Ramasamy T v. The Chairman

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 05.06.2023

CORAM:

THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and W.M.P.(MD) No.10939 of 2023 T.Ramasamy ... Petitioner -vs1.The Chairman DBS Bank India Ltd., Corporate Office 19th Floor, Express Towers Nariman Point Mumbai-400 021 2.The Authorized Officer DBS Bank India Ltd., (Erstwhile the Lakshmi Vilas Bank Ltd.,) Regional Office, Karur II Floor, Salem Main Road Kathaparai, Karur-639 006 Karur District 3.The Branch Manager DBS Bank India Ltd., (Erstwhile the Lakshmi Vilas Bank Ltd.,) Palani Branch, Dindigul District ... Respondents

PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a writ of certiorarified mandamus to call for the records of the second respondent's impugned possession notice dated 18.05.2023 and quash the same as devoid of merits and consequently direct the respondents not to take any coercive action against the petitioner's mortgaged property till the disposal of the One Time Settlement offer submitted by the petitioner dated 20.05.2023.

For Petitioner :

Mr.Ananth C.Rajesh For Respondents :

Mr.S.I.Muthaiah

O R D E R

[Order of the Court was made by R.SUBRAMANIAN, J.] In view of the fact that the Debts Recovery Tribunal, Madurai, is not manned, we are entertaining this writ petition.

2. The possession notice, dated 18.05.2023, issued by the respondent - Bank, is under challenge in this writ petition.

3. Mr.S.I.Muthaiah, learned counsel, takes notice for the respondent - Bank.

4. With the consent of both sides, this writ petition is taken up for final hearing at the admission stage itself.

5. Learned counsel for the petitioner would submit that if the petitioner is given sometime, he would liquidate the entire loan.

6. Considering the fact that the secured asset is a residential house of the petitioner and the fact that the amount due is only Rs.15,11,855/- (Rupees fifteen lakhs eleven thousand eight hundred and fifty five only), we are of the opinion that the petitioner should be given sometime to liquidate the debt. Hence, the writ petition is disposed of with the following directions:

(i) The respondent - Bank shall not take possession of the secured asset, if the petitioner pays a sum of Rs.3,11,855/- (Rupees three lakhs eleven thousand eight hundred and fifty five only) to the respondent - Bank, on or before 05.07.2023.

(ii) The balance amount of Rs.12,00,000/- (Rupees twelve lakhs only) shall be paid by the petitioner in four equated monthly installments commencing from August, 2023. The monthly instalments shall be paid on or before 05th of every succeeding month. (iii) The interest payable for the interregnum period and the other expenses shall be paid by the petitioner along with the last installment.

(iv) If there is a default in payment as directed above, the respondent - Bank can proceed further to take possession of the secured asset as well as for recovery of the amount due.

No costs. Consequently, connected miscellaneous petition is closed. [R.S.M., J.] [L.V.G., J.] 05.06.2023 NCC :

Yes / No Index :

Yes / No Internet :

Yes / No krk

R.SUBRAMANIAN, J.

and L.VICTORIA GOWRI, J.

krk and W.M.P.(MD) No.10939 of 2023 05.06.2023