Kerala High Court
K.T.Saidalavi vs The Reserve Bank Of India on 15 November, 2024
WP(C) NO. 40370 OF 2024 2024:KER:86589
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
FRIDAY, THE 15TH DAY OF NOVEMBER 2024 / 24TH KARTHIKA, 1946
WP(C) NO. 40370 OF 2024
PETITIONER:
K.T.SAIDALAVI,
AGED 66 YEARS
S/O. KUNHIKOYA KUNNATHODI, TIP TOP FURNITURE
INDUSTRIES,DOOR NO.K.P 23A TO 23C,N.H.KOTTAKKAL,
EDARIKKODE,KOTTAKKAL,MALAPPURAM DISTRICT, PIN -
676501
BY ADVS.
ZAKEER HUSSAIN
K.A.SANJEETHA
RESPONDENTS:
1 THE RESERVE BANK OF INDIA,
REPRESENTED BY ITS REGIONAL DIRECTOR, REGIONAL
OFFICE,THIRUVANANTHAPURAM, PIN - 695033
2 AUTHORISED OFFICER, IDBI BANK LTD,
GHIYATHI TOWER, CHANGUVETTY, KOTTAKKAL,MALAPPURAM
DISTRICT, PIN - 676501
3 IDBI BANK LTD,
GHIYATHI TOWER, CHANGUVETTY, KOTTAKKAL,MALAPPURAM
DISTRICT, PIN - 676501
SC SRI. AJITH KUMAR
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR FINAL
HEARING ON 15.11.2024, THE COURT ON THE SAME DAY DELIVERED
THE FOLLOWING:
WP(C) NO. 40370 OF 2024 2024:KER:86589
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BASANT BALAJI, J.
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W.P(C).No. 40370 of 2024
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Dated this the 15th day of November, 2024
JUDGMENT
The petitioner is the guarantor of the six loans
availed by the Tip Top Furniture Groups. Since there was a
default in payment, the third respondent had filed
O.A.No.148/2022 before the Debt Recovery Tribunal-I,
Ernakulam, for the recovery of Rs.53,19,81,574.94/-. The
third respondent initiated proceedings for liquidation of one
of the units of Tip Top Furniture Groups under the Insolvency
and Bankruptcy Code. The liquidator conducted the sale of
the mortgaged properties on 13.10.2023 for
Rs.12,77,11,158/- and the said amount was remitted to the
second respondent Bank. The third respondent Bank
amended the O.A.148/2020, limiting the claim to
Rs.47,05,29,924.44/-. In the meanwhile, the third respondent
Bank has come up with a scheme by name Sugam Rinn
Bhugtan Yojna (Sugam Scheme) Special OTS scheme for one
WP(C) NO. 40370 OF 2024 2024:KER:86589
time settlement. The effective date of scheme is from
02.09.2024 to 25.03.2025. While so, the second respondent
issued pre-sale notice dated 29.10.2024 under Section 13(8)
of the SARFAESI Act stating that in case the petitioner failed
to pay the outstanding amount within 15 days, sale of
immovable properties will be done. In the meanwhile, the
petitioner approached the third respondent bank with a
request to settle outstanding dues and made a proposal that
they are ready to pay Rs.26.43 crores under the one time
settlement as per Exhibit P3.
2. The learned counsel for the petitioner
submitted that though time is granted to pay off the said
amount, 10% of the said amount has to deposited by
31.12.2024.
3. The learned counsel for the respondents
submitted that Exhibit P3 is only a request of the petitioner.
4. Since Exhibit P3 is a representation given by
the petitioner before the bank for availing the one time
settlement. I deem it appropriate to direct the second
respondent or any other authorised officer to take Exhibit P3
WP(C) NO. 40370 OF 2024 2024:KER:86589
and pass appropriate orders within a period of two weeks
from today. Till such time all proceedings shall be kept in
abeyance.
Sd/-
BASANT BALAJI,
JUDGE
NM
WP(C) NO. 40370 OF 2024 2024:KER:86589
APPENDIX OF WP(C) 40370/2024
PETITIONER EXHIBITS
Exhibit.P1 TRUE COPY OF THE SUGAM RINN BHUGTAN
YOJNA ( SUGAM SCHEME)- SPECIAL OTS
SCHEME FOR ONE TIME SETTLEMENT OF NON
PERFORMING ASSETS.
Exhibit.P2 TRUE COPY OF THE SAID NOTICE DATED
29/10/2024 ISSUED BY THE 2ND RESPONDENT.
Exhibit.P3 TRUE COPY OF THE SAID REPRESENTATION
DATED 30/10/2024 SUBMITTED BY THE
PETITIONER.
