IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 8876 of 2007(F)
1. M/S DEVI JEWEL COLLECTIONS, 27/3006A,
... Petitioner
2. P.R.SUDHAKARAN, PANIKKASSERY HOUSE,
3. T.D.DEVI, W/O SUBIN,
Vs
1. UNION OF INDIA REPRESENTED BY THE
... Respondent
2. UCO BANK, KAVERI BUILDINGS,
3. THE AUTHORIZED OFFICER UNDER SARFAESI
For Petitioner :SRI.SIBY MATHEW
For Respondent :SRI.VARGHESE P. THOMAS, CGSC
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :13/07/2007
O R D E R
S. SIRI JAGAN, J.
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W.P.(C)NO.8876 OF 2007
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DATED THIS THE 13th DAY OF JULY, 2007
JUDGMENT
The petitioners challenge proceedings under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002. By order dated 16.3.2007, this Court stayed
further proceedings on condition that the petitioners deposit 40% of
the impugned outstanding on or before 30.3.2007 and continue to
deposit at the rate of 10% of the total outstanding per month, payable
on or before the last working day of every month commencing from
April, 2007. It is admitted by the petitioners that they have not
complied with the said interim order.
2. The Act itself prescribes a remedy by way of appeal before
the Debt Recovery Tribunal against the impugned proceedings. The
Supreme Court of India has held that this Court shall not ordinarily in
exercise of powers under Article 226 of the Constitution of India
interfere with the proceedings under the Act. The petitioners have not
been able to show any special reasons which would warrant
interference of this Court also.
In the above circumstances, I decline to entertain this writ
W.P.(c)No.8876/07 2
petition and accordingly, the same is dismissed.
S. SIRI JAGAN, JUDGE
Acd