K.Kavitha v. The Bank Of India

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 18.07.2023 CORAM :

THE HON'BLE MR.SANJAY V.GANGAPURWALA, CHIEF JUSTICE AND THE HON'BLE MR.JUSTICE P.D.AUDIKESAVALU K.Kavitha ..

Petitioner Vs.

1. The Bank of India Tirupur SME Branch Rep. By Chief Manager No.18, Harini Centre, Khaderpet Tirupur 641 601.

2. Shiva Mills Rep. By A.K.Jeyaprakash No.440/1B, V Elavanthi Road Kethanur Village, Palladam Taluk Tirupur 641 671.

3. N.Thirukkumaran ..

Respondents Prayer: Petition filed under Article 226 of the Constitution of India seeking a writ of Certiorari calling for the records pertaining to order passed by the Chief Judicial Magistrate, Tirupur District in Crl.M.P.No.1087/2019 dated 22.01.2020 and quash the same.

For the Petitioner : Mr.E.Omprakash Senior Counsel For Mr.K.S.Karthik Raja For the Respondents : Mr.L.Sriram For M/s. Chennal Law Firm for Respondent-1 Mr.AR.L.Sundaresan Senior Counsel For Mr.S.Arjun for Respondent-3

ORDER

(Made by the Hon'ble Chief Justice) Heard Mr.E.Omprakash, learned Senior Counsel for the petitioner, Mr.L.Sriram, learned counsel for the first respondent and Mr.AR.L.Sundaresan, learned Senior Counsel for Mr.MS.Arjun, learned counsel for the third respondent.

2. The petitioner is challenging the order passed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The property has already

been auctioned. The sale is assailed by the petitioner by filing a Securitisation Application before the Debts Recovery Tribunal and the same is pending.

3. It is submitted by learned Senior Counsel for the petitioner that the property was sold for Rs.4.40 crore. The petitioner is ready to deposit the same. The order under Section 14 of the Act be stayed.

4. According to learned Senior Counsel for the third respondent, the petitioner was directed to deposit Rs.6.50 Crore under order dated 26.08.2022 in S.A.No.820 of 2022. The petitioner failed to deposit.

5. It is submitted by learned counsel for the respondent bank that the petitioner has a remedy under Section 17 of the Act to challenge the order under Section 14 of the Act.

6. Considering all the aforesaid aspects of the matter, we are not inclined to exercise our writ jurisdiction. It is for the petitioner to avail the remedy before the appropriate forum as may be permissible under

law. In that event, all contentions of the respective parties are kept open. The interim order passed earlier in this petition shall continue for a further period of seven days from today. Needless to mention that on expiry of seven days, the protection shall come to an end.

7. The writ petition is disposed of. There will be no order as to costs. W.M.P.No.12861 of 2023 is closed.

(S.V.G., CJ.) (P.D.A., J.) 18.07.2023 Index :

Yes/No :

Yes/No kpl To The Chief Manager Bank of India Tirupur SME Branch No.18, Harini Centre, Khaderpet Tirupur 641 601.

THE HON'BLE CHIEF JUSTICE AND P.D.AUDIKESAVALU, J.

(kpl) 18.07.2023