Securitization Application filed by a borrower challenging illegal securitization proceedings and seeking relief to repay loan in instalments under SARFAESI Act; Tribunal found no illegality and dismissed the application.
Application dismissed without costs.
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IN THE DEBTS RECOVERY TRIBUNAL-2, KERALA AT ERNAKULAM
PRESENT: SRI.SOVAN KUMAR DASH PRESIDING OFFICER
Dated this the 26th day of June, 2025
SECURITIZATION APPLICATION No.222/2025
Between
Anoop Antony, S/o. Antoney, Aged 40 years, A S Vadakkemukkada House, Chakkupallam P.O., Chakkupallam Village, Udumbanchola Taluk,
Idukki District, PIN – 695 020. …Applicant
And
This Securitization Application having been heard on
13.06.2025 in the presence of Advocates M/s. Harikrishnan R., Neeraj Narayan & Sanel Cherian for the applicant and Advocate
SA 222/2025
2
M/s.John Prakash B.J. & Varsha Vijayakumar Nair for the defendants and stood over to this day for consideration, the Tribunal delivered the following:
F I N A L O R D E R
Challenging the securitization proceedings initiated by the defendants under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the SARFAESI Act’), the applicant/borrower has filed this SA under S.17(1) of the SARFAESI Act.
Brief facts of the case :
2.1 In the SA the applicant has pleaded that he is the owner of the subject matter property and for expansion of cardamom cultivation, he availed Kisan Credit Card loan facility of Rs.40,00,000/- from the defendant bank by creating security interest over the subject matter property. After availing the loan, he was repaying the instalments regularly.
2.2. A notice dated 05.06.2021 was received by the applicant from the 2nd defendant stating that his account was classified as ‘NPA’ as he had defaulted in repayment of the loan and calling him to pay the outstanding amount of Rs.43,95,566/- within 60 days.
SA 222/2025
3
After getting such notice the applicant contacted the defendants. But they assured that the notice was issued as per usual formality and they will not further proceed against the secured asset.
2.3 Subsequently the applicant filed MC No.180/2023 before the Chief Judicial Magistrate Court at Thodupuzha under Section 14 of the SARFAESI Act seeking relief of taking physical possession of the secured asset. An Advocate Commissioner was appointed in the said proceeding to take possession of the secured asset.
2.4. The applicant filed WP(C) No.22417/2023 before the Hon'ble High Court of Kerala challenging such measure, which was dismissed. Against the said Judgment, the applicant filed WA No.1646/2023 before the Hon’ble High Court of Kerala, which was also dismissed. Thereafter this SA is filed challenging the measure under Section 14 of the SARFAESI Act with a prayer to declare all the proceedings under the provisions of SARFAESI Act as the same are illegal.
SA 222/2025
4
Consequently, symbolic possession of the secured asset was taken on 07.04.2022 after following the statutory requirements. The applicant filed WP(C) No.22417/2023 but the same was dismissed as the applicant refused to pay the loan in instalments. There is no procedural illegality in the measure under section 14 of the SARFAESI Act. In absence of any illegality, the SA is liable to be dismissed.
following points are emerged for adjudication in this case:
FINDINGS:
Point Nos.(i) & (ii):
SA 222/2025
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SA 222/2025
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Hence it is ordered:-
ORDER
(Dictated to my PA, corrected and pronounced by me in the open Tribunal on this the 26th day of June, 2025).
[SOVAN KUMAR DASH] PRESIDING OFFICER
SA 222/2025
7
Documents on the part of the applicant
| Annexures | Date | Particulars of documents |
|---|---|---|
| Annexure-A1 | 05.04.2023 | True copy of the Order in MC No.180/2023, which is filed by the respondent bank before the Chief Judicial Magistrate Court, Thodupuzha. |
| Annexure-A2 | True copy of the Writ Petition. | |
| Annexure-A3 | True copy of the Writ Appeal. | |
| Annexure-A4 | 14.03.2023 | The true copy of the account statement. |
| Annexure-A5 | 01.03.2025 | True copy of possession notice issued by the Advocate Commissioner. |
Documents on the part of the defendants
| Annexure-D1 | 09.12.2021 | True copy of the demand notice along with the postal receipts evidencing due dispatch of the demand notice. |
|---|---|---|
| Annexure-D2 | 11.08.2023 | True copy of the Judgment in WP(C) No.22417/2023. |
PRESIDING OFFICER
IN THE DEBTS RECOVERY TRIBUNAL2, KERALA AT ERNAKULAM
PRESENT: SRI.SOVAN KUMAR DASH PRESIDING OFFICER
Dated the 26th June, 2025
SA No.222/2025
Between
Anoop Antony, S/o. Antoney, Aged 40 years, A S Vadakkemukkada House, Chakkupallam P.O., Chakkupallam Village, Udumbanchola Taluk, Idukki District, PIN – 695 020. …Applicant
And
The ICICI Bank Ltd., Bandara Kurla Complex, Bandra Mumbai, PIN 400 050. & Another. …Defendants
F I N A L O R D E R
2 issues framed by the court
Whether the securitization proceedings initiated by the defendant bank suffered from any illegality or irregularity?
Whether the applicant is entitled to get any relief by directing the bank to grant an opportunity to repay the loan in instalments?
Colour shows how this judgement treated each authority
Writ Appeal No.1646/2023Referred¶25
WA No.1646/2023
Writ Petition No.22417/2023Referred¶25
WP(C) No.22417/2023
2 provisions across 1 enactments
Anoop Antony
Sovan Kumar Dash
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
