SIBI N K Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) The petitioner, who is Class A Contractor approved by the Government of Kerala, has filed this OP(DRT) seeking to set aside Ext.P2 order passed by the Debts Recovery Tribunal-I, Ernakulam. The petitioner also seeks to declare that the respondent cannot proceed with Ext.P3 notice, since the properties are agricultural in nature.

(2.) The petitioner obtained KCC Loan of Rs.10.00 lakhs and a Housing Loan of Rs.30.00 lakhs. Due to Covid-19 pandemic, the petitioner's contract works suffered. Huge amounts are due to the petitioner from the Public Works Department.

(3.) While so, the Bank invoked Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. When the Bank issued possession notice, the petitioner filed SA No.203/2023 before the Debts Recovery Tribunal, Ernakulam. Before the Debts Recovery Tribunal, the petitioner contended that the property being proceeded against is agricultural in nature and hence the property cannot be taken possession of or sold invoking the Act, 2002. The Debts Recovery Tribunal, however, dismissed the SA as per Ext.P2 order.