IN THE HIGH COURT OF JUDICATURE AT MADRAS

ORDERS RESERVED ON: 26/8/2018

ORDERS PRONOUNCED ON: 04/09/2018

C O R A M

The Honourable Mr.Justice S.Manikumar

a n d

The Honourable Mr.Justice Subramonium Prasad

Civil Revision Petition Nos.3047 and 3258 of 20174

C.R.P.No.3047 of 2017

M/s. S.R.S.Exports

rep. By its Partner Mr.S.Rajasekara Reddy

Old No.4 New No.7

Artisan Shanmugam Street

Ayanavaram

Chennai 600 023.

...Petitioner/3^rd Party

Vs

1. Karur Vysya Bank Limited

rep. By its Branch Manager

T. Nagar Branch

Chennai 600 017.

2. Dr.Mrs.Thara Ramamoorthy

3. K. Karuppan

4. K. Karthikeyan

5. The Official Liquidator

High Court

Madras.

...Respondents /Respondents

a n d

C.R.P.No.3258 of 2017

Dr.Mrs.Thara Ramamurthy

...

Petitioner

Vs

1. M/s. Karur Vysya Bank Ltd

T Nagar Branch

Chennai 600 017.

2. Mr.K.Karuppan

3. Mr.K.Karthikeyan

https://hcservices.ecourts.gov.in/hcservices/

4. M/s. SRS Exports

rep. By its Partner

Mr.S.Rajasekar Reddy

Old No.4 New No.7

Artisan Shanmugam Street

Ayanavaram

Chennai 600 023.

5. M/s. MC Sharin Pharmaceuticals Ltd

(on liquidation) Dr.K.Ramamoorthy

66/56 II Street

Secretariat Colony

Kilpauk

Chennai 600 010.

..Respondents/Respondents

Prayer in C.R.P.NPD No.3047 of 2017:

Petition

filed

under

Article 227 of the Constitution of India against the order dated

25/7/2017 made in M.A.No.188 of 2017 on the file of the Debts

Recovery Appellate Tribunal, Chennai, confirming the order,

dated 1/12/2006 made in M.A.No.171 of 2004 in T.A.No.145 of 1997

on the file of the Debt Recovery Tribunal No.I Chennai, to set

aside the same.

Prayer in C.R.P.NPD No.3258 of 2017:

Petition

filed

under

Article 227 of the Constitution of India to set aside the order

of the Hon'ble Debts Recovery Tribunal – I, Chennai, dated

1/12/2006, made in M.A.No.170 of 2004 in T.A.No.145 of 1997 as

confirmed by a common order dated 25/7/2017 made in M.A.No.240

of 2007 on the file of the Debts Recovery Appellate Tribunal,

Chennai.

For petitioners

...

Mr.B.Kumarasamy

(in C.R.P.NPD No.3047 of 2017)

Mr.M.Balachandar

(in C.R.P.NPD No.3258 of 2017)

For respondents

...

Mr.S.Udaya Kumar

(in C.R.P.NPD No.3047 of 2017)

for R.1

Mr.Jayesh B.Dolia

for R.R.3 and 4.

(in C.R.P.NPD No.3258 of 2017)

Mr.Jayesh B.Dolia

for R.R.2 and 3.

- - - - - -

C O M M O N J U D G M E N T

(Judgment of the Court was made by Subramonium Prasad,J)

By this common judgment, revision petitions viz.,

C.R.P.Nos.3047 and 3258 of 2017 are disposed of, is they arise

from the same set of facts.

https://hcservices.ecourts.gov.in/hcservices/

2. Civil Revision Petition No.3047 of 2017 is filed by the

lessee M/s.S.R.S.Exports. Civil Revision Petition No.3258 of

2017 is filed by the guarantor, Mrs.Thara Ramamurthy.

3. Facts leading to both the revision petitions are that:-

One M.C.Sherin Pharmaceuticals Limited, Chennai, respondent

No.5, in C.R.P.3258/2017 had availed a loan from Karur Vysya

Bank. Mrs.Dr.Thara Ramamurthi stood as the guarantor, for the

loan and she mortgaged property situated at Door No.4, Artisan

Shanmugam Street, Ayanavaram, Chennai.

4. K.Ramamurthi, husband of Mrs.Thara Ramamurthy is the

Managing Director of M.C.Sharin Pharmaceuticals Limited. The

property was leased out to S.R.S.Exports, represented by its

partner, Mr.S.Rajasekar Reddy, who is related to Dr.Thara

Ramamurthy. It is submitted that the abovesaid property was

given on lease, vide lease agreement, dated 5/11/1983, by

receiving, lease advance amount of Rs.12,60,000/-.

5. Bank has filed C.S.No.1072 of 1992, for recovery of the

amount due. During the pendency of the suit, M.C.Sharin

Pharmaceutical Ltd., went, on liquidation. After the Recovery

of Debts and Bankruptcy Act, 1993 came in to force, suit was

transferred, to the file of the Debts Recovery Tribunal - I,

Chennai, and was renumbered as T.A.N