Kerala High Court
M/S Tesla Electricals Pvt. Ltd vs State Bank Of India on 2 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
OP (DRT) NO. 326 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
SATURDAY, THE 2ND DAY OF NOVEMBER 2024 / 11TH KARTHIKA, 1946
OP (DRT) NO. 326 OF 2024
AGAINST THE ORDER DATED 21.10.2024 IN SA NO.483 OF 2024 OF DEBT RECOVERY TRIBUNAL,
ERNAKULAM
PETITIONER/S:
1 M/S TESLA ELECTRICALS PVT. LTD.
38/1322, SREEKALA ROAD, NEAR EMC ERNAKULAM –NH BY-PASS, VENNALA PO,
ERNAKULAM, REP. BY ITS' MANAGING DIRECTOR, SHRI. JOSE VARGHESE, S/O. K.O.
VARGHESE, KOTTAPPALLIL HOUSE, HOLY ANGELS ROAD, SOUTH KALAMASSERY,
ERNAKULAM DISTRICT., PIN - 682033
2 JOSE VARGHESE
AGED 69 YEARS
S/O. K.O. VARGHESE, KOTTAPPALLIL HOUSE, HOLY ANGELS ROAD SOUTH
KALAMASSERY, ERNAKULAM DISTRICT., PIN - 682033
3 SHEELA VARGHESE
AGED 62 YEARS
W/O. K.O. VARGHESE, KOTTAPPALLIL HOUSE, HOLY ANGELS ROAD SOUTH
KALAMASSERY, ERNAKULAM DISTRICT., PIN - 682033
BY ADVS.
SUSANTH SHAJI
SIDHARTH O.
ALBIN A. JOSEPH
NEKHA VARGHESE
OP (DRT) NO. 326 OF 2024
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RESPONDENT/S:
1 STATE BANK OF INDIA
STRESSED ASSETS RECOVERY BRANCH, 7TH FLOOR, VANKARATH TOWERS,
PALARIVATTOM BYE PASS JUNCTION, ERNAKULAM DISTRICT, REPRESENTED BY ITS'
AUTHORIZED OFFICER, PIN - 682024
2 THE AUTHORISED OFFICER
STATE BANK OF INDIA, STRESSED ASSETS RECOVERY BRANCH, 7TH FLOOR,
VANKARATH TOWERS, PALARIVATTOM BYE PASS JUNCTION, ERNAKULAM DISTRICT.,
PIN - 682024
OTHER PRESENT:
SRI. JAWAHAR JOSE-SC
THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 02.11.2024, THE
COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
OP (DRT) NO. 326 OF 2024
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JUDGMENT
The present OP (DRT) under Article 227 of the Constitution of India
has been filed impugning the order dated 21.10.2024 passed by the Debts
Recovery Tribunal-I, Ernakulam in S.A. No.483/2024.
2. The Tribunal, looking at the huge outstanding of the Bank to
the extent of Rs.4,43,79,070/-, also the conduct of the petitioners that
the petitioners have not made any payment except for Rs.5,10,074/- on
17.05.2024 and another sum of Rs.50,478/- on 30.05.2024 and as the
petitioners sought deferment of taking physical possession of the
secured asset, the Tribunal directed the petitioners, as an interim
measure, to deposit as sum of Rs.2 crores on or before 04.11.2024.
3. The learned Counsel for the petitioners submits that the DRT
did not note any of the petitioners' contentions while passing the order.
4. I do not find the said submission germane to the order passed
by the Tribunal inasmuch as looking at the huge outstanding of
OP (DRT) NO. 326 OF 2024
2024:KER:81394
Rs.4,43,79,070/--and the paltry payment made by the petitioners, the
Debts Recovery Tribunal has directed the petitioners to deposit a sum of
Rs.2 crores. At the interim stage, the Tribunal is not required to go into
the details of the submission or the facts and law while passing the
interim order. Therefore, I do not find that the Tribunal has committed
any error of law or jurisdiction which requires this Court to interfere in
the exercise of its power under Article 227 of the Constitution of India.
Thus, the OP (DRT) is dismissed, leaving it open to the petitioners
to take recourse to the remedy of appeal if they are aggrieved by the
order passed by the Tribunal impugned in the present OP (DRT).
