The petitioner sought to unlock a secured asset to remove raw materials. The bank agreed to open the premises for this purpose within one week. The court recorded this offer and dismissed the writ petition.
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W.P.(MD) No.13121 of 2024
BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT
DATED : 19.06.2024
CORAM:
THE HON'BLE MR .R.MAHADEVAN , ACTING CHIEF JUSTICE and
THE HON'BLE MR.JUSTICE G.R.SWAMINATHAN
W.P.(MD) No.13121 of 2024 and
W.M.P.(MD) No.11628 of 2024
S.K.Sabarinathan ... Petitioner
-vs-
1.City Union Bank Limited Rep. by its Authorised Officer Credit Recovery and Management Department “Narayana” Administrative Office No.24-B, Gandhi Nagar Kumbakonam
2.The Branch Manager City Union Bank Rajapalayam Branch Virudhunagar District ... Respondents
PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a writ of mandamus to direct the respondents to unlock the property situated
in S.No.41/1 in Idayankulam, Mamsapuram Village, Srivilliputhur Taluk, Virudhunagar District belongs to M/s.Bhavanji Mills, Srivilliputhur and
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W.P.(MD) No.13121 of 2024
permit the petitioner to hold the uninterrupted possession over the said property based on the tenancy agreement entered into between the petitioner and M/s.Bhavanji Mills, represented by its partner Mr.Harish Patel, dated 14.07.2022 by considering the representation of the petitioner dated 06.06.2024.
For Petitioner : Mr.R.Ponkarthikeyan For Respondents : Mr.N.Dilipkumar Standing Counsel
O R D E R
R.MAHADEVAN , A.C.J. And G.R.SWAMINATHAN, J.
Heard the learned counsel for the petitioner and learned Standing Counsel for the respondent – Bank.
2. The petitioner's landlord had availed loan from the respondent – Bank. He committed default. The Bank invoked the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act). Possession was also obtained under Section 14 of the SARFAESI Act. The secured asset has been locked. In these circumstances, the present writ petition came to be filed.
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W.P.(MD) No.13121 of 2024
3. Today, when the matter was taken up for hearing, learned counsel for the petitioner submitted that the raw materials belonging to the petitioner worth about Rs.5 Lakhs are remaining inside the secured asset.
4. Learned Standing Counsel for the respondent – Bank informed the Court that the petitioner can inform the respondent - Bank and the respondent – Bank will open the premises so as to facilitate removal of the raw materials. But this offer has to be availed by the petitioner within a period of one week from today.
[R.M.D., A.C.J.] [G.R.S., J.] 19.06.2024
NCC : Yes / No Index : Yes / No Internet : Yes / No
krk / ias
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W.P.(MD) No.13121 of 2024
R.MAHADEVAN , A.C.J. and G.R.SWAMINATHAN, J.
krk / ias
W.P.(MD) No.13121 of 2024 and W.M.P.(MD) No.11628 of 2024
19.06.2024
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1 issue framed by the court
Whether the writ petition challenging the locked status of a secured asset under SARFAESI Act is maintainable given the bank's offer to allow removal of goods?
1 provisions across 1 enactments
S.K. Sabarinathan
City Union Bank Limited
Branch Manager City Union Bank Rajapalayam Branch
R. Mahadevan
G.R. Swaminathan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
