The petitioner challenged coercive proceedings by the Bank under the SARFAESI Act. The Bank stated no Section 13(4) notice had been issued yet. The Court disposed of the petition with liberty to the petitioner to approach the Debts Recovery Tribunal once such notice is issued.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
TUESDAY, THE 5TH DAY OF MARCH 2024 / 15TH PHALGUNA, 1945
WP(C) NO. 2068 OF 2024
PETITIONER:
MERLIN BINOY
AGED 56 YEARS
W/O LATE BINOY THOMAS, CHENGAZHASSERIL HOUSE
THIDANAADU P.O, KOTTAYAM, PIN – 686123
BY ADV LIZA P.CHERIAN
RESPONDENT:
THE AUTHORIZED OFFICER
AXIS BANK LTD 5TH FLOOR CHICAGO PLAZA
RAJAJI ROAD ERNAKULAM, PIN – 682035
BY ADVS.
P.PAULOCHAN ANTONY P
SREEJITH K.(K/380/2005)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 05.03.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
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WP(C) No.2068 of 2024
JUDGMENT
Dated this the 5th day of March, 2024
The petitioner, who has availed financial assistance from
the Axis Bank Limited, approached this Court when the respondent-Bank initiated coercive proceedings invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner sought to direct the respondent to defer all further coercive measures under the SARFAESI Act in furtherance of Ext.P1. Ext.P1 is a Demand Notice issued under Section 13(2) of the Act, 2002.
In view of the statement so made, I find that the petitioner can very well approach the Debts Recovery Tribunal once notice is issued to the petitioner. Therefore, in the light
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WP(C) No.2068 of 2024
of the submission made on behalf of the respondent-Bank that notice will be issued to the petitioner, the writ petition is disposed of leaving liberty to the petitioner to challenge the
same in accordance with law.
Sd/-
N.NAGARESH
JUDGE
spk
WP(C) No.2068 of 2024
4
APPENDIX OF WP(C) 2068/2024
PETITIONER EXHIBITS
Exhibit P1THE TRUE COPY OF THE DEMAND NOTICE
ISSUED BY THE RESPONDENT DATED
28/7/2023
Exhibit P2THETRUECOPYOFTHEOTS
REPRESENTATIONISSUEDBYTHE
PETITIONER DATED 01/09/2023
1 issue framed by the court
Whether the Bank's coercive proceedings under the SARFAESI Act should be deferred pending issuance of notice?
1 provisions across 1 enactments
MERLIN BINOY
THE AUTHORIZED OFFICER AXIS BANK LTD
N. NAGARESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court