{"id":128894,"date":"2010-10-04T00:00:00","date_gmt":"2010-10-03T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/k-v-sasidharan-pillai-vs-indian-overseas-bank-on-4-october-2010"},"modified":"2015-01-04T07:39:55","modified_gmt":"2015-01-04T02:09:55","slug":"k-v-sasidharan-pillai-vs-indian-overseas-bank-on-4-october-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/k-v-sasidharan-pillai-vs-indian-overseas-bank-on-4-october-2010","title":{"rendered":"K.V.Sasidharan Pillai vs Indian Overseas Bank on 4 October, 2010"},"content":{"rendered":"
Kerala High Court<\/div>\n
K.V.Sasidharan Pillai vs Indian Overseas Bank on 4 October, 2010<\/div>\n
       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWP(C).No. 7216 of 2010(B)\n\n\n1. K.V.SASIDHARAN PILLAI,\n                      ...  Petitioner\n2. K.I.ALEXANDER, S\/O.LATE K.C.IDICULA,\n3. M.N.VIJAYAN, S\/O.M.N.NARAYANAN NAIR,\n4. P.V.BIJU, S\/O.LATE PHILIP.D.,\n5. P.M.BIJU, S\/O.P.C.MATHAI,\n6. ANIL KUMAR.V.K., S\/O.KARUNAKARAN PILLAI\n7. VINOD.T.A., S\/O.KUTTAPPAN NAIR,\n8. T.K.PRADEEP, S\/O.T.G.KUTTAPPAN,\n9. RENJITH GOPAL, S\/O.GOAPALAKRISHNAN.K.K.,\n10. ABRAHAM MATHEW,\n11. ABRAHAM THOMAS, S\/O.LATE P.A.THOMAS,\n12. P.V.JOSE, S\/O.LATE PHILIP.D.,\n13. K.N.KUTTAN, S\/O.LATE K.P.NARAYANA PILLAI\n14. T.P.SUNIL, S\/O.THANKAPPAN P.K.,\n15. K.J.ABRAHAM, S\/O.LATE OOMMEN JOHN,\n16. THOMAS MATHEW, S\/O.LATE M.P.MATHEW,\n17. T.C.ABRAHAM, S\/O.LATE C.ABRAHAM,\n18. N.A.SAMUEL, S\/O.LATE PHILIPOSE ABRAHAM\n19. JAYA P.J., D\/O.JANARDHANAN,\n20. ALI KUMAR.M.M., S\/O.MADHAVAN NAIR,\n21. RAVIKUMAR T.K., S\/O.T.N.KESAVAN,\n22. P.M.VARGHESE, S\/O.LATE P.V.MATHEW,\n23. DAVID K.S., S\/O.LATE SEBASTIAN PHILIP\n24. SUNIL KUMAR K.S., S\/O.LATE SUKUMARAN K.K\n25. SUDHEESH.S., S\/O.V.B.SREEKUMAR,\n26. V.G.LAMBODHARAN,\n27. SANTHAMMA M.V., D\/O.LATGE VASU P.K.,\n28. LALITHA SATHIYAM, D\/O.BHASKARAN,\n29. T.P.VISWANATHAN PILLAI,\n30. GEORGE MATHEW, S\/O.LATE W.M.GEORGE,\n31. THOMAS GEORGE, S\/O.M.A.GEORGE,\n32. SAJEEV.K.K., S\/O.LATE K.K.KARUNAKARAN,\n33. KOZHY JACOB, S\/O.JACOB KOSHY,\n34. EAPPEN MATHAI, S\/O.LATE MATHAI PHILIP\n35. KARUN KUMAR THOMAS,\n36. KURIEN THOMAS, S\/O.LATE K.K.THOMAS,\n37. LILLY THOMAS, D\/O.A.T.THOMAS,\n38. P.J.SEBASTIAN, S\/O.LATE JOHN JOSEPH,\n39. R.DAN BHADUR, S\/O.LATE RAM BHADUR,\n\n                        Vs\n\n\n\n1. INDIAN OVERSEAS BANK, REPRESENTED BY\n                       ...       Respondent\n\n2. THE CHIEF MANAGESR,\n\n3. THE DISTRICT LABOUR OFFICER,\n\n4. UNITED TROPICAL VENEERS (PVT.) LIMITED\n\n5. SMT.BHARATHI SUDHARIYA,\n\n                For Petitioner  :SRI.P.HARIDAS\n\n                For Respondent  :SRI.P.B.SURESH KUMAR, SC,I.O.BANK\n\nThe Hon'ble MR. Justice C.K.ABDUL REHIM\n\n Dated :04\/10\/2010\n\n O R D E R\n                                                        C.R.\n\n                   C. K. ABDUL REHIM, J.\n             =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=\n                  W.P.(C) No. 7216 of 2010\n             =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=\n           Dated this the 4th day of October, 2010\n\n                         JUDGMENT\n<\/pre>\n
      Petitioners claim to be workmen of the 4th respondent<\/p>\n
company, which is engaged in manufacture of veneers and<\/p>\n
allied products. The 4th respondent company availed<\/p>\n
financial assistance from the 1st respondent Bank by<\/p>\n
mortgaging its assets, including the factory building and<\/p>\n
land appurtenant thereto, having an extent of 4.5 Acres. It is<\/p>\n
stated that the Directors of the company are co-obligants in<\/p>\n
the loan transaction and properties belonging to them were<\/p>\n
also   mortgaged     for   securing   financial  assistance.<\/p>\n
Consequent to default committed by the 4th respondent in<\/p>\n
repayment, respondents 1 and 2 initiated proceedings under<\/p>\n
the Securitisation and Reconstruction of Financial Assets<\/p>\n
and Enforcement of Security Interest Act, 2002 (for short<\/p>\n
