2025:KER:26731 W.P (C) No.7639/2025 -1- IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947 WP(C) NO. 7639 OF 2025 PETITIONER/S: ARUN KUMAR KARERAT, AGED 60 YEARS S/O. A.K. RAGHAVAN NAMBIAR, RESIDING AT APARTMENT 1108, SUNNY PALACE, CHANGAMPUZHA SAMADHI ROAD, EDAPPALLY, KOCHI, ERNAKULAM, PIN - 682024 BY ADVS. ABRAHAM MATHEW (VETTOOR) ANIL ABEY JOSE ASHWIN SAJ SNEHA MARY SANTHOSH RESPONDENT/S: 1 PIRAMAL CAPITAL AND HOUSING FINANCE LTD., FORMERLY DEWAN HOUSING FINANCE CORPORATION LTD (DHFL) REGISTERED OFFICE AT UNIT NO. 601, 6TH FLOOR, PRIAMAL AMITI BUILDING, PIRAMAL AGASTHYA CORPORATE PARK, KAMANI JN., OPP FIRE STATION, LBS MARG, KURLA (WEST), MUMBAI- 70 AND BRANCH OFFICE AT DHFL, PIRAMAL CAPITAL AND HOUSING FINANCE LTD., 1ST FLOOR, KMM BUILDING, PALARIVATTOM, KOCHI- REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 682025 2 ANIL KUMAR K.G., ADVOCATE, TRIVANDRUM ASSOCIATES, TC NO. 82/1250(2), VANCHIYOOR-PATTOM ROAD, VANCHIYOOR, THIRUVANANTHAPURAM, PIN - 695035 2025:KER:26731 W.P (C) No.7639/2025 -2- 3 M/S MIR REALTORS PVT. LTD., UNDER LIQUIDATION REPRESENTED BY ITS OFFICIAL LIQUIDATOR, SMT. ANNIE ABRAHAM, CHARTERED ACCOUNTANT, HAVING OFFICE AT ANN VILLA, FATHIMA CHURCH LANE, ELAMKULAM, KADAVANTHRA, ERNAKULAM, PIN - 682020 4 MR. REUBEN GEORGE JOSEPH, INSOLVENCY RESOLUTION PROFESSIONAL, REGISTRATION NO. IBBI/IPA-001/IP-P02134/2020-2021 OFFICE AT 37/2038, 1ST FLOOR, MUTTATHIL LANE, KADAVANTHRA, COCHIN, PIN - 682020 5 BINU JOSEPH, APARTMENT 1108, SUNNY PALACE, CHANGAMPUZHA SAMADHI ROAD, EDAPPALLY, KOCHI, ERNAKULAM, PIN - 682024 6 VADAKE KADAVATH BASHEER AHAAMED, D$ WEST BLOCK APARTMENT P ANTONY GROUND ROAD, PACHALAM, KOCHI, ERNAKULAM, PIN - 682012 BY ADVS. DENU JOSEPH MUHISEENA.V.Z JANEESH P. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:26731 W.P (C) No.7639/2025 -3- J U D G M E N T This writ petition has been filed challenging the proceedings initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act). It is the contention of the petitioner that since the insolvency proceedings have been attempted against the petitioner on application made by another creditor namely Federal Bank, proceedings under the SARFAESI Act cannot be continued by the 1st respondent. 2. The learned counsel for the 1st respondent submits that the 1st respondent has an option under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) to keep out of the proceedings and in such event the proceedings against the petitioner will be competent. Since it is fairly admitted before this court that at present the proceedings initiated by 1st respondent against the petitioner may not be competent on account of the admission under Section 100 and consequential moratorium under Section 101 of the IBC, the writ petition is closed, without considering the merits of the contentions raised and directing that further steps under the SARFAESI Act against the petitioner shall be suspended for the present and making it clear that it will be open to the 1st respondent to invoke any remedy that may 2025:KER:26731 W.P (C) No.7639/2025 -4- be available to it under the provisions of the IBC and thereafter to continue with the proceedings under the SARFAESI Act, if an affidavit under Section 110 (3) of the IBC is filed. Writ petition ordered accordingly. Sd/- GOPINATH P. JUDGE AMG 2025:KER:26731 W.P (C) No.7639/2025 -5- APPENDIX OF WP(C) 7639/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE ORDER IN IBA/11/KOB/2020 DATED 16-11-2021 PASSED BY HON’BLE NCLT KOCHI BENCH Exhibit P2 A TRUE COPY OF THE SAID ORDER PASSED BY THE HON’BLE NCLT KOCHI BENCH DATED 21-6-2023 Exhibit P3 A TRUE COPY OF THE COMMON ORDER PASSED BY THE HON’BLE NCLT KOCHI BENCH IN CP(IBC)14/KOB/2024 AND CP(IBC)15/KOB/2024 DATED 19-04-2024 Exhibit P4 A TRUE COPY OF THE ORDER DATED 06-03-2023 PASSED BY THE HON’BLE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM IN MC NO. 116 OF 2023 FILED BY THE 1ST RESPONDENT Exhibit P5 A TRUE COPY OF THE NOTICE DATED 07-2-2025 SENT BY ADVOCATE COMMISSIONER ANIL KUMAR K.G. RESPONDENT EXHIBITS EXHIBIT.R1(a) True copy of th order in I.A No. 1730/2023 in S.A No. 262/2023 Dated 12/02/2024 before the DRT,Ernakulam Bench. EXHIBIT.R1(b) True copy of th order in I.A No. 2217/2023 in S.A No. 331/2023 Dated 12/02/2024 before the DRT,Ernakulam Bench.