Kerala High Court
M/S. Yenfor Ventures Pvt. Ltd. ... vs State Bank Of India Rep. By Its Branch ... on 5 June, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
WEDNESDAY, THE 5TH DAY OF JUNE 2024 / 15TH JYAISHTA, 1946
WP(C) NO. 17013 OF 2024
PETITIONERS:
1 M/S. YENFOR VENTURES PVT. LTD.
REPRESENTED BY ITS MANAGING DIRECTOR
MUHAMMAD NAJAD, S/O. KUNHAMMAD KUTTY,
DOOR NO.4/224C, KAM TOWER, KADEKKA CHALIL,
KUTTIADY P.O, KOZHIKOD, PIN - 673508.
2 MUHAMMAD NAJAD
AGED 38 YEARS, S/O. KUNJAHAMMED KUTTY,
KADEKKACHALIL HOUSE, KUTTIADI P.O,
KOZHIKODE, PIN - 673508.
3 K.C. KUNJAHAMMED KUTTY
AGED 66 YEARS, S/O. AMMAD, KADEKKACHALIL
HOUSE, KUTTIADI P.O, KOZHIKODE - 673508.
4 MOHAMMED NAJMAL
AGED 41 YEARS, S/O. KUNJAHAMMED KUTTY,
KADEKKACHALIL HOUSE, KUTTIADI P.O,
KOZHIKODE, PIN - 673508.
5 NAJMUDHEEN M.K
AGED 47 YEARS, S/O. MOIDU,
MALAYANA KANDU HOUSE, KUTTIADY P.O,
VADAKARA, KOZHIKODE, PIN - 673508.
6 MOHAMMED NAJEEL
AGED 36 YEARS, S/O. KUNJAHAMMED KUTTY.
KADEKKACHALIL HOUSE, KUTTIADI P.O,
KOZHIKODE, PIN - 673508.
BY ADVS.
M.S.ANEER
SREELAKSHMI SURESH
GIRISH KUMAR V.C
V.K.PEERMOHAMED KHAN
W.P.(C)Nos.17013 & 17019 of 2024
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RESPONDENTS:
1 STATE BANK OF INDIA
REP. BY ITS BRANCH MANAGER
KUTTIADI BRANCH, KUTTIADI,
KOZHIKODE, PIN - 673508.
2 THE AUTHORIZED OFFICER,
STATE BANK OF INDIA,
STRESSED ASSETS MANAGEMENT BRANCH,
COIMBATORE, RAJA PLAZA, FIRST FLOOR,
NO.1112, AVINASHI ROAD,
COIMBATORE, PIN - 641037.
BY ADV TOM K.THOMAS
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 05.06.2024, ALONG WITH WP(C).17019/2024, THE
COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C)Nos.17013 & 17019 of 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
WEDNESDAY, THE 5TH DAY OF JUNE 2024 / 15TH JYAISHTA, 1946
WP(C) NO. 17019 OF 2024
PETITIONERS:
1 NAJIYA,
AGED 56 YEARS, W/O. MR. KUNHAMMAD KUTTY,
KADEKKACHALIL HOUSE, KUTTIADI P.O,
KOZHIKODE, PIN - 673508.
2 MOHAMMED NAJMAL,
AGED 41 YEARS, S/O. KUNJAHAMMED KUTTY,
KADEKKACHALIL HOUSE, PROPRIETOR,
M/S. KAM FUEL STATION, HPCL OUTLET,
VADAKARA ROAD, KUTTIADI P.O.,
KOZHIKODE, PIN - 673508.
BY ADVS.
M.S.ANEER
SREELAKSHMI SURESH
GIRISH KUMAR V.C
RESPONDENTS:
1 STATE BANK OF INDIA
REP. BY ITS BRANCH MANAGER,
KUTTIADI BRANCH, KUTTIADI,
KOZHIKODE, PIN - 673508.
2 THE AUTHORIZED OFFICER,
STATE BANK OF INDIA,
STRESSED ASSETS MANAGEMENT BRANCH,
W.P.(C)Nos.17013 & 17019 of 2024
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COIMBATORE, RAJA PLAZA,
FIRST FLOOR, NO.1112, AVINASHI ROAD,
COIMBATORE, PIN - 641037.
BY ADV TOM K.THOMAS
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 05.06.2024, ALONG WITH WP(C).17013/2024, THE
COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C)Nos.17013 & 17019 of 2024
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JUDGMENT
Dated this the 5th day of June, 2024
The petitioners, who have availed financial assistance
from the 1st respondent-Bank, filed these writ petitions seeking
to quash Ext.P3 and to direct the respondents to settle the
loan account of the petitioners by affording time to clear off
the entire due amounts payable and also by permitting the
petitioners to pay off the amounts within the time as framed by
this Court.
2. The pleadings and arguments would indicate that
the total outstanding liability payable by the petitioners would
exceed ₹40,69,00,000/- in W.P.(C) No.17013 of 2024 and
₹2,92,94,000/- in W.P.(C) No.17019 of 2024.