SARFAESI Act) and the assets of the 4th respondent<\/p>\n
company, including the factory and industrial land, were put<\/p>\n
W.P.(C) No. 7216\/2010          2<\/span><\/p>\n
to auction as per Ext.P1 notification.\n<\/p>\n
       2. Contention of the petitioners is that, if the factory<\/p>\n
is closed down pursuant to the sale proposed, the<\/p>\n
petitioners will be rendered jobless and their families will be<\/p>\n
put to starvation. It is contended that respondents 1 and 2<\/p>\n
are bound to satisfy all dues of the workmen, including<\/p>\n
benefits due as gratuity and E.P.F. contribution etc., based<\/p>\n
on provisions contained in Section 13(9) of the SARFAESI<\/p>\n
Act. The petitioners had submitted a representation to the<\/p>\n
District Labour Officer in this regard and a conciliation<\/p>\n
proceedings was initiated thereon. According to petitioners,<\/p>\n
huge amounts are due to them from the 4th respondent<\/p>\n
company pertaining to various eligible benefits under the<\/p>\n
employment and that the 4th respondent is making a<\/p>\n
collusive attempt with respondents 1 & 2 to get rid of such<\/p>\n
liabilities. It is mentioned that the 1st respondent Bank had<\/p>\n
filed application before the Debts Recovery Tribunal,<\/p>\n
Chennai, and obtained Recovery Certificate and DRC<\/p>\n
No:115\/2010 is pending disposal before that Tribunal.<\/p>\n
W.P.(C) No. 7216\/2010        3<\/span><\/p>\n
Under the above circumstances, the petitioners are seeking<\/p>\n
to quash the proceedings under the SARFAESI Act as well<\/p>\n
as the proceedings initiated by the 1st respondent Bank<\/p>\n
before the Debts Recovery Tribunal, Chennai. On the<\/p>\n
alternative the petitioners are seeking directions for<\/p>\n
payment of benefits due to them, in case of closure of the<\/p>\n
company.\n<\/p>\n
       3. The petitioners are total strangers, as far as the<\/p>\n
loan transaction is concerned. The loan in question was<\/p>\n
availed by the 4th respondent company and its Directors.<\/p>\n
The loan is secured through mortgage of various assets of<\/p>\n
the company and the Directors. Respondents 1 and 2 are<\/p>\n
now proceeding against those secured assets by resorting to<\/p>\n
provisions under the SARFAESI Act. The petitioners are<\/p>\n
now raising claims based on amounts allegedly due to them<\/p>\n
from the 4th respondent. Admittedly, the alleged dues are<\/p>\n
not adjudicated or quantified by any competent authority<\/p>\n
empowered under the relevant labour legislations. Even<\/p>\n
assuming that there is any amount due to the petitioners<\/p>\n
W.P.(C) No. 7216\/2010          4<\/span><\/p>\n
from the 4th respondent, which stands adjudicated and<\/p>\n
quantified, question arises as to whether the petitioners are<\/p>\n
entitled to restrain the proceedings initiated under the<\/p>\n
SARFAESI Act or to claim priority in distribution with<\/p>\n
respect to amounts realized in proceedings under the<\/p>\n
SARFAESI Act or under the Recovery of Debts due to Banks<\/p>\n
and Financial Institutions Act, 1993 (for short RDBFI Act).<\/p>\n
       4. The petitioners are placing reliance on Section 13<\/p>\n
(9) of the SARFAESI Act as well as Section 529A of the<\/p>\n
Companies Act, 1956 to substantiate their contentions.<\/p>\n
Section 13(9) of the SARFAESI Act deals with a situation<\/p>\n
wherein more than one secured creditor financing with<\/p>\n
respect to a particular financial asset. It stipulates that, in<\/p>\n
such case no secured creditor shall be entitled to exercise<\/p>\n
any or all of the rights conferred under Section 13(4), unless<\/p>\n
exercise of such right is agreed upon by other secured<\/p>\n
creditors representing not less than 3\/4th in value of the<\/p>\n
amount outstanding as on date. The first proviso to section<\/p>\n
13(9) provides that, the proceeds out of sale of the secured<\/p>\n
W.P.(C) No. 7216\/2010         5<\/span><\/p>\n
assets with respect to a company in liquidation shall be<\/p>\n
