Kerala High Court
M/S Pegasus Assets Reconstruction Pvt. ... vs Mr. E. S Sreeraman on 31 July, 2025
WP(C) NO. 24723 OF 2023
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
THURSDAY, THE 31ST DAY OF JULY 2025 / 9TH SRAVANA, 1947
WP(C) NO. 24723 OF 2023
PETITIONER:
M/S PEGASUS ASSETS RECONSTRUCTION PVT. LTD
55-56, 5TH FLOOR, FREE PRESS HOUSE,
NARIMAN POINT, MUMBAI,
A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956
AND REGISTERED AS AN ASSET RECONSTRUCTION COMPANY IN
ACCORDANCE WITH S.3 OF THE SARFAESI ACT AND HAVING ITS
REGISTERED OFFICE AT 507/DALAMAL HOUSE,
NARIMAN POINT, MUMBAI
REPRESENTED BY ITS AUTHORISED OFFICER,
MR. VIVEK ARAYAKAT., PIN - 400021
BY ADV SRI.C.A.JOY
RESPONDENTS:
1 MR. E. S SREERAMAN
AGED 47 YEARS
S/O E.K SREEDHARAN, PROPRIETOR,
M/S MOD COOL FAB, DOOR NO. X/24,
VADANAPALLY, THRISSUR, AND
RESIDING AT ERANEZHATH HOUSE,
VATANAPALLY P.O. THRISSUR DISTRICT 680614
2 SMT.SOUMYA SREERAMAN
AGED 30 YEARS
W/O E.S.SREERAMAN, ERANEZHATH HOUSE,
VADANAPALLY P.O.
THRISSUR DISTRICT, PIN - 680614
3 JOY.P F
AGED 57 YEARS
S/O. FRANCIS.P.A PALLIKUNNATH (H),
VADANAPALLY.P.O,
THRISSUR DISTRICT., PIN - 680614
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4 THE SUB REGISTRAR
SUB REGISTRAR OFFICE,
VADANAPPALLY, P.O, VADANAPPALLY,
THRISSUR DISTRICT, PIN - 680614
5 THE VILLAGE OFFICER
VADANAPPALLY, P O. VADANAPPALLY,
THRISSUR DIST, PIN - 680614
6 JMJ FINANCE
PUMA COMPLEX, IVTH FLOOR,
OPP. RAMDAS THEATRE, THRISSUR,
REPRESENTED BY MANAGING DIRECTOR,
M.J JOJU., PIN - 680001
7 KLM NIDHI LTD
KOTHAMANGALAM P O,PRESENTLY RELIANT CREDIT INDIAN LTD,
NO.XXXI-322A, VILAKKATH TOWER, NEAR CLOUD 9 HOTEL,
THANKALAM JUNCTION, KOTHAMANGALAM P.O, ERNAKULAM,
686691.REPRESENTED BY MANAGING DIRECTOR, JOSEKUTY
XAVIER.
8 NTC NIDHI LTD
KARAMUCK VILLAGE, P O KANDASSANKADAVU,
THRISSUR DISTRICT.
REPRESENTED BY MANAGING DIRECTOR,
VARGHESE JOSE, PIN - 680613
9 PNY SABHA FINANCE LTD
VADANAPPALLY BRANCH, P.O.VADANAPPALLY,
THRISSUR DIST REPRESENTED BY MANAGING DIRECTOR
PRADEEP, PIN - 680614
0 VADANAPPALLY WINWELL NIDHI LTD
-P O VADANAPPALLY, THISSUR DISTRICT , REPRESENTED BY
EXECUTIVE DIRECTOR I. S.MOHANA, PIN - 680614
11 MOOTHUT FIN CORP LTD -
OPPOSITE NETHAJI RESTAURANT, FIRST FLOOR,
VMA TOWER, 648-A, P.O.VADANAPPALLY,
THRISSUR DIST, REPRESENTED BY MANAGER
JAYANTHI VENUKUMAR, PIN - 680614
12 SOUTH INDIAN BANK
VADANAPPALLY BRANCH, P.O.VADANAPPALLY,
THRISSUR DIST. REPRESENTED BY ITS BRANCH MANAGER AND
PRINCIPAL OFFICER, PIN - 680614
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13 MRS.NIGI
AGED 36 YEARS
W/O LATE NITHIN, KARAPARAMBIL HOUSE,
VALAPPAD VILLAGE. CHOOLOOR P.O,
THRISSUR DISTRICT, PIN - 680567
14 NANDANA
AGED 15 YEARS
D/O LATE NITHIN,KARAPARAMBIL HOUSE,
VALAPPAD.RE VILLAGE, CHOOLOOR P.O,
THRISSUR DIST.
