF 2023 IN SA NO 76 OF 2023

Exhibit P5 COPY OF THE ORDER DATED 9-3-2023 IN IA NO 509 OF 2023 IN SA NO 76 OF 2023 ON THE FILES OF DRT-1 ERNAKULAM

RESPONDENT'S EXHIBITS : NIL

//TRUE COPY// PA TO JUDGE