DEVI KARUMARIAMMAN Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) Though notice had been directed to be issued in this matter by a pre-pandemic order of 13.11.2019, the relevant order did not indicate why it was necessary to even receive the petitions ahead of the regular appellate remedy available to the writ petitioners.

(2.) The story is the usual, though everyone tries to give a different twist to the same. The petitioners have defaulted in repaying the credit facilities obtained from the respondent secured creditors. That is nothing unusual. In fact, it is a trait of the upwardly mobile in this country. The petitioners blame the myriad other happenings in the cosmos as having impeded their endeavour to honour the transactions with the secured creditors. The secured creditors claim that a sum in excess of Rs.200 crore is due and owing, though the certificate issued by the Debts Recovery Tribunal is for an amount in excess of Rs.130 crore only.

(3.) It is more likely than not that steps taken by the secured creditors under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 have been successfully warded off by citing the mere pendency of the petitions in this Court. More than 16 months has been spent without the matter being taken up after the initial date.