IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 18TH JUNE 2008 / 28TH JYAISHTA 1930 WP(C).No. 18303 of 2008(D) ---------------------------------- PETITIONER: ---------------- SHREE VIDYADHIRAJA VIDYA SAMAJAM, REGISTERED CHARITABLE SOCIETY WITH HEADQUARTERS AT EAST ALUMMOODU BUNGALOW CHETTIKULANGARA, THIRUVANANTHAPURAM -1. REP. BY ITS SECRETARY DR. T.P. SANKARANKUTTY NAIR. BY ADV. SRI.SANTHAN V.NAIR RESPONDENTS: ------------------ 1. UNION OF INDIA, REP. BY THE SECRETARY (FINANCE - BANKING), MINISTRY OF FINANCE, NORTH BLOCK, NEW DELHI. 2. THE CHIEF GENERAL MANAGER, STATE BANK OF INDIA, KERALA CIRCLE, THIRUVANANTHAPURAM -33. 3. THE AUTHORISED OFFICER, STRESSED ASSETS RESOLUTION CENTRE (SARC), STATE BANK OF INDIA, KERALA CIRCLE, THIRUVANANTHAPURAM - 33. 4. THE BRANCH MANAGER, STATE BANK OF INDIA, VELLAYAMBALAM (ALTHARA) BRANCH, THIRUVANANTHAPURAM -10. BY SRI. P.V. SURENDRANATH, SC FOR SBI SRI. P. PARAMESWARAN NAIR, ASST. SOLICITOR GENERAL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.18303 OF 2008 ---------------------------------------- Dated this the 18th day of June, 2008 JUDGMENT The petitioner claiming to be the Secretary of the Shree Vidyadhiraja Vidya Samajam, challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act on the ground that some members of the Samajam, which is represented by the petitioner have in collusion with the manager of the 1st respondent bank defrauded the Samajam by creating records to the effect that crores of rupees have been advanced as loan to the Samajam. According to the petitioner, in respect of the same, criminal proceedings are pending against both persons,who have availed of the loan and the then bank manager. There are also suits pending between the members of the managing committee of the Samajam as to who is entitled to be the members of the Samajam and office bearers thereof. 2. The petitioner's grievance now in this writ petition is W.P.9c)No.18303/08 2 that the bank is initiating proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which according to the petitioner is unjustified in so far as the Samajam has not received any loan amounts and it is the individuals who have taken the money in collusion with the bank manager who are liable. I am of opinion that these are matters which require evidence. I cannot decide whether the Samajam has received the loan amount or not without taking evidence, which cannot be done in these proceedings. If the petitioner has got a contention that no amount by way of loan has been received by the Samajam, the Samajam has to file a suit against the persons, who received the money and the bank for appropriate reliefs alleging and proving fraud, by which only appropriate reliefs can be obtained by the petitioner. Therefore, without prejudice to the right of the petitioner to file a suit, this writ petition is dismissed. S. SIRI JAGAN, JUDGE Acd W.P.9c)No.18303/08 3