Renji Kurien vs The Authorised Officer
2025 Latest Caselaw 4967 Ker

Kerala High Court

Renji Kurien vs The Authorised Officer on 10 March, 2025

                                            2025:KER:20310

         IN THE HIGH COURT OF KERALA AT ERNAKULAM
                          PRESENT
          THE HONOURABLE MR. JUSTICE GOPINATH P.
 MONDAY, THE 10TH DAY OF MARCH 2025 / 19TH PHALGUNA, 1946
                 OP (DRT) NO. 364 OF 2024

PETITIONER/APPLICANT:

         RENJI KURIEN,
         AGED 52 YEARS, SON OF KURIAN,
         PROPRIETOR, M/S.MARK ASSOCIATES, IX/411B,
         NEAR INFOPARK, KUSUMAGIRI, KAKKANAD P.O.,
         ERNAKULAM 682 030, RESIDING AT THUKALAN
         KACHAPPILLIL HOUSE, VILLA NO.E 7/C,
         HEERA VASTU GRAMAM, RAJAGIRI, ERNAKULAM,
         PIN - 682 039.

         BY ADVS.
                 B.ASHOK SHENOY
                 P.S.GIREESH
                 ARJUN R NAIK
                 ADITYA A. SHENOY
                 CHANDANA C.



RESPONDENTS/DEFENDANTS:

    1    THE AUTHORISED OFFICER,
         THE SOUTH INDIAN BANK LTD., REGISTERED OFFICE,
         SIB HOUSE, T.B.ROAD, MISSION QUARTERS, THRISSUR,
         PIN - 680 001.

    2    THE SOUTH INDIAN BANK LTD.,
         REGIONAL OFFICE, SIB BUILDING, INFOPARK ROAD,
         RAJAGIRI VALLY P.O., KAKKANAD, ERNAKULAM,
         REPRESENTED BY ITS CHIEF MANAGER, PIN - 680 039.

         BY ADV P.A.AUGUSTINE AREEKATTEL (SC)


     THIS OP (DEBT RECOVERY TRIBUNAL) HAVING BEEN FINALLY
HEARD ON 10.03.2025, THE COURT ON THE SAME DAY DELIVERED
THE FOLLOWING:
                                                       2025:KER:20310
OP (DRT) 364/2024                    2




                             JUDGMENT

This original petition has been filed challenging

Ext.P24 order of the Debts Recovery Tribunal-I,

Ernakulam, refusing interim order on S.A.No.771/2024.

2. When this matter came up for consideration before

this Court on 24-02-2025, this Court passed the following

order:

"Standing Counsel for the Bank submits that as per the judgment in SLP No.2625-2627 of 2025, a writ will not lie against a Private Bank. As on today, more than ₹14 Crores are due from the petitioner. Unless at least ₹5 Crores is paid within two days, no relief can be granted to the petitioner.

2. Admit.

3. There will be a stay of taking over possession of the property of the petitioner, where the Auditorium is situated in Mulanthuruthy, for a period of one month on condition that the petitioner shall remit an amount of ₹25 lakhs within two days and a further amount of ₹25 lakhs within two weeks. There will be a further direction that the 2025:KER:20310

income generated from the Auditorium in the meanwhile, by way of rent shall be deposited with the Bank.

Post on 10.03.2025."

When this matter is taken up for consideration today, it is

the submission of the learned counsel for the petitioner

that the petitioner has complied with the condition

imposed in the order dated 24-02-2025 and an amount of

Rs.50,00,000/- (Rupees Fifty Lakhs Only) has been

remitted towards the loan liability.

3. This fact is not disputed by the learned counsel for

the respondent bank. The learned counsel appearing for

the respondent bank submits that the present liability is

approximately Rs.13,73,99,987/-. It is submitted that if the

petitioner were to remit a substantial amount towards the

loan liability by 27-03-2025, the proceedings can be

deferred. He submits that at least a sum of

Rs.5,00,00,000/- (Rupees Five Crores) may be directed to

be remitted.

2025:KER:20310

4. Faced with this situation, the learned counsel

appearing for the petitioner submits that the petitioner

may be permitted to approach the bank for One Time

Settlement (OTS) or for settling the liability in some

instalments.

5. The learned counsel appearing for the respondent

bank submits that there is no objection in permitting the

petitioner to approach the competent authority of the

respondent bank with a proposal for OTS.

Having heard the learned counsel appearing for the

petitioner and the learned counsel appearing for the

respondent bank, this original petition will stand disposed

of, permitting the petitioner to make a proposal for OTS.

If such proposal is submitted before the competent

authority of the respondent bank by 5.00 P.M on

17-03-2025, further proceedings under the Securitisation

and Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002 (SARFAESI Act) shall be

deferred till a decision is taken on the proposal to be 2025:KER:20310

submitted by the petitioner as directed above. If OTS is

offered to the petitioner, the petitioner will duly and

faithfully comply with the terms of the OTS, failing which it

will be open to the respondent bank to continue with the

proceedings initiated against the petitioner.

