Kerala High Court
Krishnan vs The Guruvayur Co Operative Urban Bank ... on 6 June, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
THURSDAY, THE 6TH DAY OF JUNE 2024 / 16TH JYAISHTA, 1946
WP(C) NO. 11786 OF 2024
PETITIONER:
KRISHNAN
AGED 60 YEARS
S/O ADIMA, VIRUPAKKATHARAYIL HOUSE,
KUZHINGARA,EDAKKAZHIYUR PO,
THRISSUR DISTRICT, PIN - 679562
BY ADVS.
ARUN MATHEW VADAKKAN
STEFFY V.J.
JOHNY K. JOHN
RESPONDENTS:
1 THE GURUVAYUR CO OPERATIVE URBAN BANK LTD NO.F1652,
GURUVAYUR BRANCH,
REPRESENTED BY ITS AUTHORISED OFFICER, HEAD OFFICE,
WEST NADA, NEAR KSRTC, GURUVAYUR,
THRISSUR DISTRICT,, PIN - 680101
2 THE AUTHORISED OFFICER,
THE GURUVAYUR CO OPERATIVE URBAN BANK LTD NO.F1652,
GURUVAYUR BRANCH, HEAD OFFICE,
WEST NADA, NEAR KSRTC, GURUVAYUR,
THRISSUR DISTRICT,, PIN - 680101
BY ADVS.
T.R.HARIKUMAR
ARJUN RAGHAVAN(K/1277/2012)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.06.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) No.11786 Of 2024
2
JUDGMENT
Dated this the 6th day of June, 2024
The petitioner, who has availed financial assistance
from the Guruvayoor Co-operative Bank Limited, filed this
writ petition challenging Ext.P1 and further coercive
proceedings.
2. From Ext.P1, it is evident that the petitioner has
failed to repay the loan promptly and consequently, the Bank
has initiated proceedings under the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002. The petitioner is challenging
Ext.P1 notice.
3. Ext.P1 notice is one issued by the Bank invoking
Section 13(2) of the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002. The petitioner has an effective alternate remedy
WP(C) No.11786 Of 2024
against Ex.P1 notice.
4. It is settled law that no writ would lie against the
proceedings initiated by a financial institution under the
provisions of the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002. In United Bank of India v. Satyawati Tondon and
others [(2010) 8 SCC 110], the Hon'ble Apex Court declared
that no writ petition shall be entertained against the
proceedings initiated under the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 at the instance of a defaulter
since the statute provides for an efficacious alternate
remedy.
5. In the judgment in Authorised Officer, State
Bank of Travancore v. Mathew K.C. [2018 (1) KLT 784],
the Hon'ble Apex Court reiterated that no writ petition would
lie against the proceedings under the Securitisation and
WP(C) No.11786 Of 2024
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 in view of the statutory remedy
available under the said Act.
6. Following the judgment in Satyawati Tondon
(supra), a Division Bench of this Court in the judgment in
Anilkumar v. State Bank of India [2020 (2) KLT 756]
declined to exercise jurisdiction under Article 226 of the
Constitution of India against the proceedings initiated under
the Securitisation Act.
7. In South Indian Bank Limited v. Naveen
Mathew Philip [2023 (4) KLT 29], the Apex Court held that
when the legislature has provided a specific mechanism for
appropriate redressal, the powers conferred under Article
226 of the Constitution of India shall be exercised only in
extraordinary circumstances.
8. In Jayakrishnan A. v. Union Bank of India and
others (W.P.(C) No.30803/2023), this Court held that writ
WP(C) No.11786 Of 2024
petition challenging any proceedings under the Securitisation
Act is not maintainable since the aggrieved person has an
effective and efficacious remedy before the Tribunal
constituted under the Act which is competent to adjudicate
the issues of fact and law, including statutory violations.
In the light of the categorical pronouncements of law
made by the Apex Court and by this Court, the above writ
petition is not maintainable and it is dismissed.
Sd/-
N.NAGARESH
JUDGE
hmh
WP(C) No.11786 Of 2024
APPENDIX OF WP(C) 11786/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE DATED
05.10.2023 ISSUED BY 1ST RESPONDENT
BANK TO THE PETITIONER