Sd/-
D. K. SINGH
JUDGE
jjj
OP (DRT) NO. 326 OF 2024
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APPENDIX OF OP (DRT) 326/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE PHOTOSTAT COPY OF THE SECURITIZATION APPLICATION
FILED AS S.A. NO. 483/2024 DATED 08.06.2024 ON THE FILES OF
HON'BLE DEBT RECOVERY TRIBUNAL-I, ERNAKULAM WITHOUT
ANNEXURES
Exhibit P2 TRUE PHOTOSTAT COPY OF THE ARRANGEMENT LETTER DATED
29.06.2021 ISSUED BY THE CHIEF MANAGER, STATE BANK OF INDIA
SME, KALAMASSERY TO THE MANAGING DIRECTOR, M/S TESLA
ELECTRICAL PVT. LTD
Exhibit P3 TRUE PHOTOSTAT COPY OF THE LETTER OF ARRANGEMENT DATED
20.02.2023 ISSUED BY THE CHIEF MANAGER, STATE BANK OF INDIA
SME, KALAMASSERY TO THE MANAGING DIRECTOR, M/S TESLA
ELECTRICAL PVT. LTD
Exhibit P4 TRUE PHOTOSTAT COPY OF BASIC TAX RECEIPT DATED 27.05.2024
PERTAINING TO SY. NO. 649/2V6 AND 674/1C1 OF EDATHUA VILLAGE
ISSUED BY THE VILLAGE OFFICER, EDATHUA ALONGWITH THE
TRANSLATION
Exhibit P5 TRUE PHOTOSTAT COPY OF THE LETTER DATED 28.02.2024 ISSUED BY
THE AGRICULTURAL OFFICER, KRISHIBHAVAN, THALAVADY TO THE
CHIEF MANAGER, STATE BANK OF INDIA ALONGWITH THE
TRANSLATION
Exhibit P6 TRUE PHOTOSTAT COPY OF THE VALUATION REPORT DATED
31.03.2019 SUBMITTED BY ER. K.V KURIAKOSE
Exhibit P7 TRUE PHOTOSTAT COPY OF THE DEMAND NOTICE ISSUED AS PER
SECTION 13(2) OF THE SARFAESI ACT, 2002 DATED 21.11.2023 BY THE
2ND RESPONDENT
Exhibit P8 TRUE PHOTOSTAT COPY OF THE DEMAND NOTICE DATED 06.12.2023
ISSUED AS PER SECTION 13(2) OF THE SARFAESI ACT, 2002 DATED
06.12.2023 BY THE 2ND RESPONDENT
Exhibit P9 TRUE PHOTOSTAT COPY OF THE REPRESENTATION DATED 19.01.2024
OP (DRT) NO. 326 OF 2024
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SUBMITTED BY THE 1ST PETITIONER BEFORE THE 2ND RESPONDENT
Exhibit P10 TRUE PHOTOSTAT COPY OF THE DEMAND NOTICE ISSUED AS PER
SECTION 13(2) OF THE SARFAESI ACT, 2002 DATED 03.02.2024 BY THE
2ND RESPONDENT
Exhibit P11 TRUE PHOTOSTAT COPY OF THE REPRESENTATION DATED 23.03.2024
SUBMITTED BY THE 1ST PETITIONER BEFORE THE 2ND RESPONDENT
Exhibit P12 TRUE PHOTOSTAT COPY OF THE LETTER DATED 04.04.2024 ISSUED BY
THE CHIEF MANAGER, SARB, ERNAKULAM TO THE MANAGING
DIRECTOR, M/S TESLA HEAVY ELECTRICALS PVT. LTD
Exhibit P13 TRUE COPY OF THE POSSESSION NOTICE DATED 07/05/2024 ISSUED
BY THE 2ND RESPONDENT
Exhibit P14 TRUE PHOTOSTAT COPY OF THE STAY PETITION DATED 08.06.2024 IN
I.A. NO. 2470/2024 IN S.A. NO. 483/2024 ON THE FILES OF HON'BLE
DEBT RECOVERY TRIBUNAL-I, ERNAKULAM
Exhibit P15 TRUE PHOTOSTAT COPY OF THE PETITION DATED 26.07.2024 IN M.C.
NO. 885/2024 SUBMITTED BY THE 1ST RESPONDENT HEREIN BEFORE
THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM
Exhibit P16 TRUE PHOTOSTAT COPY OF THE AFFIDAVIT DATED 26.07.2024
SUBMITTED BY THE 2ND RESPONDENT IN M.C. NO. 885/2024 ON THE
FILES OF HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM
Exhibit P17 TRUE PHOTOSTAT COPY OF THE ORDER DATED 01.10.2024 IN M.C NO.
885/2024 ON THE FILES OF HON'BLE ADDITIONAL CHIEF JUDICIAL
MAGISTRATE COURT, ERNAKULAM
Exhibit P18 TRUE PHOTOSTAT COPY OF THE STATEMENT OF ACCOUNTS
MAINTAINED BY THE 1ST APPLICANT FOR ACCOUNT NO.
00000057001072959 FOR THE PERIOD FROM 08.04.2024 TILL 08.10.2024
Exhibit P19 TRUE PHOTOSTAT COPY OF THE STATEMENT OF ACCOUNTS
MAINTAINED BY THE 1ST APPLICANT FOR ACCOUNT NO.
00000057001075869 FOR THE PERIOD FROM 01.03.2024 TILL 08.10.2024
Exhibit P20 TRUE PHOTOSTAT COPY OF THE AMENDMENT APPLICATION DATED
OP (DRT) NO. 326 OF 2024
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10.10.2024 FILED AS I.A. NO. 3798/2024 IN S.A. NO. 483/2024 ON THE
FILES OF HON'BLE DEBTS RECOVERY TRIBUNAL-I, ERNAKULAM
Exhibit P21 TRUE PHOTOSTAT COPY OF THE STAY PETITION DATED 10.10.2024
FILED AS I.A. NO. 3797/2024 IN S.A. NO. 483/2024 ON THE FILES OF
HON'BLE DEBTS RECOVERY TRIBUNAL-I, ERNAKULAM
Exhibit P22 TRUE PHOTOSTAT COPY OF THE ORDER DATED 21.10.2024 IN S.A. NO.
483/2024 ON THE FILES OF HON'BLE DEBTS RECOVERY TRIBUNAL-I,
ERNAKULAM
