Allowed

The Authorized Officer, Kollam Co-Operative Urban Bank Ltd. NO.960, v. Jayasree M.S.

Kerala HC12 Feb 2020WA/190/2020

Case brief

AI extract

What is this about?

High Court disposed of two writ appeals regarding the admissibility of a statutory appeal under the SARFAESI Act. It allowed the borrower to deposit Rs. 50 lakhs and directed the ARAT to dispose of the appeal quickly without granting time extension.

What did the court decide?

Respondent No.1 allowed to deposit Rs. 50,00,000/- by 30.03.2020; if made, ARAT must assign number and dispose appeal expeditiously; no extension of time.

The Authorized Officer, Kollam Co-Operative Urban Bank… — Banking and Recovery | Kerala HC (2020)

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WA.Nos.190 & 263 of 2020

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE THE CHIEF JUSTICE MR.S.MANIKUMAR

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THE HONOURABLE MR. JUSTICE SHAJI P.CHALY

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WEDNESDAY, THE 12TH DAY OF FEBRUARY 2020 / 23RD MAGHA, 1941

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WA.No.190 OF 2020

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AGAINST THE JUDGMENT DATED 10.01.2020 IN WP(C) 35424/2019(C) OF HIGH COURT OF KERALA

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APPELLANT/2ND RESPONDENT:

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THE AUTHORIZED OFFICER, KOLLAM CO-OPERATIVE URBAN BANK LTD. NO.960, KOLLAM - 690 001.

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BY ADVS. SRI. N. DHARMADHAN (SR) SMT.D.P.RENU SMT.V.R.LAKSHMI

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RESPONDENT/PETITIONER & 1ST RESPONDENT:

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1 JAYASREE M.S., AGED 62 YEARS W/O.SOMARAJAN, JAYASREE ALAYATH, KOTTAKKAKAM WARD, CUTCHERY P.O., KOLLAM - 691 013.

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2 THE DEBT RECOVERY APPELLATE TRIBUNAL, REP. BY ITS REGISTRAR, 4TH FLOOR, INDIAN BANK CIRCLE OFFICE, 55 ETHIRAJSALAI, CHENNAI - 600 008.

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R1 BY ADV. SRI.N.NANDAKUMARA MENON (SR.) R1 BY ADV. SRI.P.K.MANOJKUMAR R1 BY ADV. SMT.SMITHA S.PILLAI R1 BY ADV. SMT.ALICE THOMAS R1 BY ADV. SMT.M.C.SINY

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THIS WRIT APPEAL HAVING BEEN FINALLY HEARD ON 12.02.2020, ALONG WITH W.A. NO. 263/2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WA.Nos.190 & 263 of 2020

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE THE CHIEF JUSTICE MR.S.MANIKUMAR

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THE HONOURABLE MR. JUSTICE SHAJI P.CHALY

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WEDNESDAY, THE 12TH DAY OF FEBRUARY 2020 / 23RD MAGHA, 1941

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WA.No.263 OF 2020

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AGAINST THE JUDGMENT IN OP (DRT) 2/2020 OF HIGH COURT OF KERALA

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APPELLANT/2ND RESPONDENT:

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THE AUTHORIZED OFFICER, KOLLAM CO-OPERATIVE URBAN BANK LTD. NO.960, KOLLAM - 690 001.

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BY ADVS. SRI.N.DHARMADAN (SR.) SMT.D.P.RENU

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RESPONDENTS/PETITIONER & 1ST RESPONDENT:

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1 JAYASREE M.S. AGED 62 YEARS W/O.SOMARAJAN, JAYASREE ALAYATH, KOTTAKKAKAM WARD, CUTCHERY P.O., KOLLAM-691 013.

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2 THE DEBT RECOVERY APPELLATE TRIBUNAL, REPRESENTED BY ITS REGISTRAR, 4TH FLOOR, INDIAN BANK CIRCLE OFFICE, 55 ETHIRAJSALAI, CHENNAI-600 008.

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SRI.N.NANDAKUMARA MENON(SR) FOR R1

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THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 12.02.2020, ALONG WITH WA.190/2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WA.Nos.190 & 263 of 2020

JUDGMENT

S.MANIKUMAR,CJ

Instant writ appeal is filed against the judgments dated 10.1.2020 in W.P.(C) No.35424/2019 & O.P.(DRT) No.2/2020. Though rival contentious issues were raised by learned counsel appearing on either side, by consent, the writ appeals are disposed of as hereunder:

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Respondent No.1, borrower, who had availed a cash credit facility of Rs.1.20 Crores has submitted that, for entertaining the statutory appeal filed under section 18 of the SARFAESI Act, 2002, borrower/respondent No.1 would deposit a sum of Rs.50,00,000/-

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(Rupees Fifty lakhs only), in two installments on or before 30.3.2020.

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We place on record the above submission.

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When such deposit is made, the Debt Recovery Appellate Tribunal shall assign number to the appeal, take up the same and dispose of the statutory appeal as expeditiously as possible.

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Parties have consented to that, and made clear that, if respondent No.1 fails to deposit the sum of Rs.50,00,000/- on or before 30^th March, 2020, the appeal would stand rejected for default.

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WA.Nos.190 & 263 of 2020

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Going through the materials on record in entirety, we also

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make it clear that, no extension of time would be granted.

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With the above direction, issued on consensus, the judments

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impugned before us would stand modified.

Sd/-

S.MANIKUMAR

CHIEF JUSTICE

Sd/-

SHAJI P.CHALY

Smv 12.2.2020

JUDGE

WA.Nos.190 & 263 of 2020

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APPENDIX OF W.A. NO. 190 OF 2020

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APPELLANT'S EXHIBITS:

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ANNEXURE I TRUE COPY OF ORDER IN W.P.(C) 35424/2019 DT. 20/12/2019 OF THIS HON'BLE COURT. ANNEXURE II TRUE COPY OF JUDGMENT IN O.P.(DRT) 2/2010 DT. 10/1/2010 OF THIS HON'BLE COURT.

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RESPONDENT'S EXHIBITS : NIL

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WA.Nos.190 & 263 of 2020

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APPENDIX OF W.A. NO. 263 OF 2020

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APPELLANT'S EXHIBITS:

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ANNEXURE I TRUE COPY OF ORDER IN W.P.(C) 35424/2019 DT. 20/12/2019 OF THIS HON'BLE COURT. ANNEXURE II TRUE COPY OF JUDGMENT IN W.P.(C) NO. 35424/2019 DT. 10/1/2010 OF THIS HON'BLE COURT.

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RESPONDENT'S EXHIBITS: NIL

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WA.Nos.190 & 263 of 2020

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APPENDIX

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PETITIONER'S EXHIBITS:

The Authorized Officer, Kollam Co-Operative Urban Bank Ltd. NO.960, v. Jayasree M.S.

Case brief

What is this about?

What did the court decide?

The Authorized Officer, Kollam Co-Operative Urban Bank Ltd. NO.960, v. Jayasree M.S.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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