C.S.DIAS, J.

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W.P (C )No.3634 of 2025 =============================

Dated this the 18^th March, 2025

JUDGMENT

The first petitioner is a firm and the petitioners 2 to 5 are its partners. The 1st petitioner is one of the units of M/s.Tip Top Furniture Group. The Group manufactures, trades, imports, and exports wooden and other allied furniture. The six units of the Group had availed financial assistance from the HDFC Bank, which was taken over by the 2 respondent bank (‘Bank’, in nd short) in 2015. Since the petitioners defaulted in repaying some of the loans, the Bank initiated recovery proceedings, which are pending consideration before the Debt Recovery Tribunal - 1, Ernakulam. The Bank had also initiated proceedings for the liquidation of one of the Units of the Company under the Insolvency and Bankruptcy Code , 2016. The National Company Law Board, Kochi, had ordered the liquidation of the company, and the official liquidator conducted the sale of the company's assets in a public auction. The Group had submitted several one-

time settlement proposals to the Bank, but they were all rejected. Surprisingly, the 1st petitioner was served with Ext.P5 show cause