This court granted the petitioner a final opportunity to make a One Time Settlement proposal and pay an upfront amount. Upon compliance, coercive proceedings under the SARFAESI Act were deferred.
Petitioner granted two weeks to pay Rs. 30 lakhs and submit O.T.S. proposal; coercive proceedings deferred upon compliance.
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 MR.JUSTICE N.NAGARESH
MONDAY, THE 5TH DAY OF FEBRUARY 2024 / 16TH MAGHA, 1945
WP(C) NO. 602 OF 2024
PETITIONER:
SUCHITRA S N
AGED 51 YEARS
W/O SRI. RAJEEV R, SUCHITRALAYAM,
PALLISSERICKAL, SASTHAMKOTTA P.O.,
KOLLAM-695021, PIN – 695021
BY ADVS.
FEBA B.PANICKER
M.A.SHAJI
VINAY MATHEW JOSEPH
K.J.KARTHIKA
RESPONDENT
STATE BANK OF INDIA
REP. BY AUTHORISED OFFICER AND CHIEF MANAGER,
STRESSED ASSET RECOVERY BRANCH SARB, FIRST FLOOR,
LMS COMPOUND, OPPOSITE MUSEUM, WEST GATE,
VIKAS BHAVAN P.O., THIRUVANANTHAPURAM,
PIN – 695033
SRI.M.JITHESH MENON
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.02.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO.602 OF 2024
JUDGMENT
Dated this the 5th day of February, 2024
The petitioner, who is working as Radiographer in Saudi Arabia, had taken a loan from the respondent-Bank for an amount of 43,08,526/-. When repayment fell into₹ arrears, respondent-Bank initiated coercive proceedings invoking Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
WP(C) NO.602 OF 2024
3
14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is aggrieved by Ext.P3 notice and coercive proceedings that the petitioner approached this Court filing W.P.(C) No.602 of 2024.
that the KSFE Limited has come forward to advance certain amount, which will be sufficient to wipe off the loan as per the Award.
4
WP(C) NO.602 OF 2024
has not adhered to the time schedule contained therein.
to make a revised proposal for One Time Settlement .
(i) The petitioner shall pay an upfront amount of 30₹ lakhs within a period of two weeks from today and make a revised proposal for One Time Settlement of the amount.
(ii) If the petitioner makes the payment and gives a proposal for One Time Settlement as directed above within a period of two weeks, coercive proceedings against the petitioner shall stand deferred till the Bank takes a decision.
WP(C) NO.602 OF 2024
5
(iii) Needless to say, if the petitioner fails to make the
payment or fails to offer One Time Settlement, the Bank can
proceed against the petitioner in accordance with law.
Sd/-
N.NAGARESH
JUDGE
hmh
WP(C) NO.602 OF 2024
6
APPENDIX OF WP(C) 602/2024
PETITIONER EXHIBITS
Exhibit P1A TRUE COPY OF THE AWARD OF LOK ADALAT
DATED 10.6.2023
Exhibit P2A TRUE COPY OF THE HOSPITAL DISCHARGE
SUMMARIES OF THE PETITIONER AND HER
HUSBAND
Exhibit P3THE TRUE COPY OF THE NOTICE DATED
22.11.2023 ISSUED BY THE ADVOCATE
COMMISSIONER SUBSEQUENT TO THE ORDER
DATED 19.08.2023 PASSED BY THE CJM
COURT, KOLLAM IN MC 500/2023
Exhibit P4A TRUE COPY OF THE LETTER DATED
19.12.2023 SEND BY THE PETITIONER
Exhibit P5THE TRUE COPY OF LETTER DATED
29.01.2024 GIVEN BY THE BRANCH
MANAGER, KSFE LTD., ANANDAVALLEESWARAM
BRANCH TO THE RESPONDENT
2 issues framed by the court
Whether the petitioner's writ petition challenging coercive proceedings initiated under SARFAESI Act should be allowed.
Whether the petitioner deserves an extension of opportunity to make a One Time Settlement proposal.
2 provisions across 1 enactments
Suchitra S. N.
State Bank of India
N. Nagares
Niti
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court