Sd/-

GOPINATH P. JUDGE ats 2025:KER:20310

APPENDIX OF OP (DRT) 364/2024

PETITIONER'S EXHIBITS

Exhibit P1 TRUE COPY OF UDYAM REGISTRATION CERTIFICATE UNDER UDYAM REGISTRATION NUMBER UDYAM-KL-02-0001178 DATED 21.8.2020 ISSUED BY GOVERNMENT OF INDIA, MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES, NEW DELHI TO PETITIONER

Exhibit P2 TRUE COPY OF LETTER DATED 14.5.2018 ISSUED BY HINDUSTAN PETROLEUM CORPORATION LTD. TO STATE BANK OF INDIA RECOMMENDING GRANT OF EDFS FACILITY TO PETITIONER

Exhibit P3 TRUE COPY OF EMAIL DATED 27.3.2019 SENT BY PETITIONER TO 2ND RESPONDENT

Exhibit P4 TRUE COPY OF EMAIL DATED 27.5.2019 ISSUED BY FINANCIAL CONSULTANT, WISELANE VENTURES PVT. LTD.TO PETITIONER

Exhibit P5 TRUE COPY OF LETTER NO.LR:GEN:39:18-19 DATED 27.3.2019 ISSUED BY 2ND RESPONDENT TO PETITIONER

Exhibit P6 TRUE COPY OF LETTER NO.LR/GEN/75/2019- 20 DATED 28.5.2019 ISSUED BY 2ND RESPONDENT TO PETITIONER

Exhibit P7 TRUE COPY OF TABULAR STATEMENT AS TO REPAYMENT PAY OUTS DRAWN OUT BY 2ND RESPONDENT AND AFFORDED TO PETITIONER

Exhibit P8 TRUE COPY OF LETTER DATED 3.2.2020 ADDRESSED IN THIS REGARD BY PETITIONER TO 2ND RESPONDENT 2025:KER:20310

Exhibit P9 TRUE COPY OF LETTER NO.LR/GEN/67/18-19 DATED 27.9.2018 ISSUED BY 2ND RESPONDENT TO PETITIONER

Exhibit P10 TRUE COPY OF LETTER NO.LR/GEN/ /19-20 DATED 7.5.2019 ISSUED BY 2ND RESPONDENT TO PETITIONER

Exhibit P11 TRUE COPY OF EMAIL DATED 7.7.2021 ISSUED BY PETITIONER TO 2ND RESPONDENT

Exhibit P12 TRUE COPY OF THE EMAIL DATED 23.9.2021 OF THE RESERVE BANK OF INDIA SENT TO PETITIONER

Exhibit P13 TRUE COPY OF EMAIL DATED 29.9.2021 SENT BY 2ND RESPONDENT TO PETITIONER WITH EMAIL DATED 24.9.2021 SENT BY PETITIONER TO 2ND RESPONDENT TRAILING TO IT

Exhibit P14 TRUE COPY OF LETTER DATED 27.10.2022 SUBMITTED BY PETITIONER TO 2ND RESPONDENT

Exhibit P15 TRUE COPY OF EMAIL DATED 28.10.2022 SENT BY 2ND RESPONDENT TO PETITIONER

Exhibit P16 TRUE COPY OF EMAIL DATED SENT BY PETITIONER TO CHAIRMAN OF STATE BANK OF INDIA ON AND REPLY THEREUNDER BY EMAIL DATED 12.10.2022 OF STATE BANK OF INDIA

Exhibit P17 TRUE COPY OF SMS MESSAGE SENT BY 2ND RESPONDENT TO PETITIONER'S MOBILE PHONE ON 11.12.2023

Exhibit P18 TRUE COPY OF LETTER DATED 5.3.2024 ISSUED TO PETITIONER BY 2ND RESPONDENT

Exhibit P19 TRUE COPY OF LETTER DATED 16.7.2024 ISSUED BY 2ND RESPONDENT TO PETITIONER 2025:KER:20310

Exhibit P20 TRUE COPY OF LETTER DATED 1.8.2024 ISSUED BY 2ND RESPONDENT TO PETITIONER

Exhibit P21 TRUE COPY OF E AUCTION SALE NOTICE DATED 13.9.2024 ISSUED BY 1ST RESPONDENT

Exhibit P22 TRUE COPY OF APPLICATION DATED 18.10.2024 IN SA NO. 771 OF 2024 FILED BY PETITIONER BEFORE DEBT RECOVERY TRIBUNAL-1, ERNAKULAM, WITHOUT THE ANNEXURES

Exhibit P23 TRUE COPY OF INTERLOCUTORY APPLICATION DATED 18.10.2024 IN I.A.NO.3832 OF 2024 FILED BY PETITIONER BEFORE THE DEBTS RECOVERY TRIBUNAL - I, ERNAKULAM

Exhibit P24 TRUE COPY OF ORDER DATED 22.10.2024 PASSED BY THE HON'BLE DEBTS RECOVERY TRIBUNAL - I, ERNAKULAM IN AFORESAID SA NO.771 OF 2024

Exhibit P25 TRUE COPY OF CIRCULAR NUMBER RBI/2015- 16/338 DATED 17.3.2016 ISSUED BY RESERVE BANK OF INDIA

Exhibit P26 TRUE COPY OF NOTICE DATED 16.11.2024 ISSUED TO PETITIONER BY ADV.SREENATH S IN MC NO.977 OF 2024 ON THE FILE OF THE HON'BLE ADDITIONAL CHIEF JUDICIAL MAGISTRATE (MP, MLA) COURT, ERNAKULAM

Exhibit P27 TRUE COPY OF APPLICATION DATED 2.11.2024 SUBMITTED BY PETITIONER TO 2ND RESPONDENT WITHOUT ENCLOSURES

Exhibit P28 TRUE COPY OF THE BOOKING DETAILS OF THE AUDITORIUM OF PETITIONER