Disposed

Premkumar.P v. The Chief Manager

Madras HC1 Feb 2023WP(MD)/2060/2023

Case brief

AI extract

What is this about?

A petition challenging a coercive order under Section 14 SARFAESI Act was disposed of by consent. The court directed the petitioner to pay dues in installments, stayed coercive action pending payment, and closed connected petitions.

What did the court decide?

Petitioner directed to pay Rs. 45 lakhs by 08.02.2023 and balance by 30.03.2023; coercive action stayed pending payment. Petition disposed.

Premkumar.P Vs The Chief Manager — Banking and Recovery | Madras HC (2023)

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W.P.(MD) No.2060 of 2023

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BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

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DATED : 01.02.2023

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CORAM:

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THE HONOURABLE MR.JUSTICE D.KRISHNAKUMAR

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and

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THE HONOURABLE MR.JUSTICE R.VIJAYAKUMAR

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W.P.(MD)No.2060 of 2023 and W.M.P.(MD)Nos.1841 & 1842 of 2023

P.Premkumar

... Petitioner

Vs.

1.The Chief Manager, Shiram Transport Finance Company Ltd., Mookambika Complex, 3^rd Floor No.4, LadyDesika Road, Mylapore, Chennai – 4.

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2.M/s.Shiram Transport Financial Company Ltd., Rep. by its Regional Collection Manager / Authorized Officer, K.Rajeshkumar, S/o. Karruppaiah, No.81, 3^rd Floor, P.K.N.A. Complex (Upstairs Megamart), Byepass Road, Madurai. ... Respondents

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_____________ Page 1 of 6_

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.2060 of 2023

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PRAYER : Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorari, calling for the records in pursuant to the impugned order dated 10.10.2022 made in Cr.M.P.No.1485 of 2022 on the file of Chief Judicial Magistrate, Madurai filed by the 2^nd respondent under Section 14 of SARFAESI Act and quash the same as an illegal.

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For Petitioner : Mr.S.T.Sasidharan Tamilkani For Respondents : Mr.R.Ravichandran

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O R D E R

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[Order of the Court was made by D.KRISHNAKUMAR, J.]

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Challenging the order passed by the learned Chief Judicial Magistrate, Madurai in Cr.M.P.No.1485 of 2022, dated 10.10.2022, the petitioner has filed this Writ Petition.

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2 . Heard Mr.S.T.Sasidharan Tamilkani, learned counsel for the petitioner and Mr.R.Ravichandran, learned Standing, who takes notice for the respondents.

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Page 2 of 6

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.2060 of 2023

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3 . By consent of both parties, this Writ Petition is taken up for final disposal at the admission stage itself.

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4 . The learned counsel appearing for the petitioner submitted that the petitioner has agreed to pay the OTS amount of Rs.2,74,000/-. He has also given an undertaking letter to the respondents bank that he paid a sum of Rs.5 lakhs on or before 31.01.2023 and to pay a sum of Rs.45 lakhs on 01.02.2023. However, he is not in a position to pay the said amount today. Now, the petitioner seeks to pay the amount of Rs.45 lakhs on or before 08.02.2023 and thereafter, he will pay the remaining amount on or before 30.03.2023.

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5. The learned counsel appearing for the respondents has agreed the said proposal made by the petitioner.

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6. In view of the above submissions, we direct the petitioner to pay a sum of Rs.45 lakhs on or before 08.02.2023 and thereafter, pay the remaining balance amount on or before 30.03.2023. Till such time, the respondents - Bank shall

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_____________ Page 3 of 6_

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.2060 of 2023

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not take any coercive action against the petitioner. If the petitioner fails to make aforesaid payment, the 2 nd respondent - Bank is at liberty to proceed further in accordance with law.

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7 . With the above direction, this Writ Petition is disposed of. No costs. Consequently, connected miscellaneous petitions are closed.

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[D.K.K., J.] [R.V., J.] 01.02.2023 NCC : Yes / No Index : Yes / No vsm

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_____________ Page 4 of 6_

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.2060 of 2023

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1The Chief Manager, Shiram Transport Finance Company Ltd., Mookambika Complex, 3^rd Floor No.4, LadyDesika Road, Mylapore, Chennai – 4.

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Page 5 of 6

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.2060 of 2023

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D.KRISHNAKUMAR, J. and R.VIJAYAKUMAR, J.

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vsm

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W.P.(MD)No.2060 of 2023

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01.02.2023

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_____________ Page 6 of 6_

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https://www.mhc.tn.gov.in/judis

Premkumar.P v. The Chief Manager

Case brief

What is this about?

What did the court decide?

Premkumar.P v. The Chief Manager

Case brief

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What did the court decide?

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