IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 18TH AUGUST 2011 / 27TH SRAVANA 1933 WP(C).No. 25550 of 2008(N) -------------------------- SA.89/2007 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER(S): --------------- 1. M/S. CARDAMOM MARKETING CORPORATION, REP. BY SRI.MATHEW SCARIA, POTTAMKULAM, MILL HAVEN, TREASURER CUM PARTNER. 2. K.K. VARKEY, S/O. KORAH, KUMMELIL HOUSE, PAKKIL, COLLECTORATE.P.O, KOTTAYAM. BY ADV. SRI.GEORGE THOMAS (MEVADA) RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICERT, UNION BANK OF INDIA, REGIIONAL OFFICE, M.G. ROAD, TRIVANDRUM-01. 2. UNION BANK OF INDIA, VADANMETTU BRANCH, VANDANMETTU, REP. BY ITS BRANCH MANAGER. ADV. SRI.A.V.THOMAS FOR R2 SRI.JOJO GEORGE FOR R2 SRI.NIDHI SAM JOHN FOR R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/08/2011, THE COURT, ON THE SAME DAY, DELIVERED THE FOLLOWING: PETITIONERS' EXHIBITS: W.P.C.NO. 25550/2008 ------------------------------------------------------------------ EXT.P1 TRUE PHOTO COPY OF NOTICE ISSUED BY R1 DATED 31.5.2006. EXT.P2 TRUE COPY OF REPLY DATED 28.7.2006. EXT.P3 TRUE COPY OF NOTICE DATED 14.9.2007. EXT.P4 TRUE COPY OF SALE NOTICE DATED 24.10.07. EXT.P5 TRUE COPY OF MEMORANDUM OF S.A EXCLUDING THE EXHIBITS. EXT.P6 TRUE COPY OF IMPLICATIONS OF VIOLATION OF KYC NORMS. EXT.P7 TRUE COPY OF LETTER DATED 15.7.2008. EXT.P8 TRUE COPY OF LETTER DATED 23.7.2008. EXT.P9 TRUE COPY OF NOTICE DATED 29.7.2008. EXT.P10 TRUE COPY OF THE PETITION FOR STAY. RESPONDENTS' EXHIBITS: -------------------------------------- EXT.R1(a) TRUE COPY OF POSESSION NOTICE DATED 26.10.2006 ISSUED TO THE PETITIONERS AND OTHER PARTNERS BY THE 1ST RESPONDENT. EXT.R1(b) TRUE COPY OF ORDER DATED 25.5.2007 IN W.P.C.NO. 29337/2006 OF HIGH COURT OF KERALA. EXT.R1(c) TRUE PHOTOCOPY OF THE REQUEST DATED 24.9.1997 FOR RENEWAL OF POST HARVEST CROP RECEIPT LOAN FACILITY LIMIT ISSUED BY THE 1ST PETITIONER. EXT.R1(d) TRUE PHOTOCOPY OF THE REQUEST DATED 4.8.2001 FOR RENEWAL OF POST HARVEST CROP RECEIPT LOAN FACILITY LIMIT TO RS. 4 CRORES ISSUED BY 1ST PETITIONER. EXT.R1(e) TRUE COPY OF INTIMATION LETTER DATED 26.8.2002 FOR RENEWAL OF POST HARVEST CROP RECEIPT LOAN FACILITY LIMIT TO RS. 4 CRORES ISSUED BY THE BANK TO THE 1ST PETITIONER. EXT.R1(f) TRUE COPY OF COVERING LETTER DATED 2.9.2002 ISSUED BY THE 1ST PETITIONER TO THE BANK. EXT.R1(g) TRUE COPY OF LETTER OF LIEN AND SET OFF DATED 15.10.2004 EXECUTED BY THE 1ST PETITIONER IN FAVOUR OF THE BANK. EXT.R1(h) TRUE COPY OF LETTER DATED 24.8.2005 ISSUED BY 1ST PETITIONER TO THE BANK. [TRUE COPY] P.S TO JUDGE. TDS/ S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 25550 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 18th day of August, 2011. J U D G M E N T The petitioners challenge proceedings initiated by the respondents for recovery of loan amounts from the petitioners in respect of which the respondents have filed O.A.No. 185/2006 and the petitioners have filed S.A.No. 89/2007 under the Recovery of Debts Due to Banks and Financial Institutions Act against the petitioner against proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents before the Debt Recovery Tribunal. Since the said proceedings are pending consideration of the Debt Recovery Tribunal, I do not think that it is proper for this Court to consider this writ petition at this juncture. 2. The learned counsel for the bank would point out that the S.A is no more relevant in view of my judgment in W.P(C) No. 9702/2009, in which I have already held that the State has first charge over the secured assets for sales tax dues of the petitioners and therefore there is no secured asset available for proceeding under the Securitisation Act. The learned counsel for the petitioners submits that this writ petition may be closed without prejudice to the contentions of the parties in the O.A as well as in the S.A. W.P(C) No. 25550 of 2008 -: 2 :- In the above circumstances, without expressing any opinion on the merits of the contentions of either party, I dispose of this writ petition leaving it open to the parties to raise all their contentions in the above said O.A and S.A. Sd/- S. Siri Jagan, Judge. Tds/