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.
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W.A.No.186 of 2009
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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
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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
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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