Kerala High Court
K.R.Shajan Joseph vs Indian Overseas Bank on 2 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
OP (DRT) NO. 328 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. 328 OF 2024
AGAINST THE ORDER DATED IN AIR NO.1548 OF 2024 OF DEBT RECOVERY APPELLATE
TRIBUNAL, CHENNAI ARISING OUT OF THE ORDER DATED IN SA NO.244 OF 2021 OF DEBT RECOVERY
TRIBUNAL, ERNAKULAM
PETITIONER/S:
1 K.R.SHAJAN JOSEPH
AGED 59 YEARS
S/O.LATE.K.L.RAPHEL, PROPRIETOR, M/S.TIMBER GLASS HOUSE, KOMAROTH HOUSE,
AZAD ROAD, KALOOR, ERNAKULAM., PIN - 682017
2 SHAINA SHAJAN
AGED 54 YEARS
W/O.K.R.SHAJAN JOSEPH, KOMAROTH HOUSE, AZAD ROAD, KALOOR, ERNAKULAM.,
PIN - 682017
BY ADVS.
ZAKEER HUSSAIN
K.A.SANJEETHA
RESPONDENT/S:
1 INDIAN OVERSEAS BANK
REP. BY ITS MANAGER, ERNAKULAM BRANCH, THEKKEKKARA MANSION, FIRST
FLOOR, M.G.ROAD, ERNAKULAM., PIN - 682035
2 THE AUTHORISED OFFICER
INDIAN OVERSEAS BANK, ERNAKULAM BRANCH, THEKKEKKARA MANSION, FIRST
FLOOR, M.G.ROAD, ERNAKULAM., PIN - 682035
OP (DRT) NO. 328 OF 2024
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3 SHAJI PETER KATTASSERIL
KATTASSERIL HOUSE, PONEKKARA, EDAPPALLY.P.O., ERNAKULAM, KOCHI., PIN -
682024
OTHER PRESENT:
SRI. SUNIL SHANKAR-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. 328 OF 2024
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JUDGMENT
The present OP (DRT) under Article 227 of the Constitution of India
has been filed seeking to consider and pass orders on Exts.P6 appeal, P7
Waiver Application and P8 stay petition within a reasonable time.
2. The petitioners' S.A. No.244/2021 was dismissed by the Debts
Recovery Tribunal-I, Ernakulam, vide order dated 07.10.2024, against
which the petitioners filed an appeal before the Debts Recovery
Appellate Tribunal along with the application for waiver of statutory
pre-deposit and a stay petition.
3. The Debts Recovery Appellate Tribunal does not have the
power to waive the complete statutory pre-deposit. However, the
Tribunal has jurisdiction to reduce the condition of the pre-deposit from
50% to 25%.
4. The learned Counsel for the petitioners submits that the
petitioners will deposit 25% of the outstanding due within one month.
OP (DRT) NO. 328 OF 2024
2024:KER:81395
5. Considering the aforesaid submission advanced on behalf of
the learned Counsel for the petitioners, the present OP (DRT) is disposed
of with a direction to the petitioners to deposit 25% of the outstanding
dues with the Bank within one month from today, i.e., on or before
02.12.2024. Subject to making a deposit of 25% of the outstanding dues,
the parties shall maintain the status quo in the meantime. However, if
the petitioners fail to make the deposit, the Bank shall be free to proceed
further to register the sale certificate in favour of the auction purchaser.
The OP (DRT) stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
OP (DRT) NO. 328 OF 2024
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APPENDIX OF OP (DRT) 328/2024
PETITIONER EXHIBITS
Exhibit.P1 TRUE COPY OF THE DEMAND NOTICE DATED 29/07/2020 ISSUED BY
THE 2ND RESPONDENT.
Exhibit.P2 TRUE COPY OF THE SALE NOTICE DATED 04/11/2023 ISSUED BY THE
2ND RESPONDENT.
Exhibit.P3 TRUE COPY OF THE VALUATION REPORT DATED 23/12/2022
PREPARED BY THE APPROVED VALUER M/S. AJITH P. ASSOCIATES.
Exhibit.P4 TRUE COPY OF THE AMENDED SA NO.244/2021 DATED 12/11/2021 ON
THE FILE OF THE DEBT RECOVERY TRIBUNAL-I, ERNAKULAM.
Exhibit.P5 TRUE COPY OF THE ORDER DATED 07/10/2024 IN S.A. NO.244/2021 OF
DEBT RECOVERY TRIBUNAL-I, ERNAKULAM.
Exhibit.P6 TRUE COPY OF THE APPEAL AIR(SA)NO.1548/2024 DATED 21/10/2024
FILED BEFORE THE DRAT, CHENNAI.
Exhibit.P7 TRUE COPY OF THE WAIVER APPLICATION IN AIR (SA)NO.1548/2024
DATED 21/10/2024,FILED BEFORE THE DRAT, CHENNAI.
Exhibit.P8 TRUE COPY OF THE STAY PETITION DATED 21/10/2024 IN
AIR(SA)NO.1548/2024,FILED BEFORE THE DRAT, CHENNAI.
