Disposed

SBI Global Factors Limited v. The District Collector

Madras HC1 Sept 2023WP(MD)/679/2023

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition filed by SBI Global Factors. The court accepted an undertaking to deposit Rs. 1 crore by the debtors. Consequently, the Bank was instructed not to proceed with Section 14 notice until September 20, pending the Bank's consideration of the One Time Settlement proposal filed by the debtors.

What did the court decide?

Undertaking accepted to deposit Rs. 1 crore; Bank directed not to proceed under Section 14 SARFAESI Act pending OTS decision; Petition disposed of with no costs.

SBI Global Factors Limited Vs The District Collector — Execution and Attachment | Madras HC (2023)

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W.P(MD)No.679 of 2023

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BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

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DATED : 01.09.2023

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CORAM :

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THE HONOURABLE MR.SANJAY V.GANGAPURWALA, CHIEF JUSTICE and THE HONOURABLE MR.JUSTICE C.KUMARAPPAN

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W.P(MD)No.679 of 2023

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SBI Global Factors Limited

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(Subsidiary of State Bank of India),

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Having its Registered Office at 6th Floor, Metropolitan Building,

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Bandra - Kurla Complex,

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Bandra East,

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Mumbai - 400 051. Rep. by its Authorised Signatory, Shri.Ashish Mehta, S/o.Shri.B.KJ.Mehta

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... Petitioner

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Vs.

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1.The District Collector Madurai District, District Collector's Office, Madurai - 625 020.

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

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_____________ Page 1 of 6_

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W.P(MD)No.679 of 2023

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2.The Tahsildar

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Thirupparankundram Taluk,

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Madurai.

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3.M/s.Sri Naga Nanthana Mills Limited, No.51, Avaniyapuram Bye-Pass Road, Avaniyapuram,

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Madurai - 625 012.

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4.V.Veerachamy

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5.V.Nagarajan 6.V.Guruvammal .. Respondents

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PRAYER : Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorarified Mandamus by calling for the records pertaining to the impugned order passed by the second respondent in Na.Ka.No.6632/2019/F1 dated 11.05.2022 and quash the same and consequently direct the second respondent to enforce the order passed by the first respondent in C6/32519/2017 dated 30.10.2019.

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For Petitioner : Mr.J.Alaguraam Jothi

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For Respondents : Mr.D.Sasi Kumar - for R1 & R2

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Additional Government Pleader

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Mr.J.Sankara Pandian - for R3 & R4

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W.P(MD)No.679 of 2023

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O R D E R

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[Order of the Court was made by The Hon'ble CHIEF JUSTICE]

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Heard Mr.J.Alaguraam Jothi, learned counsel for

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petitioner, Mr.D.Sasi Kumar, learned Additional Government Pleader appearing for the respondents 1 and 2 and Mr.J.Sankara Pandian, learned counsel appearing for the respondents 3 and 4.

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The Bank has filed the present Writ Petition, as the Tahsildar, had put on hold the action i.e., delivery of possession under Section 14 of the SARFEASI Act.

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We had heard the matter yesterday and asked the learned counsel for the respondents 3 and 4, as to whether the respondents 3 and 4 would deposit an amount of Rs.1,00,00,000/(Rupees One Crore only). The matter was kept today, so as to enable the learned counsel for the respondents 3 and 4 to take instructions.

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The learned counsel for the respondents 3 and 4, on instructions, submitted that the respondents 3 and 4 would deposit a

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https://www.mhc.tn.gov.in/judis _____________ Page 3 of 6_

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W.P(MD)No.679 of 2023

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sum of Rs.1,00,00,000/- (Rupees One Crore only) on or before 11^th of September 2023 with the Bank. That statement is accepted as an undertaking to the Court.

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In case, the petitioner deposits an amount of Rs.1,00,00,000/- (Rupees One Crore only) on or before 11^th September, 2023, then, till 20^th September 2023, the Bank may not proceed with notice under Section 14 of the SARFEASI Act.

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The respondents 3 and 4 may approach the Bank with a proposal to pay the remaining amount or for One Time Settlement (OTS) as may be permissible. It is for the Bank to consider the application/proposal of the petitioner on its own merits and the decision shall be taken by the Bank. The proposal/application shall be given by the petitioner within a week from today.

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Depending upon the decisions taken by the Bank on the proposal/application of the respondents 3 and 4, the parties may take further steps.

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https://www.mhc.tn.gov.in/judis _____________ Page 4 of 6_

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W.P(MD)No.679 of 2023

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Accordingly, the Writ Petition is disposed of. No costs.

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[S.V.G., C.J.] [C.K., J.] 01.09.2023

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Index : Yes / No Neutral Citation : Yes / No RM Note : Issue order copy on 01.09.2023

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1.The District Collector Madurai District, District Collector's Office, Madurai - 625 020.

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2.The Tahsildar Thirupparankundram Taluk, Madurai.

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https://www.mhc.tn.gov.in/judis _____________ Page 5 of 6_

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W.P(MD)No.679 of 2023

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THE HONOURABLE CHIEF JUSTICE and C.KUMARAPPAN, J.

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W.P(MD)No.679 of 2023

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01.09.2023

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https://www.mhc.tn.gov.in/judis _____________ Page 6 of 6_

SBI Global Factors Limited v. The District Collector

Case brief

What is this about?

What did the court decide?

SBI Global Factors Limited v. The District Collector

Case brief

What is this about?

What did the court decide?

What the court decided

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