SUDHEESH P A Vs. STATE OF KERALA

JUDGEMENT

(1.) The petitioners in WP(C) No. 14834/2013 have already moved the Debts Recovery Tribunal in S.A. No. 640/2010 under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.

(2.) The Indian Overseas Bank contends that they were forced to initiate proceedings under the Kerala Revenue Recovery Act in view of the interdict of the Tribunal. The bank however concedes that they are prepared to hold up the revenue recovery proceedings in case the Securitisation Application is expedited by the tribunal. It has therefore become unnecessary to consider the legality or otherwise of the revenue recovery proceedings initiated to recover the loan by the bank.

(3.) The petitioner in WP(C) No. 14981/2013 is yet another partner of the firm - M/s. Fortune Communications - who has not been impleaded in S.A. No. 640/2010. It is open to him to get himself impleaded in the Securitisation Application to which course the bank has no objection whatsoever. The petitioners in WP(C) No. 14834/2013 also undertake to implead the other partners of the firm in the Securitisation Application.