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IN THE HIGH COURT OF KERALA AT ERNAKULAM
BASANT BALAJI, J
M/S. EVEREST AGRO SPICES – Appellant
Versus
THE BOARD OF DIRECTORS OF AXIS BANK LTD. – Respondent
| Table of Content |
|---|
| 1. overview of the petitioners' financial situation and proceedings. (Para 1 , 2 , 3) |
| 2. arguments regarding msme status and relevant notifications. (Para 5 , 6 , 7 , 8) |
| 3. court's interpretation of legal procedures under sarfaesi and rdb acts. (Para 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16) |
| 4. final determinations regarding petitions and remedies. (Para 17) |
JUDGMENT
(Dated this the 16th day of January 2026)
The 1st petitioner is a Sole Proprietorship of the 2nd Petitioner engaged in the trading of agricultural produce, which claims to be a registered Medium MSME enterprise having a history of more than 5 years in trade. The 1st Respondent Bank is the Board of Directors, represented by its chairman and the 2nd Respondent is its authorised Officer. It is the case of the petitioners that they have availed credit facilities from Respondent Nos. 1-10 lenders to the tune of Rs. 20 crores. The loan facilities were renewed from time to time and the said loan was fully covered by collateral facilities.
2. However, due to various factors beyond the control of the Petitioners, the business of the MSME faced financial stress which led to default on the repayment obligations. Consequently
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