Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 29TH DAY OF JULY 2022 / 7TH SRAVANA, 1944 OP (DRT) NO. 313 OF 2022 IN SA 296/2021 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM PETITIONER/APPLICANT: ANIL THOMAS AGED 43 YEARS, S/O. LATE A.V. THOMAS, PROPRIETOR, MA ENTERPRISES, MANADATHU BUILDING, 6324 BF SAW MILL JUNCTION, EDAYAPPURAM, ALUVA, RESIDING AT AMBATTU HOUSE, POWER HOUSE JUNCTION, ALUVA, BY ADVS. V.K.PEERMOHAMED KHAN GIRISH KUMAR V.C RESPONDENTS/DEFENDANTS: 1 SOUTH INDIAN BANK REP. BY ITS BRANCH MANAGER, ALUVA BRANCH, RAILWAY STATION SQUARE, ALUVA, 2 THE AUTHORISED OFFICER, SOUTH INDIAN BANK, SIB BUILDING, INFOPARK ROAD, RAJAGIRI VALLEY P.O, KAKKANAD, ERNAKULAM-682 039. BY ADV.K.K.JOHN ADV.SUNIL SHANKAR (S.C) THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 29.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: O.P(DRT) No.313 OF 2022 2
JUDGMENT
The petitioner has approached this Court challenging Ext.P6 order through which his application for stay of proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) has been rejected by the Debt Recovery Tribunal.
2. When this matter taken up for consideration today,
the learned counsel appearing for the respondent Bank vehemently opposes the grant of any relief to the petitioner stating that the petitioner has a remedy of appeal before the Debt Recovery Appellate Tribunal.
3. The learned counsel appearing for the petitioner
states that the petitioner may be given a breathing time to approach the Debt Recovery Appellate Tribunal and that the taking of physical possession may be deferred by the period of two weeks to enable him to approach the Debt Recovery Appellate Tribunal. O.P(DRT) No.313 OF 2022 3
4. Having regard to the facts and circumstances of the
case, this O.P.(DRT) is disposed of declining interference with Ext.P6. To enable the petitioner to approach the Debt Recovery Appellate Tribunal, the taking of physical possession of the petitioner’s property shall be deferred by period of 3 weeks on the condition that the petitioner pays an amount of Rs.6,00,000/- (Rupees Six Lakhs Only) within a period of 2 weeks on today towards the loan liability. The amount will be reckoned towards any pre-deposit and any further amounts that may be directed to be paid by the Appellate Tribunal as a condition of stay. I make it clear that I have not expressed any opinion on the merits and the DRAT/DRT will be free to decide any matter brought before it, in accordance with law.
Sd/- GOPINATH P. ats JUDGE O.P(DRT) No.313 OF 2022 4 APPENDIX OF OP (DRT) 313/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE APPLICATION FILED BY THE PETITIONER AS SA NO.296/2021 BEFORE THE DEBT RECOVERY TRIBUNAL-I, ERNAKULAM. Exhibit P2 TRUE COPY OF THE AMENDMENT PETITION ALONG WITH ANNEXURES IN I.A. NO. 991/2022 IN SA NO. 296/2021. Exhibit P3 TRUE COPY OF THE STAY PETITION IN I.A. NO. 1046/2022 IN SA NO.296/2021. Exhibit P4 TRUE COPY OF THE COUNTER AFFIDAVIT TO THE AMENDMENT PETITION IN I.A. NO.991/2022 IN SA NO.296/2021. Exhibit P5 TRUE COPY OF THE COUNTER AFFIDAVIT TO THE STAY PETITION IN I.A. NO.1046/2022 IN SA NO.296/2021. Exhibit P6 TRUE COPY OF THE ORDER IN IA NO.1046/2022 IN SA NO.296/2021 RESPONDENTS’ EXHIBITS: NIL