JAYA RAJU Vs. AUTHORISED OFFICER & CHIEF MANAGER

JUDGEMENT

(1.) HEARD the learned counsel for the petitioners and also the learned standing counsel appearing for the Bank.

(2.) PETITIONERS availed of a loan of Rs.20,00,000.00 from the respondent Bank. As security thereof, immovable property belonging to the first petitioner was mortgaged. Default was committed and SARFAESI proceedings were initiated. Thereupon the first petitioner filed SA 502/12 before the Debts Recovery Tribunal, Ernakulam. In that SA, first petitioner filed IA 1724/12. In that IA, Ext.P4 order was passed requiring remittance of Rs.10,00,000.00. Subsequently, first petitioner filed IA 2026/12 seeking modification of Ext.P4. In that IA, Ext.P5 order was passed. By this order, Tribunal required payment of Rs.2,50,000.00 on or before 5/8/2012, Rs.1,00,000.00 on or before 31/8/2012 and Rs.1,00,000.00 on or before 29/9/2012. It was also ordered that the remaining arrears should also be cleared together with the monthly instalments due. Although belatedly Rs.2,50,000.00 was paid, this order has not been complied with. Thereafter when attempt to extend the time specified in Ext.P5 failed, this writ petition has been filed.

(3.) SUBMISSIONS made by the petitioners and the learned standing counsel appearing for the respondents show that the Bank was entirely justified in the action. Admittedly petitioners are defaulters. They have also not complied with the order passed by the Tribunal. In such circumstances, Bank was entitled to take coercive action and this Court will not be justified in interfering with the matter in any manner.