K.T Assain vs The Kottakal Co-Operative Urban Bank ...
2024 Latest Caselaw 14035 Ker

Kerala High Court

K.T Assain vs The Kottakal Co-Operative Urban Bank ... on 28 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

       IN THE HIGH COURT OF KERALA AT ERNAKULAM
                           PRESENT
         THE HONOURABLE MR.JUSTICE N.NAGARESH
 TUESDAY, THE 28TH DAY OF MAY 2024 / 7TH JYAISHTA, 1946
                WP(C) NO. 7596 OF 2024
PETITIONER:

         K.T ASSAIN
         AGED 62 YEARS
         S/O MOHAMMED KUTTY HAJI
         KUNNATHODI (H) OKM NAGAR KOVILKATHMURI
         OORAKAM, KEEZHMURI MALAPPURAM - 676519.

         BY ADVS.
         BINDUMOL JOSEPH
         V.HARIKRISHNAN
         BEENA JOSEPH
         RIYAS M.B.
         M.V.RAHUL
         SIBI MATHEW


RESPONDENTS:

   1     THE KOTTAKAL CO-OPERATIVE URBAN BANK LTD
         REPRESENTED BY ITS AUTHORISED OFFICER THE
         KOTTAKAL CO-OPERATIVE URBAN BANK LTD NUMBER
         1378 HEAD OFFICE, KOTTAPPADI,KOTTAKAL
         MALAPPURAM DISTRICT -, PIN - 676505.

   2     AUTHORIZED OFFICER
         THE KOTTAKAL CO-OPERATIVE URBAN BANK LTD
         NUMBER 1378 HEAD OFFICE, KOTTAPPADI,
         KOTTAKAL MALAPPURAM DISTRICT - 676505.

         BY ADVS.
         DEVAPRASANTH P.J
         SMINI JOSE
     THIS WRIT PETITION (CIVIL) HAVING COME UP         FOR
ADMISSION ON 28.05.2024, THE COURT ON THE SAME         DAY
DELIVERED THE FOLLOWING:
 W.P.(C)No.7596 of 2024
                                  :2:

                         JUDGMENT

Dated this the 28th day of May, 2024

The petitioner, who has availed financial assistance

from the Kottakal Co-operative Urban Bank Limited and

against whom proceedings under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002 are pending, has approached this

Court seeking the following reliefs:-

"(i) Issue a writ of certiorari and quash Ext.P2 notice dated 15.01.2024 issued by the 1st respondent, so as to secure the ends of justice.

(ii) To issue a writ of mandamus directing respondents 1 and 2 to permit the petitioner to discharge the entire liability in monthly instalments as fixed by this Honourable Court.

(iii) Such other reliefs that may be deemed fit and proper by the Hon'ble Court in the circumstances of this case."

2. The first prayer of the petitioner is to quash Ext.P2

notice. Ext.P2 notice is one issued by the Bank invoking the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

2002. The Hon'ble Apex Court has held that any proceedings

under the SARFAESI Act can be ordinarily challenged only

before the competent Tribunal.

3. The further relief prayed for by the petitioner is to

permit the petitioner to discharge the entire liability in monthly

instalments. When the writ petition came up for admission,

this Court passed an interim order dated 26.02.2024 directing

the petitioner to remit an amount of ₹30 lakhs within a period

of one month. The petitioner has not paid any amount

pursuant thereto. The total outstanding liability of the

petitioner would come to more than ₹2,40,00,000/-.

In the afore circumstances, I am not inclined to grant

any relief to the petitioner. The writ petition is dismissed.

Sd/-

N. NAGARESH JUDGE ams

APPENDIX OF WP(C) 7596/2024

PETITIONER'S EXHIBITS Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 DATE D 20/07/2023 Exhibit P2 THE TRUE COPY OF THE SALE NOTICE UNDER RULE 8(5) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 DATED 27.02.2024.