TRIPOWER ENTERPRISES (PRIVATE) LIMITED Vs. STATE BANK OF INDIA
LAWS(SC)-2020-4-68
SUPREME COURT OF INDIA
Decided on April 24,2020

Tripower Enterprises (Private) Limited Appellant
VERSUS
STATE BANK OF INDIA Respondents

JUDGEMENT

A.M.KHANWILKAR,J. - (1.) Leave granted.
(2.) This appeal takes exception to the judgment and order dated 6.9.2019 passed by the High Court of Judicature at Madras (for short, 'the High Court') in Writ Petition No. 11522/2019, whereby the High Court reversed the order dated 29.3.2019 passed by the Debts Recovery Appellate Tribunal (for short, 'the DRAT') at Chennai in M.A. No. 90/2018 allowing the application filed by the respondent No. 1 - State Bank of India (for short, 'the Bank') before the Debts Recovery Tribunal (for short, 'the DRT') at Madurai being I.A. No. 995/2017 in O.A. No. 11/2008, directing return of original documents - Exhibits A110 to A114 deposited by the Bank before the DRT in O.A. No. 11/2008. In other words, the High Court affirmed the order of the DRT rejecting subject application.
(3.) Shorn of unnecessary factual matrix, suffice it to observe that the respondent No. 3 - M/s. Rukmini Mills Ltd. (for short, 'the borrower') had availed of financial credit from the Bank, for which the respondent No. 2 - Associated Trading Corporation Pvt. Ltd. (for short, 'the guarantor') had offered its immovable property by way of mortgage to the Bank. The borrower committed default, as a result of which the Bank declared it as a Non-Performing Asset (for short, 'NPA') and then proceeded to file O.A. No. 11/2008 before the DRT at Madurai. The Bank also issued notice for taking symbolic possession of the secured assets, on 13.5.2008 and after considering the reply of the guarantor, took symbolic possession of the secured assets on 15.10.2008. The guarantor filed a petition being SA No. 225/2008 before the DRT at Madurai, challenging the possession notice dated 15.10.2008 issued by the Bank under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the 2002 Act'), which came to be rejected by the DRT on 10.2.2011. The guarantor then filed an appeal being AIR(SA) No. 222/2011 against this decision, which was dismissed on 8.2.2013 on the ground of non-payment of pre--deposit amount. The guarantor did not carry that matter any further.;


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