Srinithi Mahalakshmi .R v. M/S. Canara Bank

O R D E R [Order of the Court was made by R.SUBRAMANIAN, J.] Mr.C.Deepak, learned Standing Counsel, takes notice for the respondent – Bank.

¶2The sale notice, dated 27.02.2023, issued by the respondent – Bank, under Rule 8(6) of the Security Interest (Enforcement) Rules, 2002, is under challenge in this writ petition.

¶3The amount due as on 01.02.2023 is Rs.3,37,09,449.40 (Rupees three crores thirty seven lakhs nine thousand four hundred and forty nine and forty paise only). Despite the fact that this Court had given an opportunity to the petitioner to liquidate the debt by granting stay subject to the condition that the petitioner pays a sum of Rs.65,00,000/- in W.P.(MD) No.1348 of 2023, the petitioner has not chosen to avail of the same.

¶4Mr.B.Rajesh Saravanan, learned counsel appearing for the petitioner, pleads inability of the petitioner to pay the due amount. He would add that he got a demand draft for Rs.20,00,000/- (Rupees twenty lakhs only) on hand, which is directed to be handed over to the learned Standing Counsel appearing for the respondent – Bank.

¶5The respondent – Bank can conduct the sale, but it shall not confirm the sale, if the petitioner pays another sum of Rs.45,00,000/- (Rupees forty five lakhs only) to the respondent – Bank, on or before 31.03.2023.

¶6The balance amount shall be paid by the petitioner in six equated monthly installments commencing from April, 2023. The monthly instalments shall be paid on or before 20th of every succeeding month.

¶7The interest payable for the interregnum period and the cost of the sale shall be paid along with the last installment.

¶8The respondent – Bank can proceed to confirm the sale, if there is a default in complying with the terms of payment as above.

¶9The respondent – Bank shall not take possession of the secured asset, if this order is complied with by the petitioner in its letter and spirit.

¶10The writ petition is disposed of with the above directions. No costs. Consequently, connected miscellaneous petition is closed.

[R.S.M., J.] [L.V.G., J.]

21.03.2023 NCC : Index : Internet :

krk R.SUBRAMANIAN , J . and L.VICTORIA GOWRI , J . krk and W.M.P.(MD) No.5763 of 2023

21.03.2023

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 21.03.2023 CORAM: THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and W.M.P.(MD) No.5763 of 2023 R.Srinithi Mahalakshmi ... Petitioner -vs- 1.M/s.Canara Bank rep.by its Branch Manager Railway Junction Branch 1st Floor, City Tower No.1 Royal Road, Cantonment Trichy, Trichy District 2.The Authorised Officer M/s.Canara Bank Railway Junction Branch 1st Floor, City Tower No.1 Royal Road, Cantonment Trichy, Trichy District ... Respondents PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a writ of certiorari calling for the records relating to impugned sale notice in Ref.SARF/1285-TFP/S/2022-23, dated 27.02.2023, issued by the second respondent and quash the same. For Petitioner : Mr.B.Rajesh Saravanan For Respondents : Mr.C.Deepak, Standing Counsel