2025:KER:27501 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE N.NAGARESH TUESDAY, THE 1ST DAY OF APRIL 2025 / 11TH CHAITHRA, 1947 OP (DRT) NO. 63 OF 2025 PETITIONERS/APPLICANTS: 1 I.J BUILDERS & DEVELOPERS (P) LTD., REPRESENTED BY ITS MANAGING DIRECTOR, INDIRA J MENON, XL/619, KUMARI VILAS, POOTHAMPALLY TOWERS, SWAMYCHINMAYANANDA ROAD, ERNAKULAM, PIN - 682016 2 INDIRA J MENON, AGED 69 YEARS W/O. P. JAYAPRAKASH, XL/619, KUMARI VILAS, POOTHAMPALLY TOWERS, SWAMY CHINMAYANANDA ROAD, ERNAKULAM, PIN - 682016 3 P. JAYAPRAKASH, AGED 75 YEARS S/O. PADMANABHA MENON, XL/619, KUMARI VILAS, POOTHAMPALLY TOWERS, SWAMYCHINMAYANANDA ROAD, ERNAKULAM, PIN - 682016 BY ADVS. V.K.PEERMOHAMED KHAN GIRISH KUMAR V.C 2025:KER:27501 OP (DRT) NO.63 of 2025 2 RESPONDENTS/DEFENDANTS: 1 KERALA STATE CO-OPERATIVE BANK LTD., REPRESENTED BY ITS BRANCH MANAGER, ERNAKULAM MAIN BRANCH, 2ND FLOOR, AKSHARAMANDIRAM BUILDING, MARINE DRIVE, ERNAKULAM, PIN - 682011 2 THE AUTHORISED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., ERNAKULAM MAIN BRANCH, 2ND FLOOR, AKSHARAMANDIRAM BUILDING, MARINE DRIVE, ERNAKULAM, PIN - 682011 BY ADV K.AMMINIKUTTY,STANDING COUNSEL THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 01.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:27501 OP (DRT) NO.63 of 2025 3 JUDGMENT Dated this the 1st day of April, 2025 The petitioners are before this Court aggrieved by Ext.P4 order of the Debts Recovery Tribunal-I, Ernakulam in the Stay Petition filed by the petitioners against the proceedings initiated by the 1st respondent-Bank under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 2. Ext.P4 order would show that the Debts Recovery Tribunal-1 has considered the I.A. filed by the petitioners and has ordered the defendants to defer taking physical possession of the secured asset till 03.03.2025 subject to deposit of a sum of 50 lakhs on or before 21.02.2025 and a ₹ sum of ₹50 lakhs on or before 28.02.2025 against the 2025:KER:27501 OP (DRT) NO.63 of 2025 4 outstanding amount due with the 1st defendant-Bank. 3. The proceedings would indicate that the outstanding amount payable by the petitioners would exceed 3,93,09,262.81. In the circumstances, I do not find any ₹ illegality in the Tribunal passing orders on conditions of deposit. 4. The petitioners would contend that the petitioners had taken legal and tangible grounds for obtaining a stay in the I.A. The Tribunal has not considered the contentions raised by the petitioners. 5. It is to be noted that Ext.P4 is only an interim proceeding. The Tribunal has considered the basic facts involved in the dispute. It is not disputed that the amounts are due to the Bank. The Tribunal has only directed the petitioners to deposit a part of the amounts due. 2025:KER:27501 OP (DRT) NO.63 of 2025 5 In the afore circumstances, I do not find any illegality in Ext.P4 order. The O.P.(DRT) is misconceived and it is dismissed. Sd/- N.NAGARESH JUDGE hmh 2025:KER:27501 OP (DRT) NO.63 of 2025 6 APPENDIX OF OP (DRT) 63/2025 PETITIONERS’ EXHIBITS Exhibit P1 TRUE COPY OF THE SECURITIZATION APPLICATION FILED VIDE SA NO. 694/2024 DATED 05.09.2024 WITH ANNEXURES ON THE FILES OF DEBTS RECOVERY TRIBUNAL-I, ERNAKULAM Exhibit P2 TRUE COPY OF THE AMENDMENT PETITION FILED BY THE PETITIONERS HEREIN VIDE IA NO: 560 OF 2025 IN SA NO: 694/2024 ON THE FILES OF DRT-I, ERNAKULAM DATED 12.02.2025 Exhibit P3 TRUE COPY OF THE STAY PETITION FILED BY THE PETITIONERS HEREIN VIDE IA NO: 561 OF 2025 IN SA NO: 694/2024 DATED 12.02.2025 ON THE FILES OF DRT-I, ERNAKULAM Exhibit P4 TRUE COPY OF THE ORDER DATED 12.02.2025 IN IA 561/2025 IN S.A 694/2024 OF THE DRT-I ERNAKULAM RESPONDENTS’ ANNEXURES ANNEXURE R1[a] TRUE COPY OF JUDGMENT IN WPC. 15180/2015 DATED.20.12.2016 ANNEXURE R1[b] TRUE COPY OF LETTER OF 3RD PETITIONERTO THE GENERAL MANAGER, KERALA BANK DATED.3.11.2020 ANNEXURE R1[c] TRUE COPY OF THE LETTER OF 3RD PETITIONER TO THE BRANCH MANAGER, KERALA BANK DATED.14.10.2022