Mary Stella Bai v. The Debts Recovery Tribunal

O R D E R [Order of the Court was made by S.S.SUNDAR, J.] Mr.Veera Pandian, learned counsel representing M/s.Vast Law Associates, takes notice for the second respondent – Bank.

¶2With the consent of both sides, this writ petition is taken up for final hearing at the admission stage itself.

¶3This writ petition is filed challenging the order dated

30.05.2023, passed in Crl.M.P.No.5410 of 2023, by the learned Chief Judicial Magistrate, Nagercoil, under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

¶4Though the petitioner has an effective alternative remedy of approaching the Debts Recovery Tribunal, since the Presiding Officer of the Tribunal is on leave and that the respondent – Bank had already taken possession of the secured asset, the petitioner is before this Court.

¶5Learned counsel for the petitioner would submit that the petitioner is prepared to pay 30% of the amount due to the respondent – Bank, if they are willing to hand over the possession of the secured asset to the petitioner. The amount due as on date is around Rs.76 lakhs.

¶6Learned counsel appearing for the respondent – Bank would submit that the respondent – Bank has no serious objection to hand over the possession of the secured asset, if the petitioner pays a substantial amount to reduce the liability.

¶7In such circumstances, this writ petition is disposed of in the following lines:

(i) On condition that the petitioner pays a sum of Rs.23 lakhs out of the amount due within a period of eight weeks from today, the respondent – Bank is directed to hand over the possession of the secured asset to the petitioner.

(ii) In case the petitioner fails to pay the amount as directed above, it is open to the respondent – Bank to proceed further in accordance with law.

(iii) It is open to the petitioner to submit a representation to the respondent – Bank for one time settlement or for any other concession, in the meanwhile.

(iv) If any representation is submitted, the same may also be considered by the respondent – Bank in accordance with law, within a reasonable time.

(v) No costs. Consequently, connected miscellaneous petitions are closed.

[S.S.S.R., J.] [D.B.C., J.]

21.08.2023 NCC : Index : Internet :

krk To: The Chief Judicial Magistrate, Nagercoil. S.S.SUNDAR , J . and D.BHARATHA CHAKRAVARTHY , J . krk and W.M.P.(MD) Nos.16673 & 16674 of 2023

21.08.2023

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 21.08.2023 CORAM: THE HONOURABLE MR.JUSTICE S.S.SUNDAR and THE HONOURABLE MR.JUSTICE D.BHARATHA CHAKRAVARTHY and W.M.P.(MD) Nos.16673 & 16674 of 2023 Mary Stella Bai ... Petitioner -vs- 1.The Debts Recovery Tribunal IV Floor, Kalyani Tower Melur Road, Madurai 2.The Authorized Officer LIC Housing Finance Ltd., Nagercovil Branch 132, 1st Floor, Near Jumma Mosque M.S.Road, Vadasery Nagercoil Kanyakumari District ... Respondents PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a writ of certiorari calling for the records pertaining to the impugned order dated 30.05.2023 in Criminal Miscellaneous Petition No.5410 of 2023, passed by the Chief Judicial Magistrate, Nagercovil, on the petition filed by the second respondent Bank under Section 14 of the SARFAESI Act, 2002 for the subject property and quash the same. For Petitioner : Mr.T.Thevan For Respondents : R1 – Tribunal Mr.Veera Pandian for M/s.Vast Law Associates for R2