JIMMY THOMAS Vs. INDIAN BANK

JUDGEMENT

(1.) These cases have been filed, challenging the interim orders of the Debts Recovery Tribunal (hereinafter referred to as 'the Tribunal') in separate Securitisation Applications filed under Sec. 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act' or as the 'SARFAESI Act'). The petitioners contend that the Tribunal mechanically issued orders on the interlocutory applications filed in the respective Securitisation Applications without paying any heed to the contentions raised, and completely disregarding the well-settled principles governing the consideration of an application for ad-interim relief. It is contended in the main that there is a gross failure to exercise a jurisdiction vested in the Tribunal properly, warranting this Court's interference.

(2.) I have heard Sri. K.K Chandran Pillai, Learned Senior Advocate, and Advocates Sri. P.Binod, Sri. C.S Ullas and Sri. S.S Aravind for the Petitioners in these cases and Sri. P.C Sasidharan, Sri.S.Easwaran and Sri Sunil Shankar for the contesting respondents (Banks/the Financial Institutions).

(3.) It is not necessary to examine the merits of the contentions raised before the Tribunal, in any great detail, for the consideration of the issue arising in these cases. However those contentions are to be noticed, in brief, only to consider whether there was non-application of mind and a failure by the Tribunal to exercise the jurisdiction vested in it in a proper and judicious manner. The contentions (in brief) raised before the Tribunal in each of these cases are set out below:-