ULLAS SEBASTIAN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The original petition is filed, inter alia, to direct the Debts Recovery Tribunal-II, Ernakulam, to consider Ext P5 application filed in SA No.195/2022, expeditiously and until such time to defer further coercive proceedings initiated against the petitioner by the respondents.

(2.) The petitioner's case is that he had availed financial assistance from the first respondent ' Bank ' by creating an equitable mortgage. Due to reasons beyond his control, he could not pay the instalments on time. The Bank has classified the loan account as non-performing asset and has proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'Act'). Challenging the action of the respondents, the petitioner has preferred SA No.195/2022 before the Tribunal. Along with the Securitisation Application, the petitioner has preferred ID No.4570/2023 (Ext P5) to stay all further proceedings pursuant to the Advocate Commissioner's notice. The petitioner prays that the Tribunal may be directed to consider and dispose of Ext P5 expeditiously. Hence, the original petition.

(3.) When the original petition came up for consideration on 28/3/2023, on the fervent plea made by the learned counsel appearing for the petitioner that the petitioner's mother expired and the religious rituals are to be conducted in the secured asset, this Court directed the respondents to defer dispossession of the petitioner's property for a period of one week. It was made clear that the petitioner would be at liberty to move the Tribunal and secure orders on Ext P5 application.