Dismissed

Padmanabhan K.T. v. the Kerala State Co-Op. Bank Ltd.

Kerala HC9 Feb 2009WA/2695/2007

Case brief

AI extract

What is this about?

In this writ appeal, the High Court of Kerala disposed of a challenge seeking enforcement of security interests under SARFAESI Act against a scheduled cooperative bank. The court dismissed the appeal because the petitioner failed to deposit the required 25% amount despite an interim stay and directed the matter to the Debt Recovery Tribunal. Cobank Ltd.

What did the court decide?

The writ appeal dismissed; petitioner directed to approach Debt Recovery Tribunal.

Padmanabhan K.T. Vs the Kerala State Co-Op. Bank Ltd. — Specific Performance | Kerala HC (2009)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HON'BLE THE ACTING CHIEF JUSTICE MR.J.B.KOSHY & THE HONOURABLE MR. JUSTICE P.BHAVADASAN

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MONDAY, THE 9TH FEBRUARY 2009 / 20TH MAGHA 1930

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WA.No. 2695 of 2007()

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--------------------AGAINST THE JUDGEMENT IN WPC.26110/2007 Dated 20/09/2007 ....................

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APPELLANT/PETITIONER:

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PADMANABHAN.K.T., S/O.A.K.C.VELAYUDHAN,

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AGED 48 YEARS, SREEPADAM, THENNANCHERIPOYIL HOUSE, MELUR POST, KOYILANDY, KOZHIKODE DISTRICT.

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BY ADV. SRI.V.T.MADHAVANUNNI SRI.VINOD SINGH CHERIYAN SRI.R.SUDHISH SRI.V.A.SATHEESH

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RESPONDENT/RESPONDENTS:

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THE KERALA STATE CO-OPERATIVE BANK LTD., REPRESENTED BY THE PRESIDENT,

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COBANK TOWERS, PALAYAM, THIRUVANANTHAPURAM-695 033

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THE DEPUTY GENERAL MANAGER, (AUTHORISED OFFICER), THE KERALA STATE CO-OPERATIVE BANK LTD., KOZHIKODE REGIONAL OFFICE, COLOMBO TOWERS, M.M.ALI ROAD, KOZHIKODE-673 002.

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ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1-2

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THIS WRIT APPEAL HAVING BEEN FINALLY HEARD ON 09/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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J.B. KOSHY, Ag. CJ. & P.B HAVADASAN, J.

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- - - - WRIT APPEAL No. 2695 of 2007

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- - - - Dated this the 9th day of February, 2009.

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JUDGMENT

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KOSHY, Ag.CJ,

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The appellant-petitioner took loan from the Kerala State Co-operative Bank and created security of his property by deposit of

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title deeds. When action was taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the petitioner approached this court. The learned Single Judge relegated the petitioner to approach the appropriate forum.

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The main contention of the petitioner that the Kerala State Co-operative Bank, which is a scheduled Bank, will not come under the SARFAESI Act was turned down by the learned Single Judge by following the decision reported in Greater Bombay Cooperative Bank Ltd. v. M/s. United Yarn Tex. Pvt. Ltd. (JT 2007(5) SC 201).

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In view of the fact that the property was about to be

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sold, this court had granted interim stay on 11.1.2008 provided the petitioner pays 25% of the amount demanded within two months from

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WA. 2695/2007.

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the date of the order. That period expired on 11.3.2008. So far 25% of the amount was not paid. The impugned judgment is dated 20.9.2007. Therefore, we see no merit in the writ appeal. However, if the petitioner files an application before the Debt Recovery Tribunal, it is for the said authority to consider the matter and take a decision in accordance with law.

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We dismiss the writ appeal.

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J.B. KOSHY, ACTING CHIEF JUSTICE

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P. BHAVADASAN, JUDGE

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sb.

Padmanabhan K.T. v. the Kerala State Co-Op. Bank Ltd.

Case brief

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Padmanabhan K.T. v. the Kerala State Co-Op. Bank Ltd.

Case brief

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