M/S. Avs Central School v. Authorised Officer

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 11.03.2024 CORAM :

THE HON'BLE MR.SANJAY V.GANGAPURWALA, CHIEF JUSTICE AND THE HON'BLE MR.JUSTICE D.BHARATHA CHAKRAVARTHY

1. M/s.AVS Central School Rep. by its Authorised Signatory SF No.309/3, 5 AVS Gardens Ettiveerampalayam Village, Tiruppur - 641 666.

2. M/s.Maragatham Palaniswami Educational Trust Rep. by its Authorised Signatory SF No.309/3, 5 Avs Gardens Ettiveerampalayam Village, Tiruppur - 641 666.

3. Nandakumar

4. Devi Shree ..

Petitioners Vs.

1. Authorised Officer M/s.Varthana Finance Private Limited Varasiddhi, 3rd Floor, Outer Ring Road Service Road, 3rd Block, IIRBR Layout Bangalore - 560 043.

2. M/s.Varthana Finance Private Limited Rep. by its Manager No.130, 2nd Floor, Sastri Road, Ram Nagar Coimbatore - 641 009.

3. The Registrar Debts Recovery Tribunal Coimbatore.

..

Respondents Prayer: Petition filed under Article 226 of the Constitution of India seeking a writ of certiorari, calling for the records relating to the proceedings of the 3rd respondent dated 07.02.2024 made in IA.No.434 of 2024 in SA.No.95 of 2024, quash the same insofar as imposing a condition to pay Rs.1,12,50,000/- on or before 06.03.2024 and another sum of Rs.1,12,50,000/- on or before 03.04.2024 quash the same.

For the Petitioner : Mr.M.Devaraj

ORDER

(Made by the Hon'ble Chief Justice) Heard Mr.M.Devaraj, learned counsel for the petitioners.

2. We do not find that the order passed by the learned Presiding Officer, Debts Recovery Tribunal is an unreasonable one. The amount of Rs.5.67 crores (Rupees Five Crores and Sixty Seven Lakhs Only) is outstanding against the petitioners. The petitioners challenged the order passed under Section 14 of the Securitization and Reconstruction

of Financial Assets and Enforcement of Security Interest Act, 2002 before the Debts Recovery Tribunal. The Debts Recovery Tribunal, under its order dated 07.02.2024, directed the present petitioners to deposit a sum of Rs.1,12,50,000/- (Rupees One Crore Twelve Lakhs and Fifty Thousand Only) on or before 06.03.2024 and another sum of Rs.1,12,50,000/- (Rupees One Crore Twelve Lakhs and Fifty Thousand Only) on or before 03.04.2024.

3. Learned counsel for the petitioners submits that more than Rs.1 crore was deposited by the petitioners in January, 2024. The said aspect is not considered. There are other grounds raised by the petitioners. The students are studying in the school.

4. We are not impressed by the aforesaid arguments. The students can be accommodated in another school. Moreover, the petitioners are not ready to even comply the order of payment of the first instalment of Rs.1,12,50,000/- (Rupees One Crore Twelve Lakhs and Fifty Thousand Only) within two weeks from today.

5. In view of the above, we do not find any bonafides on the part of the petitioners. As such, no relief can be granted to the petitioners. The writ petition, accordingly, stands dismissed. There shall be no order as to costs. Consequently, W.M.P.No.6996 of 2024 is closed. W.M.P.No.6994 of 2024, petition filed to permit the petitioners to file a single writ petition is allowed, inasmuch as they have paid separate set of court fees.

(S.V.G., CJ.) (D.B.C., J.) 11.03.2024 Index :

Yes/No :

Yes/No drm

To

1. The Registrar Debts Recovery Tribunal Coimbatore.

THE HON'BLE CHIEF JUSTICE AND D.BHARATHA CHAKRAVARTHY, J.

(drm) 11.03.2024