IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 13TH JANUARY 2011 / 23RD POUSHA 1932 OP (DRT).No. 683 of 2010(O) --------------------------- SA.222/2008 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER: -------------------- INDIAN OVERSEAS BANK, ARISTO JUNCTION BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS SENIOR MANAGER B.NANDAKUMAR. BY ADV. SRI.P.B.SURESH KUMAR SRI.LEO GEORGE RESPONDENT(S): --------------- 1. S.MOORTHY, PARTNER, M/S.NAKSHATRA FASHION JEWELLERS, T.C.28/2118(2)PADMAVILASOM ROAD PAZHAVANGADI THIRUVANTHAPURAM, PIN - 695 023.. 2. K.RAKESH, PARTNER M/S.NAKSHATRA FASHION JEWELLERS, T.C.28/2118(2)PADMAVILASOM ROAD PAZHAVANGADI THIRUVANTHAPURAM, PIN - 695 - 023. 3. S.VISWANATHAN,M/S.NAKSHATRA FASHION JEWELLERS, T.C.28/2118(2)PADMAVILASOM ROAD PAZHAVANGADI THIRUVANTHAPURAM, PIN - 695 - 023. 4. S.MURUKAN,M/S.NAKSHATRA FASHION JEWELLERS, T.C.28/2118(2)PADMAVILASOM ROAD PAZHAVANGADI THIRUVANTHAPURAM, PIN - 695 - 023. ADV. SRI.SHAJIN.S.HAMEED THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 13/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- O.P(DRT) No.683 of 2010-O ---------------------------------------- Dated this the 13th day of January, 2011. J U D G M E N T The petitioner Bank is approaching this Court seeking a direction for an early disposal of Ext.P1 application pending before the Debt Recovery Tribunal, Ernakulam (S.A.No.222 of 2008). The securitization application was filed by the respondents during November 2008, when the Bank took possession of the secured assets invoking Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It is stated that, the petitioner Bank had filed Ext.P3 written statement in February 2009 and pressed for an early disposal of the securitization application. It is pointed out that the matter was posted for hearing on various dates like 18.2.2009, 4.3.2009, 15.4.2009, 22.4.2009, 20.5.2009, 24.6.2009, 15.7.2009, 18.8.2009, 28.8.2009 and 2.9.2009. It is further stated that, on the last posting date the matter was heard and the Debt Recovery Tribunal had reserved for pronouncing orders. Grievance of the petitioner is that, evenafter the lapse of more O.P(DRT) No.683 of 2010-O 2 than one year, no order was pronounced on the matter and due to the continuance of the interim stay, the Bank is prevented from proceeding with further steps. 2. Heard; learned counsel appearing for respondents 1 to 4. The factual aspects as contended above are not disputed. I take note of the provisions contained in Section 17(5) of the SARFAESI Act, under which it is obligatory on the part of the Tribunal to dispose of the applications filed under Section 17(1) within a period of four months. Considering the fact that, the securitization application was filed in the year 2008, I am of the view that an early disposal is highly necessary in order to serve the interest of justice. 3. Therefore, the writ petition is disposed of directing the Debt Recovery Tribunal, Ernakulam to take all earnest efforts to dispose of Ext.P1 application (S.A.No.222 of 2008) at the earliest possible, at any rate within a period of two months from the date of receipt of a copy of this judgment. C.K.ABDUL REHIM JUDGE ab