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2009 DIGILAW 94 (KER)

T. R. Valsala, D/o. Rosily v. State Bank of India

2009-02-03

J.B.KOSHY, V.GIRI

body2009
Judgment :- Koshy, Ag. C.J. The appellants/petitioners are guarantors to the loan taken by the 5th respondent. When action was initiated against the appellants under the SARFAESI Act and they were about to be physically dispossessed from the residential house, they approached this court. 2. Learned single Judge directed them to deposit an amount of Rs.15 lakhs within a period of two weeks from the date of that judgment and further ordered that if that amount is deposited, physical dispossession will stand deferred for a period of four months, so that the appellants/petitioners can approach the Debt Recovery Tribunal within the said period. 3. The appellants approached the Debt Recovery Tribunal within four months. It is also stated that as per Ext.P5, the total amount due, as on 9.2007, was only Rs.15,55,201/-. 4. After the judgment, the bank proceeded against the 5th respondent and seized certain movable articles belonging to him, worth Rs.17 lakhs. If the amount can be realised from the 5th respondent, the appellants will not be liable to pay any amount. 5. All these contentions can be raised before the Debt Recovery Tribunal. The bank also should consider whether the amount can be recovered from the 5th respondent himself including by way of sale of the movables seized from the 5th respondent. Now, the Debt Recovery Tribunal has started sitting in Kochi. 6. It is now stated that the appellants have filed a petition, as S.A.No.216/08, before the Debt Recovery Tribunal. It is for the Debt Recovery Tribunal to decide whether the proceedings against the appellants should be continued or not, if the amount, as directed by this court, has been deposited by them. Those are all matters that can be decided in the petition filed before the Debt Recovery Tribunal. Therefore, the appellants can approach the Debt Recovery Tribunal. The Debt Recovery Tribunal is directed to dispose of the application within three weeks from today. Till the Debt Recovery Tribunal decides the matter, the proceedings against the appellants herein shall stand suspended. The Debt Recovery Tribunal shall decide the matter untrammelled by the observations contained in the judgment of the learned single Judge. Writ appeal is disposed of as above.