This order revived a securitization application pending before the DRT and imposed an interim stay on coercive proceedings pending adjudication, following the petitioners' deposit of the required security.
Revival of securitization application pending before DRT and interim stay on coercive proceedings.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE AMIT RAWAL
MONDAY, THE 10TH DAY OF FEBRUARY 2020 / 21ST MAGHA, 1941
OP (DRT).No.7 OF 2020
AGAINST THE JUDGMENT IN SA 300/2019 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM
PETITIONERS:
1 ABDUL LATHEEF MEERA SAHIB AGED 63 YEARS (MANAGING DIRECTOR) PUTHENVILA VEEDU, KALLOOR, MANJAMALA P.O., THIRUVANANTHAPURAM
2 M/S. HERCULES AUTOMOBILES INTERNATIONAL PRIVATE LIMITED (BORROWER),28/135A CCSB ROAD, PALACE WARD, CHUNGOM,ALAPPUZHA-688 011
BY ADV. SMT.LIZA P.CHERIAN
RESPONDENT:
AUTHORIZED OFFICER
STATE BANK OF INDIA, ALAPPUZHA MAIN BRANCH, BEACH ROAD, ALAPPUZHA, PIN-688 012
R1 BY ADV. SRI.M.JITHESH MENON
THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 10.02.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
o.p(drt)7/2020
2
JUDGMENT
Against the action taken by the bank for taking
possession of the mortgaged property of the petitioners,
petitioners have filed a securitization application No.300 of
2019 before the DRT and also moved an interim application
bearing No.54 of 2020 for granting an interim relief.
2. Learned counsel appearing on behalf of the
petitioners submits that vide order dated 20.11.2019, this
court granted interim stay by imposing condition of deposit
of Rs.2 Crores( 50 lakhs by 30.11.2019 and 1.5 crores by
31.12.2019). It is contended that a sum of Rs.50 lakhs was
deposited within the time granted, but the remaining could
not be deposited. In this regard, an application for
extension of time was submitted, but the same was
rejected. It is in these circumstances that petitioners have
approached this court. This court while issuing notice
before admission, granted an opportunity to the petitioners
to deposit 1 crore within two weeks, vide order dated
15.01.2020 and also ordered to keep coercive steps to be in
abeyance. It was further clarified that on failure to deposit
the same, the stay already granted shall automatically be
o.p(drt)7/2020
3
vacated. Counsel for the petitioners submits that a sum of
Rs.1 crore has been deposited within the time frame, ie on
18.01.2020 itself and it has been acknowledged by the
counsel for the respondent.
3. Having heard the counsel for the parties and
noticing the facts, I am of the view that all further
adjudication of the securitization application pending
before the DRT dated 20.11.2019 shall stand revived.
There shall be an interim stay of the coercive proceedings,
till the adjudication of the securitization application or any
other order, which the DRT may deem it fit to pass. This
court is sure that DRT will take necessary steps to decide
the securitization application as early as possible.
O.P(DRT) is disposed of.
Sd/- AMIT RAWAL, JUDGE
Lgk
o.p(drt)7/2020
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APPENDIX
PETITIONER'S/S EXHIBITS:
EXHIBIT P1 THE TRUE COPY OF REVIVAL PETITION FILED AT DRT
EXHIBIT P2 THE TRUE COPY OF THE EMAIL AND REPLY EXHIBIT P3 TRUE COPY OF THE PAYMENT PROOF OF 1 CRORE. EXHIBIT P4 TRUE COPY OF THE OTS LETTER ISSUED TO BANK. RESPONDENT'S/S EXHIBITS:
EXHIBIT R1 A TRUE COPY OF THE INTERIM ORDER PASSED BY THE HON'BLE DRT IN I.A.1570/2019 IN S.A.300/2019 DATED 20-11-2019.
EXHIBIT R1 B TRUE COPY OF THE ORDER PASSED BY THE HON'BLE DRT DATED 1-1-2020.
EXHIBIT R1 C TRUE COPY OF THE ORDER PASSED BY THE HON'BLE DRT ON 13-1-2020.
EXHIBIT R1 D TRUE COPY OF THE COMPLAINT FILED BY THE PETITIONER, BEFORE THE STATION HOUSE OFFICER, CHANDAYAMANGALAM ON 15-01-2020.
EXHIBIT R1 E TRUE COPY OF THE PETITION FILED BEFORE CJM KOLLAM ON 25-01-2020.
1 issue framed by the court
Whether the stay on coercive proceedings shall be revived upon deposit of the interim security amount?
ABDUL LATHEEF MEERA SAHIB
M/S. HERCULES AUTOMOBILES INTERNATIONAL PRIVATE LIMITED
STATE BANK OF INDIA
AMIT RAWAL
As recorded by the court registry
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