JOSEPH THOMAS Vs. AXIS BANK

JUDGEMENT

(1.) THESE writ petitions have been filed by a common petitioner and respondents in the writ petition are also common. According to the petitioner, he is a guarantor of loans availed of by three different proprietory concerns from the first respondent bank. According to the bank, the total liability due to the bank is more than Rs.22 crores. Default was committed in paying the amount due to the bank. Therefore, SARFAESI proceedings were initiated against the secured assets.

(2.) PARTIES approached the Debt Recovery Tribunal and the Tribunal rejected their application. Thereupon, the appeals were filed and the Appellate Tribunal passed a conditional order of stay. The conditions were not complied with. In such circumstances, bank obtained an order from the Chief Judicial Magistrate Court, Kottayam under Section 14 of the Act. The Advocate Commissioner appointed by the Court issued notices proposing to take over possession of the secured assets. It was at that stage, these writ petitions were filed.

(3.) I heard the learned counsel appearing for the respondents and considered their objections also.