IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 26411 of 2007(T)
1. THOMASKUTTY ABRAHAM,
... Petitioner
2. THRESSIAMMA ABRAHAM,
3. GEORGEKUTTY ABRAHAM,
4. JOYAMMA JIMSON PANADAN,
Vs
1. UNION OF INDIA, REPRESENTED BY ITS
... Respondent
2. THE FEDERAL BANK LTD., PALAI BRANCH,
3. DEPUTY GENERAL MANAGER,
For Petitioner :SRI.P.C.HARIDAS
For Respondent :SRI.C.S.AJITH PRAKASH, CGC
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :03/10/2007
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) NO. 26411 OF 2007
====================
Dated this the 3rd day of October, 2007
J U D G M E N T
The proceedings initiated against the petitioner under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 is under challenge.
One of the submissions made is regarding the pendency of the
proceedings before the Debts Recovery Tribunal and that
simultaneous proceedings have been initiated. Legally there is
no bar for the Bank to initiate parallel proceedings.
2. It is now contended that the petitioner had withdrawn
all his contentions in the proceedings before the Debts Recovery
Tribunal and on that basis final order has been passed by the
Debts Recovery Tribunal on 18/9/07, permitting the petitioner to
pay off the liability in two instalments payable on 31/11/07 and
28/2/08. This submission of the learned counsel for the Bank is
confirmed to be correct by the learned counsel for the writ
petitioner also. However, he only apprehends that in the
WPC 26411/07
: 2 :
meanwhile the Bank may proceed further with the proceedings
impugned in this writ petition. Now that the DRT has allowed the
petitioner to pay in instalments subject to compliance with the
conditions imposed by the Debts Recovery Tribunal, the Bank will
maintain the status quo and shall not proceed further with the
proceedings under the SARFAESI Act.
With these directions, writ petition is closed.
ANTONY DOMINIC, JUDGE.
Rp