Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE C.S.DIAS TUESDAY, THE 20TH DAY OF JUNE 2023 / 30TH JYAISHTA, 1945 WP(C) NO. 21776 OF 2021 PETITIONERS:
1 HONEY SYAMSUNDER AGED 54 YEARS W/O. SYAMSUNDER, 43/2151A, SAMRIDHI HOUSE, SRM ROAD, ERNAKULAM NORTH-682 016.
2 SYAMSUNDER A.
AGED 59 YEARS S/O. AYYAPPAN NAIR, 43/2151A, SAMRIDHI HOUSE, SRM ROAD, ERNAKULAM NORTH-682 016.
BY ADVS.
SARATHKUMAR TS JISMEMOL JAMES(K/630/2020) SHYAM KUMAR M.P(K/1543/2020) RONY V.P.(D/4191/2021) SALU ANNA LAWRANCE(K/000895/2018) PRASOON.K.P(K/000448/2023) SREEKANTH M.(D/40/2022) ACHANKUNJU P.C(K/1096/2018) RESPONDENTS:
1 THE AUTHORIZED OFFICER/CHIEF MANAGER PUNJAB NATIONAL BANK, RECOVERY DEPARTMENT, CIRCLE OFFICE, 40/1461, MARKET ROAD, II FLOOR, ERNAKULAM-682 011.
2 THE PUNJAB NATIONAL BANK KADAVANTHARA BRANCH, ERNAKULAM, REPRESENTED BY ITS BRANCH MANAGER-682 011.
BY ADV C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WPC No.21776 of 2021 2 C.S.DIAS, J.
------------------------- W.P.(C.) No.21776 of 2021 ------------------------- Dated this the 20th day of June, 2023 JUDGMENT The writ petition is filed to direct the respondents to permit the petitioners to pay the overdue amount in instalments.
2. The petitioners’ case is that, they had availed financial assistance from the second respondent bank in the year 2017 by creating an equitable mortgage. Due to reasons beyond their control, they could not pay the instalments on time. The respondents have now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioners are now willing
WPC No.21776 of 2021 3 to pay off the overdue amount in instalments.
Hence, the writ petition.
3. Heard; Sri.Josy Antony, the learned Counsel appearing for the petitioners and Sri.C.
Ajith Kumar, the learned Counsel appearing for the respondents.
4. Sri.C.Ajith Kumar, on instructions, submitted that even though the writ petition was filed on 07.10.2021, the bank has not proceeded further with the recovery proceedings. The bank had given the petitioners three suggestions to the proposal submitted by the petitioner for One Time Settlement. But the same were not accepted by the petitioners. Now the bank has filed an original application before the Debt Recovery Tribunal-I, Ernakulam. The bank is no longer willing to permit the petitioners to pay the
WPC No.21776 of 2021 4 overdue amount in instalments. Hence, the petitioners may be relegated to exhaust their statutory remedies.
5. The Hon’ble Supreme Court in South Indian Bank Ltd vs. Naveen Mathew Philip (2023 LiveLaw (SC) 320), after adverting to a myriad of earlier judicial pronouncements rendered under the Act, has categorically declared that High Courts shall not, unless in extra ordinary circumstances, interfere with proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in writ proceedings under Article 226 of the Constitution of India.
6. Having considered the pleadings and materials on record and taking note of the fact that respondents have already filed original
WPC No.21776 of 2021 5 application before the Tribunal, I do not find any extraordinary circumstances to entertain the writ petition by exercising the plenary powers of this Court under Article 226 of the Constitution of India. Nonetheless, it would be up to the petitioners to work out their statutory remedies in accordance with law.
Resultantly, the writ petition is dismissed, without prejudice to the right of the petitioners to work out their remedies, in accordance with law.
Sd/- C. S. DIAS JUDGE SKP/20-06
WPC No.21776 of 2021 6 APPENDIX OF WP(C) 21776/2021 PETITIONERS’ EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE REGISTRATION CERTIFICATE DATED 9.10.2020.
EXHIBIT P2 TRUE COPY OF THE ACCOUNT STATEMENT ISSUED BY THE RESPONDENT BANK.
EXHIBIT P3 TRUE COPY OF THE NOTICE DATED 28.4.2021 UNDER 13(2) OF THE SARFAESI ACT ISSUED BY THE IST RESPONDENT TO THE 2ND PETITIONER.
EXHIBIT P4 TRUE COPY OF THE NOTICE DATED 9.6.2021 ISSUED BY THE IST RESPONDENT TO THE IST PETITIONER.
EXHIBIT P5 TRUE COPY OF THE ANNUAL REPORT OF THE GST FOR THE FINANCIAL YEAR 2019-20 EVIDENCING THE FACT THAT THERE WAS NO BUSINESS IN THE PETITIONER'S FIRM FOR 2019-2020.
ANNEXURE A1 TRU COPY OF THE INTERIM ORDER DATED 9TH DAY OF NOVEMBER 2021 IN WRIT PETITION CIVIL NO.21776/2021 RESPONDENTS' EXHIBITS:NIL TRUE COPY P.A.TO JUDGE