W.P.(C)Nos.17013 & 17019 of 2024
3. When these writ petitions came up for admission
on 03.05.2024, this Court passed an interim order to the
following effect:-
"3. Sri. M.S. Aneer, the learned Counsel for the
petitioners submits that the petitioners are prepared to
settle the loan account if a breathing time is given. The
Counsel submits that some buyers have already
approached the petitioners to purchase 1/3rd share of the
property mortgaged. The Counsel also submits that in these
circumstances one month time may be granted to clear up
the loan and till then, possession may not be taken.
4. Having heard Sri. M.S. Aneer, the learned
Counsel for the petitioner, there shall be a direction to the
respondents to defer taking possession of the petition
schedule property for a period of one month from today. "
The petitioners did not remitted the amount as undertaken
before this Court.
4. Counsel for the petitioners submits that the
undertaking was made bonafide as there was a prospective
purchaser to purchase the properties of the petitioners. The
said arrangement will not happen fast and if the petitioners
are given a breathing time, the entire liability can be wiped out
W.P.(C)Nos.17013 & 17019 of 2024
by way of One Time Settlement.
5. Standing Counsel entered appearance on behalf of
the Bank and resisted the writ petition. The Standing Counsel
pointed out that the offer made by the petitioners is only an
excuse to delay and defeat the recovery process. The
petitioners had approached this Court earlier filing OP(DRT)
No.1 of 2024. This Court passed an interim order on
23.01.2024 in the said OP(DRT), directing the petitioners to
remit an amount of ₹5 Crores on or before 02.02.2024 and a
further amount of ₹5 Crores on or before 23.02.2024. The
petitioners did not remit the amount as directed. The OP(DRT)
was subsequently dismissed. The petitioners are not entitled
to any relief.
6. I have heard the learned Counsel for the petitioners
and the learned Standing Counsel representing the
respondents.
W.P.(C)Nos.17013 & 17019 of 2024
7. The challenge of the petitioners in these writ
petitions is against Ext.P2 notice issued by the Advocate
Commissioner in a proceedings under Section 14 of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002. Ordinarily, the
petitioners are bound to challenge the said notice before the
Debts Recovery Tribunal invoking Section 17 of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.
8. It is seen that when these writ petitions came up for
admission on 03.05.2024, the petitioners themselves
undertook to clear up the entire loan if one month time is
granted. Relying on the submission so made, this Court
passed an interim order directing the respondents to defer
taking possession of the petition scheduled property for a
period of one month. The petitioners have not made any
W.P.(C)Nos.17013 & 17019 of 2024
payments as undertaken on 03.05.2024.
9. In the circumstances, I am not inclined to grant any
relief to the petitioner in view of the alternate remedy available
to the petitioner as also in view of the conduct of the
petitioners in not making remittances as undertaken before
this Court.
10. Counsel for the petitioner submits that the
petitioners can pay ₹5 Crores within a period of one week
from today and will be able to clear the entire outstanding
soon thereafter, if the petitioners have granted One Time
Settlement. It will be open to the petitioners to approach the
Bank in this regard.
The writ petition is dismissed.
Sd/-
N. NAGARESH
JUDGE
ams
W.P.(C)Nos.17013 & 17019 of 2024
APPENDIX OF WP(C) 17013/2024
PETITIONERS' EXHIBITS
Exhibit -P1 TRUE COPY OF THE POSSESSION NOTICE
ISSUED BY THE ADVOCATE COMMISSIONER
DTD 20.07.2023
Exhibit-P2 TRUE COPY OF THE AMENDED SA FILED
BEFORE THE HONOURABLE DEBT RECOVERY
TRIBUNAL-I, ERNAKULAM
Exhibit-P3 TRUE COPY OF THE POSSESSION NOTICE
ISSUED BY THE ADVOCATE COMMISSIONER
INFORMING THAT THE PROPERTY WILL BE
TAKEN POSSESSION ON 07.05.2024
Exhibit P4 TRUE COPY OF THE LETTER DATED
30.05.2024 EXPRESSING INTEREST ISSUED
BY THE INVESTORS NAMELY M/S KARADAN
LANDS PVT. LTD
Exhibit P5 TRUE COPY OF THE E-MAIL COMMUNICATION
DATED 01.06.2024 WITH THE RESPONDENT
BANK
W.P.(C)Nos.17013 & 17019 of 2024
APPENDIX OF WP(C) 17019/2024
PETITIONERS' EXHIBITS
Exhibit -P1 TRUE COPY OF THE SA NO.352/2023 FILED
ON 07.07.2023
Exhibit-P2 TRUE COPY OF THE WRITTEN STATEMENT
FILED BY THE RESPONDENTS IN SA
NO.352/2023 BEFORE THE DEBT RECOVERY
TRIBUNAL-I, ERNAKULAM DATED 16.08.2023
Exhibit-P3 TRUE COPY OF THE COMMISSIONER NOTICE
DATED 30.04.2024 INTIMATING THE TAKING
POSSESSION OF PROPERTIES SCHEDULED IN
THE PROCEEDINGS
