Kerala High Court
M/S Yennarees Engineers (India) Pvt Ltd vs The South Indian Bank Limited on 23 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
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WP(C)No. 37288 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
WEDNESDAY, THE 23RD DAY OF OCTOBER 2024/1ST KARTHIKA, 1946
WP(C) NO. 37288 OF 2024
PETITIONER:
M/S YENNAREES ENGINEERS (INDIA) PVT LTD.,
HIDAYATHU ISLAM MADRASSA BUILDING, KOVOOR,
MEDICAL COLLEGE P O, KOZHIKODE,
REPRESENTED BY ITS MANAGING DIRECTOR,
NPC ABOOBACKER, S/O MOIDU, AGED 66 YEARS,
RESIDING AT MADHURAMBALATHIL HOUE, KOVOOR,
MEDICAL COLLEGE P O, KOZHIKODE, PIN - 673008.
BY ADVS.
M.K.SUMOD
VIDYA M.K.
THUSHARA.K
DELITA TITUS
NAMITHA GEORGE
RESPONDENTS:
1 THE SOUTH INDIAN BANK LIMITED,
HEAD OFFICE, SIB HOUSE, T B ROAD,
MISSION QUARTERS, THRISSUR DISTRICT,
PIN - 680001.
2 THE CHIEF MANAGER AND AUTHORIZED OFFICER,
SOUTH INDIAN BANK LIMITED, REGIONAL OFFICE,
1ST FLOOR, HAPPY TOWERS,
VAIKOM MOHAMMED BASHEER ROAD, MANANCHIRA P O,
KOZHIKODE DISTRICT, PIN - 673001.
SRI.P.A. AUGUSTINE-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 23.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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D. K. SINGH, J.
--------------------------
W.P.(C) No. 37288 of 2024
-------------------------
Dated this the 23rd day of October, 2024
JUDGMENT
1. The present writ petition has been filed for the following
reliefs;
i. Issue Writ of Mandamus or any other writ,
order or direction, directing the 2nd
respondent to keep Exhibit P1 proceedings in
abeyance until Exhibit P4 appeal is disposed of
by the Debt Recovery Appellate Tribunal
Chennai.
ii. Any other reliefs that this Hon'ble Court deem
fit and proper in the circumstances of the case.
2. This is the second writ petition by the petitioner before this
Court. Earlier, the petitioner had approached this Court in W.P.(C)
No. 25385 of 2024 which was disposed of with direction to the
petitioner to make statutory deposit of 25% with the Bank within
three weeks from the date of the order. However, the petitioner
did not comply with this direction and, therefore, the Bank has
issued the possession notice. The possession of the secured
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assets is scheduled tomorrow, i.e. 24.10.2024.
3. The learned Counsel for the petitioner submits that the
petitioner will pay Rs. 25,00,000/- within one week from today
and will approach the Bank for restructuring/rescheduling/one
time settlement for payment of the outstanding dues. He further
submits that the petitioner will deposit another Rs. 25,00,000/-
on or before 15.11.2024.
4. If the petitioner makes payment of Rs. 25,00,000/- on or
before 30.10.2024, the possession of the secured assets shall be
deferred. The petitioner should also deposit another Rs.
25,00,000/- on or before 15.11.2024. After making deposits as
directed above, the petitioner should approach the Bank for
restructuring/rescheduling/one time settlement for payment of
the outstanding dues and the Bank shall consider the application
of the petitioner.
5. The further proceedings in CMP No. 810 of 2023, filed by the
respondent Bank before the Chief Judicial Magistrate Court,
Kozhikode shall be kept in abeyance subject to the outcome of
the settlement between the parties. If no settlement arrives at
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between the parties, the same shall be brought to the notice of
the learned CJM, Kozhikode to pass necessary and appropriate
orders in the said CMP.
Sd/-
D. K. SINGH
JUDGE
Svn
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APPENDIX OF WP(C) 37288/2024
PETITIONER'S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE 2ND
RESPONDENT AND BY INVOKING SECTION 13(2) OF
THE SARFAESI ACT DATED 23/08/2022 TO THE
PETITIONER
EXHIBIT P2 TRUE COPY OF THE ORDER DATED 20/05/2023 IN
CMP NO. 810/2023 OF THE COURT OF THE CHIEF
JUDICIAL MAGISTRATE KOZHIKODE TO THE
PETITIONER
EXHIBIT P3 TRUE COPY OF THE ORDER DATED 11/07/2024 IN
IA NO. 3294/2023 IN SA NO. 542/2023 OF THE
DEBT RECOVERY TRIBUNAL I ERNAKULAM
EXHIBIT P4 TRUE COPY OF THE RECEIPT OF MISCELLANEOUS
APPEAL DIARY NO. 1304/2024 OF THE DRAT
CHENNAI DATED 23/08/2024
EXHIBIT P5 TRUE COPY OF THE RECEIPT DATED 26/09/2024
ISSUED BY THE RESPONDENT NO. 1 TO THE
PETITIONER
EXHIBIT P6 TRUE COPY OF THE NOTICE ISSUED BY THE SPECIAL
DEPUTY COLLECTOR LA (NH) KOZHIKODE TO THE
PETITIONER IN MARCH 2023 ALONG WITH ENGLISH
TRANSLATION
EXHIBIT P7 TRUE COPY OF THE RECEIPT DATED 11/03/2023
WITH NO. 172/23 ISSUED BY CONCERNED OFFICE
TO THE PETITIONER ALONG WITH ITS ENGLISH
TRANSLATION
EXHIBIT P8 TRUE COPY OF THE PROCEEDINGS OF THE SPECIAL
DEPUTY COLLECTOR LA (NH) WITH NO. A4.121/23
DATED 27/03/2023
EXHIBIT P9 TRUE COPY OF THE WRITTEN REQUEST DATED
26/03/2024 SUBMITTED BY THE PETITIONER WITH
ITS ENGLISH TRANSLATION
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EXHIBIT P10 TRUE COPY OF THE JUDGMENT IN WP (C) NO.
25385/2024 OF THIS HON'BLE COURT DATED
19/07/2024
