M/S. Peri Educational And Charitable Trust v. The Debt Recovery Appellate Tribunal
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 22.02.2023 CORAM :
THE HON'BLE MR.T.RAJA, ACTING CHIEF JUSTICE AND THE HON'BLE MR.JUSTICE D.BHARATHA CHAKRAVARTHY and W.M.P.No.5318 of 2023 PERI Educational and Charitable Trust rep. by its Chairman, Saravanan Periasamy New No.4, 45th Street, 9th Avenue Ashok Nagar, Chennai - 600 083.
.. Petitioner Vs
1. The Debt Recovery Appellate Tribunal Shastri Bhavan, Haddows Road Chennai - 600 006.
2. Indian Overseas Bank Irungattukottai Branch Large Advances Branch SIPCOT Industrial Park Irungattukottai, Sriperumbudur Kanchipuram - 602 117.
.. Respondents Prayer: Petition filed under Article 226 of the Constitution of India seeking issuance of a writ of mandamus directing the first respondent to dispose of I.A.No.338 of 2022 in AIR No.86 of 2022 and I.A.No.339
of 2022 in AIR No.87 of 2022 and all other connected applications filed in the said appeals by the petitioner.
For the Petitioner : Mr.S.R.Rajagopal Senior Counsel for Mr.L.Murali Krishnan For the Respondents : Ms.Anantha Gomathy assisted by Mr.Senthur for 2nd respondent
ORDER
(Order of the court was made by the Hon'ble Acting Chief Justice) PERI Educational and Charitable Trust, represented by its Chairman, has filed this writ petition seeking issuance of a writ of mandamus directing the Debt Recovery Appellate Tribunal/first respondent to dispose of I.A.No.338 of 2022 in AIR No.86 of 2022 and I.A.No.339 of 2022 in AIR No.87 of 2022 and all other connected applications filed in the said appeals by the petitioner expeditiously.
2. Mr.S.R.Rajagopalan, learned Senior Counsel appearing on behalf of the petitioner, would submit that the petitioner/trust is running an Engineering College in the name of "PERI Institute of
Technology" at Mannivakkam Village, Chengelpet District. In an effort to expand the college by making additional construction of buildings, the petitioner availed four term loans, apart from one overdraft loan, from the second respondent/bank during the period from 23.2.2011 to 31.3.2017 to the tune of Rs.48.43 crore. It is further submitted that the petitioner had repaid a sum of Rs.6.75 crore and, thereafter, on a challenge to the possession notice issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the petitioner had deposited a further sum of Rs.1 crore in compliance of the conditional order passed by the Debts Recovery Tribunal.
It is also submitted that the second respondent sold away one of the properties of the petitioner at Coimbatore and realised Rs.4.17 crore. Since the challenge to the possession notice was disallowed by the Debts Recovery Tribunal-II, Chennai, despite the aforesaid payments made, the petitioner approached the Debt Recovery Appellate Tribunal, Chennai.
hardship to the petitioner. Hence, the petitioner has been advised to file this writ petition.
3. Mr.S.R.Rajagopalan, learned Senior Counsel appearing for the petitioner, would further submit that the petitioner is interested in giving a quietus to the matter and if the application of the petitioner seeking waiver and all other connected applications which are pending before the Appellate Tribunal are considered expeditiously, the dispute which is pending before the Debts Recovery Tribunal from 2019 and before the Debt Recovery Appellate Tribunal from 2022 can be resolved.
4. Ms.Anantha Gomathy, learned counsel appearing on behalf of the second respondent/bank, has no objection for early disposal of the applications filed by the petitioner before the Debt Recovery Appellate Tribunal, Chennai.
5. Considering the submission of learned Senior Counsel appearing for the petitioner that the petitioner is willing to give a
quietus to the matter after getting the benefit of waiver, if they are so entitled to, we direct the Debt Recovery Appellate Tribunal, Chennai, to dispose of I.A.No.338 of 2022 in AIR No.86 of 2022 and I.A.No.339 of 2022 in AIR No.87 of 2022 and all other connected applications filed in the said appeals by the petitioner within a period three months from the date of receipt of a copy of this order. There will be no order as to costs. Consequently, connected miscellaneous petition is closed.
(T.R., ACJ.) (D.B.C., J.) 22.02.2023 Index :
No No sasi To:
1. The Debt Recovery Appellate Tribunal Shastri Bhavan, Haddows Road Chennai - 600 006.
2. The Branch Manager Indian Overseas Bank Irungattukottai Branch Large Advances Branch SIPCOT Industrial Park Irungattukottai, Sriperumbudur Kanchipuram - 602 117.
THE HON'BLE ACTING CHIEF JUSTICE AND D.BHARATHA CHAKRAVARTHY, J.
(sasi) and W.M.P.No.5318 of 2023 22.02.2023