M/S.Madaparambil Corporation vs Deputy General Manager on 30 July, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 19026 of 2008(M)


1. M/S.MADAPARAMBIL CORPORATION,
                      ...  Petitioner

                        Vs



1. DEPUTY GENERAL MANAGER, THE FEDERAL
                       ...       Respondent

2. THE FEDERAL BANK LTD, REGISTERED OFFICE

3. UNION OF INDIA REPRESENTED BY SECRETARY

                For Petitioner  :SRI.SHAJI P.CHALY

                For Respondent  :SRI.ABRAHAM THOMAS, CGC

The Hon'ble MR. Justice S.SIRI JAGAN

 Dated :30/07/2008

 O R D E R
                         S.SIRI JAGAN, J.
                   ==================
                    W.P.(C).No.19026 of 2008
                   ==================
               Dated this the 30th day of July, 2008

                          J U D G M E N T

The petitioner challenges proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (“the Act” for short),

initiated by the respondents for recovery of the loan amount due

from the petitioner to respondents 1 and 2. At the time of

admission I had directed the petitioner to pay an amount of

Rs.10 lakhs within one month, on which condition, an interim

stay was also granted for one month. It is admitted that the

petitioner has not paid the said amount. In any event, it is settled

law that proceedings under the Act have to be challenged in an

appeal as provided under the Act itself. Therefore, without

prejudice to such right of the petitioner, this writ petition is

dismissed.

Sd/-

sdk+                                        S.SIRI JAGAN, JUDGE
      ///True copy///


                            P.A. to Judge

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