K KARUNAKARAN Vs. CHIEF MANAGER

JUDGEMENT

(1.) (Order of the Court was delivered by ) The petitioners are the workmen of the third respondent. They raised industrial disputes before the Labour Court at Coimbatore in I.D.Nos.142 to 147 of 2001 against the termination of their service. The Labour Court has passed an award holding that the termination of the petitioners-workmen is illegal and unjustified and ordered the reinstatement with 50% of backwages and other benefits vide judgment dated 24.8.2006. The workmen, after getting such an order, approached the third respondent-Management seeking for reinstatement and also backwages. They also issued legal notices in this regard. Since the above said award of the Labour Court has not been complied with, the petitioners-workmen filed Claim Petitions in C.P.Nos.215 to 220 of 2008 for computation of the money value of benefits. The Labour Court, vide order dated 19.11.2008, had computed the money value of the benefits for each of the petitioners to be paid by the third respondent upto 30.4.2008.

(2.) Subsequently, in respect of the loans availed by the third respondent which has not been paid on due dates, the first respondent had initiated action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, "the SARFAESI Act") and also brought the properties for auction on 6.6.2010.

(3.) The grievance of the petitioners is that in the event of the properties being sold, they will be left with no other remedy or security to be proceeded with to realise the amount which has been computed as per the order dated 19.11.2008 made in C.P.Nos.215 to 220 of 2008. Learned counsel for the petitioners would submit that if the first respondent-bank is allowed to proceed with the auction of the properties, they will be left with no other remedy and they will be put to grave hardship and irreparable loss.