Disposal of a contempt case where the respondent defaulted on a High Court order to surrender property for debt recovery. The Court granted a final date to discharge dues via tenant sale proceeds or face property recovery.
Order to comply with debt liquidation plan by 30.09.2017 or hand over property to Bank.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE THE CHIEF JUSTICE MR.NAVANITI PRASAD SINGH & THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V
THURSDAY, THE 10TH DAY OF AUGUST 2017/19TH SRAVANA, 1939 Con. Case(C). No. 1344 of 2017 (S) IN WA.954/2017
(IN JUDGMENT DATED 29-05-2017 IN WA NO.954/2017.
PETITIONER(S)/FIRST RESPONDENT IN W.A:
AXIS BANK LTD., HAVING ITS REGISTERED OFFICE AT TRISHUL, OPP. SAMARTHESWAR TEMPLE, ELLISBRIDGE, AHMEDABAD, BRANCH : RETAIL ASSET CENTRE, KARANAMA, TRIVANDRUM. REPRESENTED BY ITS AUTHORIZED OFFICER ANOOP JOSE, AGED 31 YEARS, S/O. JOSE P.M. WORKING AS MANAGER AT RETAIL ASSET CENTRE, RAJAJI ROAD, ERNAKULAM - 682 035.
BY ADV. SRI. P. PAULOCHAN ANTONY
RESPONDENT(S)/APPELLANT IN WA:
SALIM S.H., S/O. SHAHUL HAMEED, AGED 52 YRS., RESIDING AT APX/515 A, CAPITIO BUILDING SIMI PLAZA, VETTU ROAD, KANIYAPURAM, TRIVANDRUM - 695 301.
BY ADV. SRI. P. K. RAMKUMAR
THIS CONTEMPT OF COURT CASE (CIVIL) HAVING BEEN FINALLY HEARD ON 10-08-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Con. Case(C). No. 1344 of 2017 (S)
APPENDIX
PETITIONER'S ANNEXURES:-
RESPONDENT'S ANNEXURES:-NIL
KRJ
/TRUE COPY/
P.A. TO JUDGE
Navaniti Prasad Singh, C.J. & Raja Vijayaraghavan V., J.
Contempt Case (Civil) No. 1344 of 2017
JUDGMENT
Navaniti Prasad Singh, C.J.
The respondent secured financial accommodation from the petitioner. He became a chronic defaulter. The Bank took action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), which was challenged before this Court.
Contempt Case (Civil) No. 1344 of 2017
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occasions earlier and we had adjourned the matter for the parties to sit together and work out a plan for liquidation of dues, either by payment or by surrender of property.
Contempt Case (Civil) No. 1344 of 2017
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Rs.1.50 Crores, within a short time frame, then balance of the dues would be written off. To us, the offer is a very fair one, as it makes it clear that the Bank is not interested in the property but they are interested in liquidation of the debt and elimination of a non-performing account. We treat the agreement between the respondent's wife Smt. Sini and Sri.Abdul Latheef to be an undertaking to this Court and we fix 30.09.2017 as the last date, corresponding to the half yearly closing, within which time, if a sum of Rs.1.50 Crores is paid by the aforesaid parties, the debt would be completely written off. We make it clear that if a part of the building is sold, the sale proceeds or the advances in respect thereof would be directly credited to the loan account of the respondent and his wife.
Contempt Case (Civil) No. 1344 of 2017
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hand over the balance amount to the defaulter. No Court or authority would then intervene in the matter. Considering the aforesaid, we would further direct that a sum of Rs.20 lakhs Rupees twenty lakhs only) be deposited with the Bank by the tenant in the loan account for and on behalf of the respondent and his wife, by 31.08.2017.
With the aforesaid conditions, this Contempt Case stands
disposed of.
Sd/-
Navaniti Prasad Singh, Chief Justice
Sd/- Raja Vijayaraghavan V., Judge
ttb/10/08
1 issue framed by the court
Whether the respondent has surrendered to the Court's order to liquidate debt in a contempt case.
1 provisions across 1 enactments
Axis Bank Ltd.
Salim S.H.
Navaniti Prasad Singh
Raja Vijayaraghavan V
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
