SHARAFUDHEEN Vs. SOUTH INDIAN BANK LTD

JUDGEMENT

(1.) The writ petition is filed to quash Ext.P3 notice issued by the respondents.

(2.) The petitioner's case is that, he is the rightful owner of a property belonging to his mother and his brothers. The petitioner along with other owners have made personal investments in the property. The petitioner's father had availed financial assistance from the Kerala Financial Corporation (in short, 'KFC'). Thereafter, the respondent bank took over the Kerala Financial Corporation. Due to unprecedented floods and the Covid-19 pandemic, the petitioner and co-owners could not repay the loan amount. The bank has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, 'Act'). Now, an Advocate Commissioner has issued Ext.P3 notice under Sec. 14 of the SARFAESI Act, which is unjustifiable and illegal.

(3.) Heard; Smt.Maitreyi Sachchidananda Hedge, the learned Counsel appearing for the petitioner and Sri.Mohan Jacob George, the learned Counsel appearing for the respondents.