M/S.Moondrezhuthu Mahal v. The Catholic Syrian Bank
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 24.06.2024 CORAM :
THE HON'BLE MR. JUSTICE S.S.SUNDAR AND THE HON'BLE MR.JUSTICE N.SENTHILKUMAR
1. M/s Moondrezhuthu Mahal rep.by its Proprietor Mr.D.Thulasidass D.No.40, NH 46 Road (Chennai - Bangalore Road) V C Mootur, Vannivedu, Walaja Taluk Vellore 632 401
2. Mr.D.Thulasidass
3. Mrs.T.Sridevi ..
Petitioners v.
1. The Catholic Syrian Bank rep by its Authorized Officer & Chief Manager Post Box No.1069, Rani Seethai Hall 7th Floor, 603, Anna Salai Chennai 600 006
2. The Catholic Syrian Bank Assets Recovery Branch rep by its Chief Manager Post Box No.1069, Rani Seethai Hall 7th Floor, 603, Anna Salai Chennai 600 006 ..
Respondents
Writ Petition filed under Article 226 of the Constitution of India, praying for issuance of a Writ of Mandamus to forbear the respondents from any way invoking Section 14 of the SARFAESI Act in respect of the schedule property consequently direct the respondent to consider the petitioner request for one time settlement for Loan A/c Nos.0200-03423339640001 & 0200-03423339-690001. For Petitioners ::
Mrs.Selvi George for Mrs.Catherine Martin
ORDER
(Order of the Court was made by S.S.SUNDAR,J.) W.M.P.No.17103 of 2024 seeking to permit the petitioners to file a single writ petition stands allowed.
2. This writ petition is filed for issuance of a mandamus to forbear the respondents from invoking Section 14 of the SARFAESI Act in respect of the schedule property and consequently direct the respondent to consider the petitioner's request for one time settlement.
3. The learned counsel appearing for petitioners states that the
petitioners, though borrowed a loan of Rs.2,78,00,000/- in 2014-15, the total liability as on date is around Rs.1,17,00,000/- as per the possession notice issued in March, 2024. The learned counsel states that the entire loan was for the purpose of establishing the marriage hall and that the petitioners, though were suffering due to Covid, have gained business and the position of the petitioners today will convince any prudent bank that they are capable of discharging the liability without any difficulty. Therefore, the only grievance expressed by the petitioners is that the respondents have issued the notice under Section 13(4) and that the next step that would follow is to seek physical possession by filing an application before the Debts Recovery Tribunal under Section 14 of the SARFAESI Act. Hence the petitioners have filed the present writ petition seeking to forbear the respondents from proceeding further and to consider their request for one time settlement.
4. This Court is unable to consider the said submissions, as the petitioners have to avail the alternative remedy of approaching the Debts Recovery Tribunal. However, since the petitioners are optimistic of discharging the entire liability in view of the subsequent changes, it will be
appropriate for the petitioners to approach the respondents requesting for rescheduling the loan or for one time settlement. Therefore, the petitioners are permitted to submit a fresh representation to the respondents either for one time settlement or for repayment of the loan by furnishing particulars/projections about the financial stability or improvement of the petitioners to the satisfaction of the Bank within a period of two weeks from the date of receipt of a copy of this order. On receipt of representation from the petitioners within the stipulated time, the respondents shall consider the same on merits and communicate the decision to the petitioners within a period of twelve weeks therefrom. Till such time the respondents pass an order on the representation of the petitioners and communicate the same to the petitioners, there shall not be any coercive action against the immovable properties of the petitioners. The writ petition stands disposed of. Index : yes/no (S.S.S.R.,J.) (N.S.,J.) 24.06.2024 ss To
1. The Authorized Officer & Chief Manager Catholic Syrian Bank Post Box No.1069, Rani Seethai Hall 7th Floor, No.603, Anna Salai Chennai 600 006
2. The Chief Manager Catholic Syrian Bank Assets Recovery Branch Post Box No.1069, Rani Seethai Hall 7th Floor, No. 603, Anna Salai Chennai 600 006
S.S.SUNDAR,J.
AND N.SENTHILKUMAR,J.
ss 24.06.2024