IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 2ND SEPTEMBER 2010 / 11TH BHADRA 1932 WP(C).No. 31613 of 2009(V) -------------------------- OA.265/2004 of DEBT RECOVERY TRIBUNAL, ERNAKULAM PETITIONER(S): APPLICANT:- --------------- I.F.C.I (INDUSTRIAL FINANCE CORPORATION OF INDIA), I.F.C.I TOWERS, 61 NEHRU PALACE, NEW DELHI - 110019. REP. BY R.GOVINDAN MANAGER (LAW) BY ADV. SRI.R.SUNIL KUMAR SMT.A.SALINI LAL RESPONDENT(S): PLAINTIFF/DEFENDANTS:- --------------- 1. TRAVANCORE RAYONS LTD., RAYONPURAM, PERUMBAVOOR, ERNAKULAM. 2. INDIAN BANK (HQ), 66, RAJAJI SALAI, CHENNAI - 600001. 3. GOVERNMENT OF KERALA, REPRESENTED BY SECRETARY, INDUSTRIES DEPARTMENT, SECRETARIAT, TRIVANDRUM. 4. I.D.B.I (INDUSTRIAL DEVELOPMENT BANK OF INDIA), 115, ANNA SALAI, SAIDAPT, CHENNAI - 600015. 5. I.C.I.C.I BANK LTD(INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD) NO.1- CENOTAPH ROAD, CHENNAI - 600015. 6. INDUSTRIAL INVESTMENT BANK OF INDIA (INDUSTRIAL RECONSTRUCTION BANK OF INDIA) 19, NETAJI SUBHASH ROAD, 2ND FLOOR, P.B.NO.16, CALCUTTA - 700001. 7. LIFE INSURANCE CORPORATION OF INDIA, YOGAKSHEMA, JEEVAN BEEMA MARG, MUMBAI - 400020. BY GOVERNMENT PLEADER SRI. C.K. GOVINDAN FOR R3 ADV. SRI.S.EASWARAN FOR R7 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C. K. ABDUL REHIM, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 31613 of 2009 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 2nd day of September, 2010 JUDGMENT The limited prayer in this writ petition is for a direction for an early disposal of O.A. No.265 of 2004 pending before the Debts Recovery Tribunal, Ernakulam. 2. According to petitioner, evidence in the O.A. was completed as early as in the year 2007 and thereafter the matter was being adjourned from time to time for hearing and for disposal. The indefinite adjournment of the case is causing prejudice to the interest of the petitioner, is the submission. 3. Learned Government Pleader appearing for respondent No.3 submitted that the State Government have decided to take over respondent No.1 company and settlement of liabilities of the company will depend on the terms of a legislation proposed in this regard. Therefore, the Government had requested adjournment of the case before the Debts Recovery Tribunal, awaiting final decision of the Government in this regard. W.P.(C) No. 31613/2009 2 4. It is pertinent to note that by virtue of any order which will be passed in the O.A., only a declaration regarding rights and liabilities of the parties can be effected. Realization of amounts, if any awarded in the O.A., will always be subject to provisions of other statutes, which are relevant and applicable. Therefore, the apprehension expressed by the Government will not be taken as interdicting disposal of the matter by the Debts Recovery Tribunal. 5. Under the above circumstances, the writ petition is disposed of directing the Debts Recovery Tribunal, Ernakulam to take earnest efforts to hear and pass appropriate orders on O.A. No.265 of 2004, if recording of evidence has already been completed, on early basis, at any rate within a period of three months from the date of receipt of a copy of this judgment. C. K. ABDUL REHIM, JUDGE. mn.