Kerala High Court
M/S. Sark Spice Products Pvt. Ltd ... vs The South Indian Bank Ltd Represented By ... on 20 May, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
MONDAY, THE 20TH DAY OF MAY 2024 / 30TH VAISAKHA, 1946
WP(C) NO. 7607 OF 2024
PETITIONERS:
1 M/S. SARK SPICE PRODUCTS PVT. LTD REPRESENTED
BY CHAIRMAN & MANAGING DIRECTOR- ABRAHAM T.
KURUVILLA ALIAS T A KURUVILA
TAK INDUSTRIAL COMPLEX, EARA NORTH,
NEELAMPEROOR, ALAPPUZHA, KERALA, REPRESENTED BY
CHAIRMAN & MANAGING DIRECTOR - ABRAHAM T.
KURUVILLA ALIAS T A KURUVILA, THURUTHITHARA
HOUSE, EARA NORTH P.O., NEELAMPEROOR,
ALAPPUZHA, KERALA, PIN - 686534
2 ABRAHAM T. KURUVILLA ALIAS T A KURUVILA
AGED 70 YEARS
MANAGING DIRECTOR, SARK SPICE PRODUCE PVT. LTD.
THURUTHITHARA HOUSE, EARA NORTH P.O.,
NEELAMPEROOR, ALAPPUZHA, KERALA, PIN - 686534
BY ADV LUKE J CHIRAYIL
RESPONDENTS:
1 THE SOUTH INDIAN BANK LTD REPRESENTED BY ITS
AUTHORISED OFFICER
'SIB HOUSE', T.B.ROAD, MISSION QUARTERS,
THRISSUR, KERALA, PIN - 680001
2 THE SOUTH INDIAN BANK LIMITED REPRESENTED BY
ITS AUTHORISED OFFICER
REGIONAL OFFICE, REGENCY SQUARE, K.K.ROAD,
COLLECTORATE P.O., KOTTAYAM,
KERALA, PIN - 686002
3 THE SOUTH INDIAN BANK LIMITED REPRESENTED BY
ITS CHIEF MANAGER
CHINGAVANAM BRANCH, WARD NO.11/134C,
KUNNUTHARAYIL ARCADE, M.C ROAD,
CHINGAVANAM P.O., KOTTAYAM,
KERALA, PIN - 686531
W.P.(C) No.7607/2024
:2:
4 THE BRANCH MANAGER
THE SOUTH INDIAN BANK LIMITED, CHINGAVANAM
BRANCH, WARD NO.11/134C, KUNNUTHARAYIL ARCADE,
M.C ROAD, CHINGAVANAM P.O., KOTTAYAM,
KERALA, PIN - 686531
BY ADVS.
SUNIL SHANKER
VIDYA GANGADHARAN(K/000424/2020)
SANDHRA.S(K/001610/2021)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 20.05.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.7607/2024
:3:
N. NAGARESH, J.
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W.P.(C) No.7607 of 2024
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Dated this the 20th day of May, 2024
JUDGMENT
~~~~~~~~~
The 1st petitioner is a Private Limited Company
and the 2nd petitioner is its Managing Director. The
petitioners seek to direct the 3 rd and 4th respondents to
regularise the SIB OTS Account No.0764658000000208,
which is held by the 1st petitioner with the 3rd respondent and
thereby permit the petitioners to remit the outstanding
amount in 25 monthly instalments along with the regular
payments.
2. The 1st petitioner had taken six loans from the 3 rd
respondent-South Indian Bank. The loans were merged into
one account. It appears that on the failure of the petitioners
to maintain the loan account, the Bank has initiated
proceedings under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002. According to the petitioners, the economic situation of
the 1st petitioner has improved. The 1 st petitioner is receiving
substantial orders from abroad. The petitioners therefore
seek to regularise the loan account by paying the amount in
instalments.
3. It is evident from the pleadings and arguments
that the Bank has initiated coercive proceedings and it is
thereupon that the petitioners have filed this writ petition
seeking to repay the amount in instalments. The Bank
opposes grant of any such relief. This Court will not be
justified in granting instalment facility to the petitioners
unilaterally while proceedings under the SARFAESI Act are
pending.
The writ petition is therefore dismissed.
Sd/-
N. NAGARESH, JUDGE
aks/14.05.2024
APPENDIX OF WP(C) 7607/2024
PETITIONER'S EXHIBITS
Exhibit P1 TRUE COPY OF THE JUDGEMENT DATED
05.01.2024 IN OP (DRT) NO. 488 OF 2023
ON THE FILES OF THE HONOURABLE HIGH
COURT OF KERALA.
Exhibit P2 TRUE COPY OF THE JUDGEMENT DATED
19.06.2023 IN OP (DRT) NO. 232 OF 2023
ON THE FILES OF THE HONOURABLE HIGH
COURT OF KERALA.
Exhibit P3 TRUE COPY OF THE JUDGEMENT DATED
25.05.2023 IN OP (DRT) NO. 122 OF 2023
ON THE FILES OF THE HONOURABLE HIGH
COURT OF KERALA.
Exhibit P4 TRUE COPY OF THE JUDGEMENT DATED
13.10.2022 IN W.P. (C) NO. 28659 OF
2022 ON THE FILES OF THE HONOURABLE
HIGH COURT OF KERALA.
Exhibit P5 TRUE COPY OF THE JUDGEMENT DATED
11.07.2022 IN W.P. (C) NO. 9509 OF
2022 ON THE FILES OF THE HONOURABLE
HIGH COURT OF KERALA.
Exhibit P6 TRUE COPY OF THE LETTER DATED
27.02.2024 HAVING NUMBER C. NO.
4027072/1898-99 ISSUED BY NAVEEN
KUMAR, ASSISTANT DIRECTOR, OFFICE OF
DEVELOPMENT COMMISSIONER (MSME).
Exhibit P7 TRUE COPY OF THE PHOTOGRAPHS OF THE
FINAL FINISHED PRODUCTS AT THE FACTORY
OF THE FIRST APPLICANT.
Exhibit P8 TRUE COPY OF THE IMPORT CONTRACT DATED
29.11.2023 EXECUTED BETWEEN WEBB JAMES
SRL WITH TEROVA INC.
