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2023 Supreme(Online)(KER) 17061
HIGH COURT OF KERALA
K. Babu, J
K.M.PAULY – Appellant
Versus
AUTHORISED OFFICER – Respondent
OP (DRT) 293 2023
K.SANEESH KUMAR P.SHRIHARI V.B.SANTHINI, ADV.ANWAR C K K.S.SUMESH(K/744/2007)
Timeliness in adjudicating securitisation applications is essential to prevent undue hardship, emphasizing the need for the Debt Recovery Tribunal to act promptly.
Headnote:
Securitisation - Debt Recovery - Security Interest Act - Section 14 - The court upheld the necessity for timely resolution of securitisation applications, directing the Debt Recovery Tribunal to dispose of the matter expeditiously while staying eviction.
Fact of the Case:
The petitioner sought a direction for the Debt Recovery Tribunal to dispose of a securitisation application in a timely manner, highlighting the delays and the necessity to prevent eviction during this period.
Finding of the Court:
The court confirmed the reported timeline from the Debt Recovery Tribunal for the disposal of the application and ensured that no eviction would take place for a specified duration, addressing both procedural and substantive concerns.
Issues: The primary issue was whether the Debt Recovery Tribunal could be directed to resolve the pending securitisation application promptly, while also addressing the petitioner's concerns regarding eviction.
Ratio Decidendi: The court determined that timely resolution of legal matters, particularly in property disputes related to debt recovery, is crucial to ensure fairness and justice, leading to the decision to expedite the Tribunal's processes.
Final Decision: The Debt Recovery Tribunal is directed to dispose of SA. No.345/2018 within one month, staying eviction for the same period.
J U D G M E N T
The prayers in this OP(DRT) are as follows:-
“(a) Issue order calling upon the records, leading to Exhibit P15 and set aside the same.
(b) Issue order directing the Debt Recovery Tribunal to pass orders on Exhibit P5 Securitisation Application in a time bound manner and till such time to stay all coercive steps as against the petitioner including the eviction from the premises.
(c) Issue such other order or direction as this Hon'ble Court may deem fit to grant under the facts and circumstance of the case.
(d) To dispense with filing of the translation of vernacular documents.”
2. Heard both sides.
3. The learned counsel for the petitioner confined the relief to a direction to the Debts Recovery Tribunal-I, Ernakulam to dispose of SA.No.345/2018 in a time bound manner. This Court obtained a report from the Debts Recovery Tribunal on the time required for the disposal of the Securitisation Application. The Tribunal reported as per letter dated 22/08/2023 that the matter could be disposed of within a period of two months.
Therefore, Debts Recovery Tribunal-I, Ernakulam is directed to disposed of SA. No.345/2018 within one month from this day. The Physical possession of the property shall not be taken for a period of one month from this day.
The OP (DRT) is disposed of as above.
Sd/-
K.BABU, JUDGE
16/02/2018 ISSUED BY THE 3RD RESPONDENT.
Exhibit P2 A TRUE COPY OF THE DEMAND NOTICE DATED
14/03/2018 Exhibit P3 THE TRUE COPY OF THE DEMAND NOTICE DATED
11/04/2018 ISSUED BY THE RESPONDENTS.
Exhibit P4 THE TRUE COPY OF THE POSSESSION NOTICE DATED 03/08/2018 Exhibit P5 A TRUE COPY OF THE SECURITISATION APPLICATION WHICH IS FILED AS S.A 345/2018 FILED BEFORE DRT-1, ERNAKULAM BY THE PETITIONER.
Exhibit P6 A TRUE COPY OF THE I.A. 1992/2018 FILED BY THE PETITIONER SEEKING STAY OF ALL FURTHER PROCEEDINGS.
ExhibitP7 THE TRUE COPY OF THE POSSESSION NOTICE DATED 18/09/2018 UNDER APPENDIX IV READ WITH THE RULE 8(1) OF THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 ISSUED BY THE AUTHORISED OFFICER, KOTAK MAHINDRA BANK LTD, NO.22, THIRD-FLOOR, KOTAK HOUSE, M.G.ROAD, BANGALORE - 560 0001 Exhibit P8 A TRUE COPY OF THE IMPLEADING APPLICATION FILED AS I.A 2267 OF 2018 DATED 1.10.2018.
Exhibit P9 A TRUE COPY OF THE SECTION 14 APPLICATION DATED 03/12/2019 IN M.C.NO.128/2020 ON THE FILE OF CJM COURT, ERNAKULAM.
Exhibit P10 A TRUE COPY OF THE SECTION 14 ORDER DATED
02/03/2023 IN M.C.NO.128/2020 ON THE FILE OF CJM COURT, ERNAKULAM Exhibit P11 A TRUE COPY OF THE NOTICE DATED 19/04/2023 ISSUED BY THE ADVOCATE COMMISSIONER IN M.C.NO.128/2020 ON THE FILE OF CJM COURT, ERNAKULAM Exhibit P12 - A TRUE COPY OF THE AMENDMENT PETITION WHICH IS FILED AS I.A 1611/2023 DATED
4.4.2023 Exhibit P13 A TRUE COPY OF THE I.A 1612/2023 (STAY PETITION) IN S.A. 345/2018 DATED
11.5.2023.
Exhibit P 14 A TRUE COPY OF THE COUNTER AFFIDAVIT DATED
11.5.2023 FILED BY THE RESPONDENTS.
Exhibit P15 A TRUE COPY OF THE ORDER IN I.A 1612/2023 IN S.A.345/2018 DATED 7.7.2023 BY DEBTS RECOVERY TRIBUNAL -1 AT ERNAKULAM //True copy//PA to Judge
