Kerala High Court
Kotak Mahindra Bank Ltd vs Abdul Jaleel on 10 October, 2024
Author: P Gopinath
Bench: P Gopinath
2024:KER:75638
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 10TH DAY OF OCTOBER 2024 / 18TH ASWINA, 1946
RP NO. 847 OF 2024
AGAINST THE JUDGMENT DATED 20-01-2023 IN WP(C) NO.26268 OF 2021 OF
HIGH COURT OF KERALA
REVIEW PETITIONERS/1ST & 2ND RESPONDENTS IN WP(C):
1 KOTAK MAHINDRA BANK LTD
REP. BY AUTHORISED SIGNATORY AND CHIEF MANAGER,
1ST FLOOR, KANAKA DAMODAR BUILDING,VEEKSHANAM ROAD,
OPP. INTERNATIONAL HOTEL, COCHIN, PIN - 682 035.
2 KOTAK MAHINDRA BANK LTD
REP. BY MANAGER, TIRUR BRANCH,
MALAPPURAM DISTRICT, PIN - 676 561.
BY ADVS.
B.J.JOHN PRAKASH
P.PRAMEL
SOORAJ M.S.
VARSHA VIJAYAKUMAR NAIR
ANAGHA MADATH THEKKEPATTE
RESPONDENTS/PETITIONER IN WP (C) & 3RD RESPONDENT IN WP(C):
1 ABDUL JALEEL
AGED 54 YEARS, S/O. R. SAIDU MOHAMMED,
RAMANALUKKAL HOUSE, POST MANGALAM, TIRUR,
MALAPPURAM DISTRICT, PIN - 676 561.
2 DR. SIDDIK RAMANALUKKAL
AGED 50 YEARS, S/O. SAIDU MOHAMMED R,
RAMANALUKKAL HOUSE, MMANGALAM P.O.,
MALAPPURAM DISTRICT, TIRUR, PIN - 676 561.
BY ADV MADHU RADHAKRISHNAN (FOR RESP)
THIS REVIEW PETITION HAVING COME UP FOR ADMISSION ON
10.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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RP 847/2024
In 2
WP(C) NO.26268 OF 2021
ORDER
This review petition has been filed seeking review of the
judgment of this Court in W.P(C)No.26268 of 2021. When the
review petition was pending before this Court, I had suggested to
the parties that they may try to work out an arrangement
between themselves, and accordingly, a memo has been filed by
the 1st respondent/writ petitioner stating that an agreement has
been reached with the review petitioners regarding the property
which was subject matter of the writ petition and the SARFAESI
proceedings initiated by the review petitioners. The said memo
reads as follows:
"The Review Petitioner and the Respondent have agreed
as follows:-
a) The Respondent shall deposit an amount of
Rs.17,61,070 (Rupees Seventeen Lakhs Sixty One
Thousand Seventy Only) as EMD towards the
proposed sale of the property by public auction with
the Review Petitioners on or before 10.10.2024.
b) The Review Petitioners upon receipt of the above
amount shall publish a fresh sale notice on the same
terms and conditions as seen in ANNEXURE-B.
However the reserve price of Property No.2
specified therein shall be Rs.1,76,10,696 (Rupees
One Crore Seventy Six Lakhs Ten Thousand Six
Hundred and Ninety Six Only).
c) The sale notice as stated above shall be published
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WP(C) NO.26268 OF 2021
within 60 days within the date of receipt of the
aforesaid amount from the Respondent.
d) The benefit of the Judgement dated 20.01.2023 in
W.P.C No. 26268 of 2021 with respect to the right of
first refusal shall be retained by the Respondent if
there are any other bidder for a higher value.
e) If the Respondent fails to participate in the auction
or exercise his right of first refusal, the Respondent
shall without any demur, handover the vacant
possession of the property to the Petitioner.
f) If the Respondent emerges successful in the bid, the
balance amount shall be paid within a period as
prescribed under Rule 9(4) of the Security Interest
(Enforcement) Rules 2002 within a time limit
extending upto 3 months. The Review Petitioner and
Respondent shall forthwith comply all the statutory
provisions with respect to sale of the property as per
the SARFAESI Act.
g) In the event of the Respondent failing to comply with
the above conditions, the benefit of the Judgement
dated 20.01.2023 in W.P.C No. 26268 of 2021 shall
stand vacated.
It is submitted that in compliance of the condition
(a), the respondent has submitted cheque
No.539287 dated 9/10/2024 for an amount of
Rs.17,61,070/-towards the EMD for the proposed
sale".
2. The learned counsel appearing for the review petitioners
submits that the terms of the memo are acceptable to the review
petitioners subject to the condition that the entire process should
be completed by 31-03-2025, failing which it will be open to the
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WP(C) NO.26268 OF 2021
review petitioners to proceed against the property in accordance
with the law.
In the light of the above submissions, this review petition will
stand disposed of recording the terms set out in the memo dated
09-10-2024 filed by the 1st respondent/writ petitioner and making
it clear that the parties shall be bound by the terms contained
therein and further making it clear that the entire process shall
be completed on or before 31-03-2025, failing which it will be
open to the review petitioners to proceed with the matter in
accordance with the law, in which event, the protection against
physical dispossession till the property is sold in auction will also
stand withdrawn.
Sd/-
GOPINATH P.
JUDGE
ats
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WP(C) NO.26268 OF 2021
PETITIONERS' ANNEXURES
Annexure A TRUE COPY OF THE SALE NOTICE DATED 19.04.2023
ISSUED BY THE PETITIONER
Annexure B TRUE COPY OF THE SALE NOTICE DATED 11.12.2023
ISSUED BY THE PETITIONER.
Annexure C TRUE COPY OF THE JUDGEMENT DATED 22.07.2024
IN CON. CASE (C) 1836 OF 2024
