High Court Kerala High Court

T.R.Valsala vs State Bank Of India Represented By on 3 February, 2009

Kerala High Court
T.R.Valsala vs State Bank Of India Represented By on 3 February, 2009
       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WA.No. 186 of 2009()


1. T.R.VALSALA, 52 YEARS, D/O. ROSILY,
                      ...  Petitioner
2. S.S.DEEPA, 31 YEARS

                        Vs



1. STATE BANK OF INDIA REPRESENTED BY
                       ...       Respondent

2. THE BRANCH MANAGER, STATE BANK OF INDIA

3. THE RESERVE BANK OF INDIA

4. UNION OF INDIA

5. K.SREEKANTH,

                For Petitioner  :SRI.A.F.SEBASTIAN

                For Respondent  :SRI.P.PARAMESWARAN NAIR,ASST.SOLICITOR

The Hon'ble the Acting Chief Justice MR.J.B.KOSHY
The Hon'ble MR. Justice V.GIRI

 Dated :03/02/2009

 O R D E R
                 J.B. KOSHY, Ag.C.J. &
                         V.GIRI, J.
         -------------------------
                    W.A.No.186 of 2009
         -------------------------
           Dated this the 3rd day of February, 2009.


                        JUDGMENT

Koshy, Ag.C.J.

The appellants/petitioners are guarantors to the

loan taken by the 5th respondent. When action was initiated

against the appellants under the SARFAESI Act and they

were about to be physically dispossessed from the

residential house, they approached this court.

2. Learned single Judge directed them to deposit

an amount of Rs.15 lakhs within a period of two weeks from

the date of that judgment and further ordered that if that

amount is deposited, physical dispossession will stand

deferred for a period of four months, so that the

appellants/petitioners can approach the Debt Recovery

Tribunal within the said period.

3. The appellants approached the Debt Recovery

Tribunal within four months. It is also stated that as per

Ext.P5, the total amount due, as on 1.9.2007, was only

Rs.15,55,201/-.

W.A.No.186 of 2009

:: 2 ::

4. After the judgment, the bank proceeded

against the 5th respondent and seized certain movable

articles belonging to him, worth Rs.17 lakhs. If the amount

can be realised from the 5th respondent, the appellants will

not be liable to pay any amount.

5. All these contentions can be raised before the

Debt Recovery Tribunal. The bank also should consider

whether the amount can be recovered from the 5th

respondent himself including by way of sale of the movables

seized from the 5th respondent. Now, the Debt Recovery

Tribunal has started sitting in Kochi.

6. It is now stated that the appellants have filed

a petition, as S.A.No.216/08, before the Debt Recovery

Tribunal. It is for the Debt Recovery Tribunal to decide

whether the proceedings against the appellants should be

continued or not, if the amount, as directed by this court,

has been deposited by them. Those are all matters that can

be decided in the petition filed before the Debt Recovery

W.A.No.186 of 2009

:: 3 ::

Tribunal. Therefore, the appellants can approach the Debt

Recovery Tribunal. The Debt Recovery Tribunal is directed

to dispose of the application within three weeks from today.

Till the Debt Recovery Tribunal decides the matter, the

proceedings against the appellants herein shall stand

suspended. The Debt Recovery Tribunal shall decide the

matter untrammelled by the observations contained in the

judgment of the learned single Judge.

Writ appeal is disposed of as above.

Sd/-

(J.B. KOSHY)
ACTING CHIEF JUSTICE

Sd/-

(V.GIRI)
JUDGE
sk/
//true copy//

P.S. to Judge