Kerala High Court
Zulfiquar Marikar vs Canara Bank on 3 March, 2025
Author: N.Nagaresh
Bench: N.Nagaresh
2025:KER:17672
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
MONDAY, THE 3RD DAY OF MARCH 2025 / 12TH PHALGUNA, 1946
WP(C) NO. 38920 OF 2024
PETITIONERS:
1 ZULFIQUAR MARIKAR,
AGED 58 YEARS
TC IV/2395, VIKRAMAPURAM HILL,
KORAVANKONAM, KOWDIAR PO, TRIVANDRUM,
PIN - 695003
2 M/S. MARIKAR ENGINEERS PRIVATE LIMITED,
MARIKAR BUILDINGS,M. G. ROAD,
THIRUVANANTHAPURAM,
REPRESENTED BY ITS DIRECTOR
K. THULASIDHARAN NAIR, PIN - 695001
BY ADV AJIT JOY
RESPONDENTS:
1 CANARA BANK,
REPRESENTED BY ITS CHIEF MANAGER,
BRANCH AT PUTHANCHANTHAI,
DEVASWOM BOARD BUILDING, M. G. ROAD,
THIRUVANANTHAPURAM,
PIN - 695001
2 THE AUTHORISED OFFICER,
CANARA BANK,A. R. M. BRANCH,
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WP(C) NO.38920 of 2024
2
2ND FLOOR, CANARA BANK BUILDING,
CHITTOOR ROAD,ERNAKULAM SOUTH,
RAVIPURAM PO, ERNAKULAM,
COCHIN, PIN - 682016
BY ADVS.
GOPIKRISHNAN NAMBIAR M,STANDING COUNSEL
K.JOHN MATHAI(K/413/1984)
JOSON MANAVALAN(J-526)
KURYAN THOMAS(K/131/2003)
PAULOSE C. ABRAHAM(MAH/58/2006)
RAJA KANNAN(K/356/2008)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 03.03.2025, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
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WP(C) NO.38920 of 2024
3
JUDGMENT
Dated this the 3rd day of March, 2025
The 1st petitioner is the legal heir of the deceased
Director of the 2nd petitioner-Company. Proceedings were
initiated under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002 by the respondent and Section 13(2) notice was served
on the 2nd petitioner.
2. The present stage is that the 1st respondent has put
on sale the property of the 2nd petitioner. Sale is on
08.11.2024. For the first time, the 1 st petitioner received
notice of sale as legal heir. The 1st petitioner is statutorily
entitled to receive Section 13(2) notice and opportunity to
clear the debt. The 1st petitioner has taken steps to clear the
complete liability of ₹ 17 Crores. The company has paid back
an amount of ₹6.7 Crores after the loan turning NPA. A
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WP(C) NO.38920 of 2024
proposal has now been sent for payment of half of the
outstanding amount by the end of November, 2024 and the
complete amount by the end of February, 2025. ₹1.25 Crore
has already been deposited on 02.11.2024 in compliance with
the order of this Court in O.P.(DRT) No.323 of 2024. The said
order also has stayed any further coercive proceedings by the
1st respondent-Bank until 20.11.2024.
3. In light of the order of this Court staying coercive
action till 20.11.2024 and given that the 1 st petitioner is
committed to clear the entire debt, the sale scheduled on
08.11.2024, without offering the benefits of the Securitisation
and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 to the 1st petitioner be stayed,
contend the petitioners.
4. Standing Counsel entered appearance on behalf of
the respondents and resisted the writ petition. The Standing
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Counsel pointed out that the 2nd petitioner is a principal
borrower in the credit facilities availed from the 1 st respondent-
Bank. The loan was classified as NPA on 30.12.2017. Ext.P1
Demand Notice was issued on 15.01.2018. The total liability
payable by the petitioners as on 31.01.2025 would be
₹9,27,90,005/-.
5. Heard.
6. Taking into consideration the entire facts and
circumstances of the case, I am of the view that a breathing
time can be granted to the petitioners to clear off the entire
outstanding amount in order to avert recovery proceedings.
The writ petition is disposed of permitting the petitioners
to clear all liabilities including accruing interest and other Bank
charges, if any, on or before 31.03.2025. If the petitioners
remit the entire amount by 31.03.2025, coercive proceedings,
if any, against the petitioners shall stand deferred. The
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petitioners submit that since there are three secured assets, it
will be easier for the petitioners to clear the outstanding
amount if one of the properties is released from mortgage.
The petitioners may approach the Bank in this regard.
Sd/-
N.NAGARESH
JUDGE
hmh
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WP(C) NO.38920 of 2024
APPENDIX OF WP(C) 38920/2024
PETITIONERS' EXHIBITS
Exhibit P-1 TRUE COPY OF THE DEMAND NOTICE DATED
15.01.2018 UNDER SECTION 13(2) OF THE
SARFAESI ACT
Exhibit P-2 TRUE COPY OF THE
REPRESENTATION/OBJECTION DATED
12.03.2018 SENT BY THE 2ND PETITIONER
Exhibit P-3 CERTIFIED COPY OF ORDER DATED
29.10.2024 IN O.P. (DRT) 323 OF 2024
OF THE HON'BLE HIGH COURT OF KERALA
Exhibit P-4 TRUE COPY OF PAYMENT DETAILS BY THE
2ND PETITIONER OF RS.1.25CR ON
02.11.2024
Exhibit P-5 TRUE COPY OF THE SALE NOTICE DATED
27.09.2024, ISSUED BY THE 2ND
RESPONDENT
Exhibit P-6 TRUE COPY OF EMAIL OF SETTLEMENT
PROPOSAL SENT BY THE 1ST PETITIONER
DATED 03.11.2024
Exhibit P7 TRUE COPY OF THE LETTER OF THE
RESPONDENT BANK DATED 22.11.2024
Exhibit P8 TRUE COPY OF THE INDEMNITY BOND GIVEN
BY THE PETITIONER DATED 19.11.2024
Exhibit P9 TRUE COPY OF THE LETTER OF THE
RESPONDENT BANK DATED 28.11.2024
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WP(C) NO.38920 of 2024
Exhibit P 10 ONE TIME SETTLEMENT PROPOSAL SUBMITTED
BY THE PETITIONER TO THE RESPONDENT
DATED 25.02.2025
Exhibit P 11 REJECTION OF THE OTS PROPOSAL BY THE
RESPONDENT THROUGH LETTER DATED
25.02.2025
RESPONDENTS' EXHIBITS
EXHIBIT R1 (A) TRUE COPY OF THE ORDER OF THIS
HONOURABLE COURT DATED18.06.2018 IN IA
NO. 10189 OF 2018 IN WPC NO.17287 OF
EXHIBIT R1 (B) TRUE COPY OF THE JUDGMENT OF THIS
HONOURABLE COURT DATED 29.12.2020 IN
WPC NO. 29005 OF 2020
EXHIBIT R1 (C) TRUE COPY OF THE ORDER OF THIS
HONOURABLE COURT DATED 28.01.2021 IN
R.P.NO. 4 OF 2021 IN WPC NO. 29005 OF
