Kerala High Court
M/S. Najeem Cashew Industries vs Asset Reconstruction Company (India) ... on 12 April, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
FRIDAY, THE 12TH DAY OF APRIL 2024 / 23RD CHAITHRA, 1946
WP(C) NO. 15701 OF 2024
PETITIONER:
M/S. NAJEEM CASHEW INDUSTRIES
REPRESENTED BY ITS PROPRIETOR,
MR. NAJUMMUDEEN MUSALIAR,
AGED 55 YEARS, S/O. SAILUBDEEN,
RESIDING AT SHAFI MANZIL, TKMC (P.O),
KARIKODE, KOLLAM, PIN - 691005.
BY ADVS.
V.PHILIP MATHEWS
ASHISH MATHEW JOHN
SEBA ANNA SIMON
RESPONDENT:
ASSET RECONSTRUCTION COMPANY (INDIA) LTD
THE RUBY, 10 TH FLOOR, 29, SENAPATI BAPAT
MARG, DADAR (WEST), MUMBAI- REPRESENTED
BY ITS AUTHORISED OFFICER, PIN - 400028.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 12.04.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C)No.15701 of 2024
:2:
JUDGMENT
Dated this the 12th day of April, 2024
The writ petition has been filed by the petitioner seeking
the following reliefs:-
"i) Issue a writ of certiorari or other
appropriate writ or order quashing Ext.P15.
ii) Issue appropriate writ or order directing the
respondent to defer all coercive proceedings under the
Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 till
consideration and disposal of fresh One Time
Settlement proposal as per Ext.P15.
iii) Pass appropriate orders exempting the
petitioner from production of English translation of
exhibits in Malayalam.
iv) Pass such other reliefs which this Hon'ble
Court deems just and necessary and that may be
prayed for by the petitioner while hearing the writ
petition."
2. Ext.P15 sought to be challenged by the petitioner
is an order of the Asset Reconstruction Company rejecting
the application of the petitioner for One Time Settlement.
One Time Settlement being a bilateral contract, this Court will
not be justified in interfering with Ext.P15, invoking powers
under Article 226 of the Constitution of India.
3. If the petitioner is aggrieved by recovery
proceedings by the Asset Reconstruction Company invoking
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002, the petitioner
has to approach the Debts Recovery Tribunal for any relief in
this regard.
I find no merit in the writ petition. The writ petition is
therefore dismissed.
Sd/-
N. NAGARESH
JUDGE
ams
APPENDIX OF WP(C) 15701/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE DEMAND NOTICE REF NO.
ROTVM/REC/SAR/AV/5/21-22 DATED
19-05-2021 FROM THE AUTHORIZED OFFICER
OF THE SOUTH INDIAN BANK TO PETITIONER
Exhibit P2 TRUE COPY OF THE REPLY DATED
14-06-2021 SUBMITTED BY PETITIONER TO
AUTHORIZED OFFICER OF THE SOUTH INDIAN
BANK
Exhibit P3 TRUE COPY OF THE REPLY DATED
02-07-2021 ISSUED BY AUTHORIZED
OFFICER OF THE SOUTH INDIAN BANK TO
THE PETITIONER
Exhibit P4 TRUE COPY OF THE LETTER DATED
13-10-2021 FROM THE AUTHORIZED
SIGNATORY OF THE RESPONDENT TO
PETITIONER
Exhibit P5 TRUE COPY OF THE POSSESSION NOTICE
DATED 23-02-2022 ISSUED BY RESPONDENT
Exhibit P6 TRUE COPY OF THE LETTER DATED
12-09-2022 ISSUED BY THE RESPONDENT TO
THE PETITIONER AND ITS APPENDIX
CONTAINING THE TERMS OF COMPROMISE
Exhibit P7 TRUE COPY OF THE E-MAIL DATED
17-03-2023 FROM THE DEALING OFFICER OF
THE RESPONDENT TO THE PETITIONER
Exhibit P8 TRUE COPY OF LETTER DATED 04-10-2023
FROM PETITIONER TO RESPONDENT
Exhibit P9 TRUE COPY OF LETTER DATED 18-10-2023
BY RESPONDENT TO THE PETITIONER
Exhibit P10 TRUE COPY OF THE JUDGMENT DATED
17-11-2023 IN W.P.(C) NO. 37355/2023
PASSED BY HONOURABLE HIGH COURT
Exhibit P11 TRUE COPY OF THE OTS PROPOSAL DATED
07-12-2023 SENT BY PETITIONER TO
RESPONDENT BY REGISTERED POST
Exhibit P12 TRUE COPY OF MC NO. 324/24 ON THE FILE
OF CHIEF JUDICIAL MAGISTRATE COURT,
KOLLAM
Exhibit P13 TRUE COPY OF THE PETITION IN CMP
NUMBER 153/24 BEFORE THE CJM KOLLAM
DATED 31.01.2024 TO DISMISS EXHIBIT
P12
Exhibit P14 TRUE COPY OF OBJECTION DATED
15-02-2024 FILED BY RESPONDENT IN CMP
NUMBER 153/24 BEFORE THE CJM KOLLAM
Exhibit P15 TRUE COPY OF THE COMMUNICATION NUMBER
ARCIL /MCRG /OP/ MUM-HO/FY2023-24/4928
DATED 07-02-2024 FROM THE RESPONDENT
TO THE PETITIONER
Exhibit P16 TRUE COPY OF THE POSTAL TRACK
CONSIGNMENT NUMBER RM6748086701N
Exhibit P17 TRUE COPY OF THE PETITION DATED
21.03.2024 TO DISMISS EXHIBIT P12
Exhibit P18 TRUE COPY OF THE ORDER DATED
25.03.2024 IN CRL.M.P NO 869/24 IN CMP
NO.153/24 BEFORE THE CJM KOLLAM
Exhibit P19 TRUE COPY OF ORDER DATED 26-03-2024 IN
M.C. NO. 324 /24 BEFORE CJM KOLLAM
