Venkateshwaran v. The Regional Director
BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 30.11.2023 CORAM :
THE HONOURABLE MR.SANJAY V.GANGAPURWALA, CHIEF JUSTICE and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and W.M.P(MD)Nos.10185, 10187, 10191 of 2022 and W.M.P(MD)Nos.10278, 10280 , 10282 of 2022 W.P(MD)No.14256 of 2022:
Venkateshwaran ... Petitioner Vs.
1.The Regional Director, Reserve Bank of India, Department of Banking Supervisor, For Clacis, No.16, Rajaji Salai, Chennai - 01.
2.The Authorized Officer, No.34, Sri Nithyakalyani Towers, Krishnarayar Tank, North Velii Street, Madurai District.
3.The Authorized Officer, Opposite to Convenent, Theni Alli Nagaram, Theni - 31.
... Respondents
PRAYER : Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorarified Mandamus to call for the entire records, in relating to the entire recovery proceedings, including the impugned notices dated 21.06.2022 of the third respondent in respect of the loan Account Numbers: 83194191, 8319492, 8319493, 83194186, 83194190, 83194187, 38194189, 83194197, 83194199 and to quash the same and consequently, to return back the petitioner's buses, which were secured assets to the above loans and further to direct the respondents to revive the petitioner's above loan accounts, so as to enable him to settle the above loans. W.P(MD)No.14256 of 2022:
Thirumal Alagu Travels, Represented by its, Proprietor, Venkateshwaran ... Petitioner Vs.
1.The Regional Director, Reserve Bank of India, Department of Banking Supervisor, For Clacis, No.16, Rajaji Salai, Chennai - 01.
2.The Authorized Officer, No.34, Sri Nithyakalyani Towers, Krishnarayar Tank, North Velii Street, Madurai District.
3.The Authorized Officer, Opposite to Convenent, Theni Alli Nagaram, Theni - 31.
... Respondents PRAYER : Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorarified Mandamus to call for the entire records, in relating to the entire recovery proceedings, including the impugned notices dated 21.06.2022 of the third respondent in respect of the loan Account Numbers: 83244077, 83244082, 83244076 & 83244084 and to quash the same and consequently, to return back the petitioner's buses, which were secured assets to the above loans and further to direct the respondents to revive the petitioner's above loan accounts, so as to enable him to settle the above loans. (In Both W.Ps) For Petitioner : Mr.M.S.Jeyakarthik For R-1 : No Appearance For R-2 & R-3 : Mr.A.Anbalagan COMMON ORDER [Order of the Court was made by The Hon'ble CHIEF JUSTICE] Heard the learned counsel on either side.
2. The petitioner is challenging the recovery notices issued by the respondent bank.
3. The learned counsel for the petitioner submits that without resorting to the provisions of law, the respondent bank in a high-handed manner, has repossessed 12 tourist buses of the petitioner.
4. The learned counsel for the respondent bank relies upon Section 172 and 176 of the of the Indian Contract Act, 1872, to submit that the buses were hypothecated with the respondent bank and the respondent bank has exercised its right under Section 176 of the Indian Contract Act, 1872.
5. The learned counsel for the respondent emphatically states that on 18.06.2022, the buses re-possessed have been auctioned and sold.
6. The respondent bank shall give the details of the auction to the petitioner within a period of fifteen days from today. Upon receipt of the details, it is open to the petitioner to take steps as may be
permissible under law and before the appropriate forum. In that event, all the contentions of the respective parties are kept open.
7. The writ petitions are accordingly disposed of. No Costs. Consequently, connected miscellaneous petition is closed. [S.V.G., C.J.] [L.V.G., J.] 30.11.2023 Index : Yes / No PM
THE HONOURABLE CHIEF JUSTICE and L.VICTORIA GOWRI , J.
PM W.P(MD)Nos.14256 and 14383 of 2022 30.11.2023