distributed in accordance with provisions contained under<\/p>\n
section 529A of the Companies Act, 1956. The second<\/p>\n
proviso to section 13(9) deals with a situation where the<\/p>\n
company is wound up. It specifies that in such cases the<\/p>\n
secured creditors can proceed with sale of the secured<\/p>\n
assets, subject to appropriation of the sale proceeds only<\/p>\n
after depositing the workmen’s dues. In the subsequent<\/p>\n
proviso it is mentioned that, in such case the Liquidator<\/p>\n
should intimate the secured creditors about the workmen’s<\/p>\n
dues, for the above said purpose. Section 529A of the<\/p>\n
Companies Act, 1956 deals with distribution of assets and<\/p>\n
its priorities in case of companies which are ordered to be<\/p>\n
wound up. The said provision prescribes priority with<\/p>\n
respect to workmen’s dues.\n<\/p>\n
       5. In the case at hand, neither the 4th respondent<\/p>\n
company has been wound up nor any proceedings has been<\/p>\n
initiated for winding up of the said company. Therefore it is<\/p>\n
evident that none of the provisos to Section 13(9) is<\/p>\n
W.P.(C) No. 7216\/2010         6<\/span><\/p>\n
applicable in this case. The learned counsel for the<\/p>\n
petitioners had placed reliance on the decision of the apex<\/p>\n
Court       in     National Textile  Workers   Union     V.<\/p>\n
P.R.Ramakrishnan, (AIR<\/a> 1983 SC 75), and also on the<\/p>\n
decision in Allahabad Bank V. Canara Bank and<\/a> another,<\/p>\n
((2004) 4 SCC 406). The former decision deals with rights<\/p>\n
of workers to have a say in the matter of winding up of the<\/p>\n
company. The latter one deals with the procedure to be<\/p>\n
followed by the Recovery Officer in the case of a company<\/p>\n
with respect to which a winding up proceedings is pending,<\/p>\n
while enforcing recovery certificate issued under the<\/p>\n
provisions of the Recovery of Debts Due to Banks and<\/p>\n
Financial Institutions Act, 1993. In such cases also it is<\/p>\n
held that, the provisions in the Companies Act will not oust<\/p>\n
jurisdiction of the authorities under the Recovery of debts<\/p>\n
due to Banks and Financial Institutions Act, and the<\/p>\n
priorities among various creditors can be decided by the<\/p>\n
Debts Recovery Tribunal, taking into consideration of the<\/p>\n
priorities fixed under Section 529A of the Companies Act. It<\/p>\n
W.P.(C) No. 7216\/2010         7<\/span><\/p>\n
is further held that wherever there are inconsistencies<\/p>\n
between the provisions of the Recovery of debts due to<\/p>\n
Banks and Financial Institutions Act and the Companies<\/p>\n
Act, the provisions of the Companies Act will over ride the<\/p>\n
other Statute.\n<\/p>\n
       6. Sri. P.B.Suresh Kumar, learned counsel for<\/p>\n
respondents 1 & 2 expressed strong resistance in<\/p>\n
entertaining the writ petition itself, contending that even<\/p>\n
assuming that the petitioners are persons aggrieved in any<\/p>\n
manner by the coercive steps initiated under the SARFAESI<\/p>\n
Act, they can only invoke appellate remedies available under<\/p>\n
section 17(1) of the said Act and this writ petition cannot be<\/p>\n
entertained in any manner. He further points out that in<\/p>\n
paragraph 54 of the Judgment in Allahabad Bank’s case<\/p>\n
(cited supra) it is clearly mentioned that if a company,<\/p>\n
which is implicated as a defendant in a proceedings under<\/p>\n
the RDBFI Act, against which no order of winding up has<\/p>\n
been issued, is only like any other defendant, and if in such<\/p>\n
case any question arises before the Tribunal with respect to<\/p>\n
W.P.(C) No. 7216\/2010          8<\/span><\/p>\n
priority in distribution of any amount realized, the Tribunal<\/p>\n
need to decide such questions bearing in mind only the<\/p>\n
principles underlying in Section 73 of the CPC. It is<\/p>\n
observed that Section 22 of the RDBFI Act confers wider<\/p>\n
powers on the Tribunals to decide such questions of<\/p>\n
