Rajesh.S.R vs The Regional Manager
2024 Latest Caselaw 32726 Ker

Kerala High Court

Rajesh.S.R vs The Regional Manager on 12 November, 2024

Author: D. K. Singh

Bench: D. K. Singh

WP(C) NO. 39834 OF 2024
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                                                                      2024:KER:84956
                     IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                      PRESENT

                      THE HONOURABLE MR. JUSTICE D. K. SINGH

         TUESDAY, THE 12TH DAY OF NOVEMBER 2024 / 21ST KARTHIKA, 1946

                             WP(C) NO. 39834 OF 2024


PETITIONERS:

     1        RAJESH.S.R,
              AGED 47 YEARS
              S/O SURENDRAN, PUTHUVALVILA VEEDU, GANDHI SMARAKAM,
              PERUMKUZHI, THIRUVANANTHAPURAM, PIN - 693305

     2        SUGESH S.R.,
              AGED 43 YEARS
              S/O SURENDRAN, PUTHUVALVILA VEEDU,GANDHI SMARAKAM,
              PERUMKUZHI,THIRUVANANTHAPURAM, PIN - 693305


              BY ADV M.R.SARIN


RESPONDENTS:

     1        THE REGIONAL MANAGER,
              INDIAN OVERSEAS BANK,REGIONAL OFFICE ANOOPPARA BRANCH, MMH
              BUILDING, ANOOPPARA ROAD, AVANAVANCHERRY,
              THIRUVANANTHAPURAM, PIN - 695103

     2        THE AUTHORIZED OFFICER,
              INDIAN OVERSEAS BANK,REGIONAL OFFICE,ANOOPPARA BRANCH, MMH
              BUILDING,ANOOPPARA ROAD, AVANAVANCHERRY,THIRUVANANTHAPURAM,
              PIN - 695103

     3        THE BRANCH MANAGER,
              INDIAN OVERSEAS BANK,REGIONAL OFFICE NAGAROOR BRANCH,
              NAGAROOR PO,THIRUVANANTHAPURAM, PIN - 695601



              SRI. SUNIL SHANKAR-SC


     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
12.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 39834 OF 2024
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                                                             2024:KER:84956
                             JUDGMENT

Dated this the 12th day of November, 2024

The petitioners were offered One Time Settlement by

the bank on 18.09.2024 to settle their entire outstanding dues

for Rs.1.10 Crores against total outstanding of

Rs.2,27,94,467/-. The petitioners have not complied with the

terms of the One Time Settlement. Therefore, the bank has

proceeded further under the provisions of the SARFAESI Act

and Rules made thereunder.

2. The petitioners deposited only an upfront amount of

Rs.11,00,000/- and have not paid anything thereafter.

3. This Court in exercise of its jurisdiction under Article

226 of the Constitution of India cannot extend the validity of

the One Time Settlement dated 18.09.2024. However, the

petitioners are at liberty to approach the bank itself for

appropriate relief.

With the aforesaid liberty, the present writ petition stands

finally disposed of.

Sd/- D.K. SINGH JUDGE AP WP(C) NO. 39834 OF 2024

2024:KER:84956 APPENDIX OF WP(C) 39834/2024

PETITIONER 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 DATED 9.07.2015

Exhibit P2 THE TRUE COPY OF THE JUDGEMENT IN WP[C]NO 34853/15 DATED 27.11.2015

Exhibit P3 THE TRUE COPY OF THE JUDGEMENT IN WP[C]NO 34855/15 DATED 27.11.2015 IS

Exhibit P4 THE TRUE COPY OF THE SANCTION LETTER OF ONE TIME SETTLEMENT PROPOSAL DATED 18.09.2024