Kerala High Court
WP(C)/41474/2016 of KOLLENGODE EDUCATIONAL AND CHARITABLE TRUST Vs THE STATE BANK OF INDIA on 30 December 2016
COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN FRIDAY, THE 30TH DAY OF DECEMBER 2016/9TH POUSHA, 1938 WP(C). NO.41474 OF 2016 (H) --------------- PETITIONER(S): ------------- KOLLENGODE EDUCATIONAL AND CHARITABLE TRUST, NO.16/205, MIDHUN COMPLEX,
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
FRIDAY, THE 30TH DAY OF DECEMBER 2016/9TH POUSHA, 1938
WP(C). NO.41474 OF 2016 (H)
---------------
PETITIONER(S):-------------
KOLLENGODE EDUCATIONAL AND CHARITABLE TRUST, NO.16/205, MIDHUN COMPLEX, KOLLENGODE,PALAKKAD, REPRESENTED BY THE CHAIRMAN O.K.SREEDHARAN.
BY ADVS.SRI.M.V.BOSE
SRI.VINOD MADHAVAN
RESPONDENT(S):
--------------
1. THE STATE BANK OF INDIA,
MUTHALAMADA BRANCH, KAMBRATHCHALLA, PALAKKAD DISTRICT-678507. PALAKKAD DISTRICT-678507.
2. THE AUTHORIZED OFFICER/CHIEF MANAGER, STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, M.G.ROAD, ERNAKULAM-682016.
BY ADV.SRI.GEORGE THOMAS(MEVADA), SC, SBI
THIS WRIT PETITION(CIVIL)HAVING COME UP FOR ADMISSION ON 30-12-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).41474/2016 (H)
APPENDIX
PETITIONER(S)' EXHIBITS:
P1: COPY OF THE CERTIFICATE DATED 12.04.2013 ISSUED BY THE DISTRICTCOLLECTOR, PALAKKAD.COLLECTOR, PALAKKAD.
P2: COPY OF THE POSSESSION NOTICE SERVED ON THE PETITIONER.
P3: COPY OF THE NOTICE SERVED ON THE ADVOCATE COMMISSIONER.
RESPONDENT(S)' EXHIBITS:-NIL
KRJ
//TRUE COPY//
P.A. TO JUDGE
DEVAN RAMACHANDRAN, J
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P(C) No.41474 of 2016
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 30[th] day of December, 2016
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
JUDGMENT
Heard the learned counsel for the petitioner and the learnedstanding counsel appearing for respondents 1 and 2.
2. It is submitted before me by the learned counsel for the petitioner that the petitioner is running an Engineering College andthat any attempt now made by the Advocate Commissionerappointed under the provisions of the SARFAESI Act to take physicalpossession of the college would cause irreparable prejudice to thepetitioner. However, I notice that the petitioner is not running thecollege as of now and the same remained closed. The learnedcounsel for the petitioner thereupon submits that the only limitedprayer that is now making is that the petitioner be given time till31.03.2017 to settle the entire loan liability with the respondentBank. This appears to be a very fair submission and I, therefore, amof the view that the petitioner can be given an opportunity to settlethe loan in full, along with all applicable charges and interest, withina time frame.
3. In the above circumstances, I direct the petitioner toliquidate the entire amounts that are due from them, as per Exhibit WP(C).41474/16
-:2:-
P2, with all future interest and charges, as are applicable, on orbefore 31.3.2017. Until such time, I further order that all furtheraction, for recovery of the dues from the petitioner, initiated by theBank shall stand deferred, including any action to be taken by theAdvocate Commissioner, pursuant to Exhibit P3. Needless to say, ifthe payment is not made by the petitioner, the Bank will be atliberty to take all further action pursuant to the SARFAESI Act,including taking over of physical possession of the secured assets,continuing from the same stage as per Exhibit P3 and withoutrequirement of any further orders.
The writ petition is ordered as above.
krj.4/1/17
Sd/-
Devan Ramachandran, Judge