M/S.Sri Kandhan Rugs Exports v. The Authorized Officer,

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATE : 28.07.2016

CORAM

THE HONOURABLE MR. JUSTICE HULUVADI G.RAMESH AND THE HONOURABLE MR. JUSTICE M.V.MURALIDARAN W.P. NO. 22193 OF 2016 AND W.M.P. NOS. 18936 & 18937 OF 2016 M/s. Sri Kandhan Rugs Exports (P) Ltd.

149, Palaniandavar Koil Street Bhavani - 638 301, rep. By its Managing Director G.Sadaiyaraj .. Petitioner - Vs -

1. The Authorised Officer State Bank of India Stressed Assets Recovery Branch No.377/1, Dr.Nanjappa Road N.S.Palaniappa Nursing Home Backside Coimbatore - 18.

2. State Bank of India rep. By its Branch Manager SME Branch Bhajanai Koil Street Bhavani 638 301.

3. The District Collector/District Magistrate Erode District, Erode.

4. The Debts Recovery Appellate Tribunal IV Floor, No.55, Ethiraj Salai Chennai.

5. The Presiding Officer Debts Recovery Tribunal IV Floor, Kalyani Tower Melur Road, Madurai.

.. Respondents Writ petition filed for the issuance of a writ of certiorari to call for the records pertaining to the order dated 21.06.2016 made in I.A. No.1212 of 2016 in S.A. No.225 of 2016 on the file of the 5th respondent and quash the same.

For Petitioner : Mr. Jayesh B.Dolia for M/s. Aiyar & Dolia For Respondents : Mrs. A.Srijayanthi, Spl. GP for R-3

ORDER

(DELIVERED BY HULUVADI G.RAMESH, J.) This petition has been filed by the petitioner praying this Court to call for the records pertaining to the order dated 21.6.2016 made in I.A. No.1212 of 2016 in S.A. No.225 of 2016 on the file of the 5th respondent and quash the same.

2. When the matter was initially taken up on 28.6.2016, this Court directed maintenance of status quo for a period of 8 weeks subject to the condition that the petitioner deposits a sum of Rs.1 Crore (Rupees One Crore only) within a period of four weeks from the date of receipt of a copy of the order, failing which the interim order would stand automatically vacated.

3. Even at initial stage, the petition was entertained only to extend the time to the petitioner for complying with the requirement of the SARFAESI Act by paying the prescribed amount so as to enable the petitioner to safeguard its property. However, when the matter is taken up today, it is informed that the petitioner has not shown their bona fides by complying with the conditional order of deposit passed by this Court. In the above circumstances, this Court is of the considered view that there is no point in entertaining the writ petition and granting more time to the petitioner for depositing the amount due to the bank.

4. Accordingly, finding no merit, this writ petition stands dismissed. It is open to the petitioner to work out his remedies elsewhere, if so advised. Consequently, connected miscellaneous petitions are also dismissed. However, there shall be no order as to costs.

Sd/- Assistant Registrar(CS VII) //True Copy// Sub Assistant Registrar GLN

To

1. The Authorised Officer State Bank of India Stressed Assets Recovery Branch No.377/1, Dr.Nanjappa Road N.S.Palaniappa Nursing Home Backside Coimbatore - 18.

2. The Branch Manager State Bank of India SME Branch Bhajanai Koil Street Bhavani 638 301.

3. The District Collector/District Magistrate Erode District, Erode.

4. The Debts Recovery Appellate Tribunal IV Floor, No.55, Ethiraj Salai Chennai.

5. The Debts Recovery Tribunal IV Floor, Kalyani Tower Melur Road, Madurai.

+1cc to M/s. Aiyar & Dolia, Advocate, S.R.No.42825 GJ(CO) EU(31/08/2016) W.P. NO. 22193 OF 2016