priorities, subject only to principles of natural justice.<\/p>\n
Therefore, it is evident that in a case where there is no<\/p>\n
proceedings pending before the Company Court or in case<\/p>\n
where the company is not under liquidation, any claimant or<\/p>\n
the workmen, that too with respect to unliquidated amounts,<\/p>\n
are not entitled to cause any hindrance against proceedings<\/p>\n
under the SARFAESI Act or under the RDBFI Act, is the<\/p>\n
contention.\n<\/p>\n
       7. Eventhough I am in perfect agreement with<\/p>\n
contention raised by Sri.P.B. Suresh Kumar on the aspect of<\/p>\n
maintainability of the writ petition, I am inclined to consider<\/p>\n
the larger legal question posed, based on the provisos to<\/p>\n
Section 13(9) of SARFAESI Act. On a plain reading of the<\/p>\n
first and second provisos to Section 13(9) as well as on<\/p>\n
W.P.(C) No. 7216\/2010         9<\/span><\/p>\n
consideration of the legal precedents as quoted above, it is<\/p>\n
clear that the workmen of a company, who claim priority in<\/p>\n
distribution of assets by virtue of Section 529A of the<\/p>\n
Companies Act, are not entitled to raise any objection<\/p>\n
against proceedings initiated by the secured creditor<\/p>\n
against the secured assets of the company, unless the<\/p>\n
company is ordered to be wound up or any proceedings for<\/p>\n
winding up of the company is pending. Likewise, they are<\/p>\n
also not entitled to claim priority in distribution of the<\/p>\n
amounts realized under the RDBFI Act based on the<\/p>\n
provisions of the Companies Act as long as no winding up<\/p>\n
order is passed against the company. Therefore the prayer<\/p>\n
in the writ petition to quash the proceedings in DRC<\/p>\n
No:115\/2010 of the Debts Recovery Tribunal-2, Chennai<\/p>\n
could not be allowed. So also this court will not be justified<\/p>\n
in directing the respondents to effect payment of any sum to<\/p>\n
the petitioners as workmen’s dues, out of amounts if any<\/p>\n
recovered in proceedings initiated against the secured<\/p>\n
assets under the SARFAESI Act. Therefore the writ petition<\/p>\n
W.P.(C) No. 7216\/2010         10<\/span><\/p>\n
deserves no merit and the same is accordingly dismissed.<\/p>\n
       However, it is made clear that on the event of the 4th<\/p>\n
respondent company being wound up or any proceedings for<\/p>\n
winding up being initiated against the company, the<\/p>\n
petitioners will be at liberty to seek appropriate reliefs in<\/p>\n
accordance with provisions of the Companies Act, read with<\/p>\n
relevant provisions in the SARFAESI Act and RDBFI Act. It<\/p>\n
is further made clear that this Judgment will not stand in<\/p>\n
the way of the petitioners seeking claim over any surplus<\/p>\n
amounts if recovered by respondents 1 & 2 through the<\/p>\n
proceedings now initiated against the 4th & 5th respondents,<\/p>\n
as permissible under law.\n<\/p>\n<\/p>\n
                                       C. K. ABDUL REHIM,
\n                                       JUDGE.\n<\/p>\n
mn.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kerala High Court K.V.Sasidharan Pillai vs Indian Overseas Bank on 4 October, 2010 IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C).No. 7216 of 2010(B) 1. K.V.SASIDHARAN PILLAI, … Petitioner 2. K.I.ALEXANDER, S\/O.LATE K.C.IDICULA, 3. M.N.VIJAYAN, S\/O.M.N.NARAYANAN NAIR, 4. P.V.BIJU, S\/O.LATE PHILIP.D., 5. P.M.BIJU, S\/O.P.C.MATHAI, 6. ANIL KUMAR.V.K., S\/O.KARUNAKARAN PILLAI 7. VINOD.T.A., S\/O.KUTTAPPAN NAIR, 8. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-128894","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"\nK.V.Sasidharan Pillai vs Indian Overseas Bank on 4 October, 2010 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/k-v-sasidharan-pillai-vs-indian-overseas-bank-on-4-october-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"K.V.Sasidharan Pillai vs Indian Overseas Bank on 4 October, 2010 - 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