PRESENTED BY NATURAL GUARDIAN, R13., PIN - 680567
15 NITHYASREE
AGED 11 YEARS
D/O LATE NITHIN,KARAPARAMBIL HOUSE,
VALAPPAD.R VILLAGE, CHOOLOOR P.O,
THRISSUR DIST.
REPRESENTED BY NATURAL GUARDIAN ,R13., PIN - 680567
BY ADVS.
SRI.MANU VYASAN PETER
GOVERNMENT PLEADER
SHRI.SUNIL SHANKER
SMT.VIDYA GANGADHARAN
SHRI.P.B.KRISHNAN (SR.)
SRI.SABU GEORGE
SRI.P.B.SUBRAMANYAN
SHRI.V.MANU, SENIOR G.P.
SRI.SREEJITH V.S.- GP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.07.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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MOHAMMED NIAS C.P., J.
=========================
W.P.(C) No.24723 of 2023
=========================
Dated this the 31st day of July, 2025
JUDGMENT
This writ petition is filed with the following prayers;
" i). Issue a writ of Mandamus to the 4th respondent to
efface the encumbrances noted as serial No.6 to 8, 10 to 14 and 16
in Exhibit P3 encumbrance certificate since the same are post-
mortgage transactions.
ii). Declare that the encumbrance noted as serial No. 6 to
8, 10 to 14 and 16 in Ext.P3 encumbrance certificate is not binding
upon the petitioner ARC and cannot be taken as reason for
rejecting registration deed for sale of the mortgaged property.
iii). Such other Writ, order or direction, which this
Hon'ble Court deems fit and necessary un the interest of justice. "
2. The learned Counsel appearing for both sides submit that
the issue raised is covered by the Full Bench judgment of this Court
reported in Fathima v. Canara Bank (2025 (3) KLT 367).
3. Both the prayers for effacing the encumbrances cannot be
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granted in view of the above mentioned judgment. Accordingly, the
writ petition is dismissed, without prejudice to the right of the
petitioner to take such steps as directed in the above judgment.
Sd/-
MOHAMMED NIAS C.P.,
JUDGE
LU
WP(C) NO. 24723 OF 2023
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APPENDIX OF WP(C) 24723/2023
PETITIONER EXHIBITS :
EXHIBIT P1 TRUE COPY OF THE MEMORANDUM OF DEPOSIT OF
TITLE DEED ON 04.01.2012 EXECUTED BY R1
EXHIBIT P2 TRUE COPY OF THE FINAL ORDER DATED 01.05.2019
IN OA NO. 234 OF 2016 BY THE DEBT RECOVERY
TRIBUNAL-II, ERNAKULAN
EXHIBIT P3 TRUE COPY OF THE ENCUMBRANCE CERTIFICATE NO.
3446/23 DATED 14.06.2023 ISSUED FROM THE
OFFICE OF THE 4TH RESPONDENT, SRO,
VADANAPPALLY
EXHIBIT P4 TRUE COPY OF THE SALE CONFIRMATION ORDER
DATED 29.122022 IN DRC NO.108/2019 BY THE
RECOVERY OFFICER, DRT-2, ERNAKULAM
// True Copy // PA To Judge
