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IN THE HIGH COURT OF KERALA AT ERNAKULAM
K. Babu, J
M/S. JIS INTERNATIONAL EXPORTS PVT. LTD. – Appellant
Versus
DEBT RECOVERY TRIBUNAL-1 ERNAKULAM – Respondent
| Table of Content |
|---|
| 1. facts of the case and procedural history. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. submissions by the petitioners and the respondent. (Para 8 , 9) |
| 3. court's obligations towards considering statutory provisions. (Para 10 , 11 , 12) |
| 4. compliance with prior court directions and procedural propriety. (Para 16 , 18 , 19 , 21 , 22) |
| 5. legality of the sarfaesi act and remedies available. (Para 24 , 25 , 26 , 27) |
JUDGMENT
The challenge in this Original Petition is to the order dated 18.08.2023 in I.A.No.868/2022 in S.A.No.224/2021 passed by the Debts Recovery Tribunal-I, Ernakulam. Petitioner No.1 is a company doing marine exports. Petitioner No.2 is the Managing Director of petitioner No.1 company. Petitioner No.3, one among the Directors of the Company, is the wife of petitioner No.2. Petitioner No.4 is a company managed by petitioners 2 and 3.
2. The petitioner company availed a cash credit of Rs.500 Lakhs and working capital term loan of 930 Lakhs from the Indian Overseas Bank, Ernakulam Main Branch (respondent No.3). Alleging default in repayment of the loan, the Bank initiated proceedings against the petitioners under the Securitisation & Reconstruction of Financial Assets and E
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