IN THE HIGH COURT OF KERALA AT ERNAKULAM
WA.No. 343 of 2009()
1. R.SASIDHARAN NAIR,
... Petitioner
Vs
1. KERALA STATE CO-OPRATIVE BANK LTD.,
... Respondent
2. K.NAZAR, PROPRIETOR, "FREQUENCY",
For Petitioner :SRI.G.HARIHARAN
For Respondent :SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK
The Hon'ble the Acting Chief Justice MR.J.B.KOSHY
The Hon'ble MR. Justice P.BHAVADASAN
Dated :13/02/2009
O R D E R
J.B.KOSHY, Ag.C.J. & P.BHAVADASAN, J.
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W.A.No.343 of 2009
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Dated 13th February, 2009
JUDGMENT
Koshy, Ag.C.J.
Second respondent availed a loan from the first
respondent for his proprietary concern. Petitioner and his wife
provided collateral security to support the loan availed by the second
respondent. Now the property provided as collateral security is
brought to sale under the SARFAESI Act since no amount was repaid
into the loan account by the second respondent. It is contended that
even part of the property is suffice to wipe off the debt. Learned
single Judge directed that if the petitioner is aggrieved by the order
under SURFAESI Act, it is his duty to move the Debt Recovery
Tribunal under Section 17 of the SURFAESI Act. Because of the
efficacious alternate remedy, the learned single Judge refused to
interfere in the matter. We are in full agreement with the learned
single Judge. Learned counsel for the petitioner submitted that many
schemes are available in the Co-operative Department. Therefore,
petitioner is also free to approach the society and also to seek
W.A.343/2009 2
remedies available under the Co-operative Societies Act. Without
prejudice to the rights of the petitioner elsewhere, this appeal is
disposed of.
J.B.KOSHY
ACTING CHIEF JUSTICE
P.BHAVADASAN
JUDGE
tks