AJI MATHEW Vs. FEDERAL BANK LTD

JUDGEMENT

(1.) Navaniti Prasad Singh, CJ This intra Court appeal has been filed by the appellant being aggrieved by the judgment dated 21.6.2017 passed in W.P(C). No. 7625 of 2017. The appellant was the writ petitioner. He had challenged the actions taken by the first respondent Bank ie., the Federal Bank Ltd. before the Chief Judicial Magistrate, Kottayam in purported exercise of powers under section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act ("SARFAESI Act" for brevity).

(2.) We have heard learned counsel for the appellant and the learned counsel for the Bank and we dispose of this appeal at this stage itself.

(3.) It is not in dispute that the appellant had taken an Agricultural Cash Credit Loan from the first respondent Bank. Initially it was of Rs.15,00,000/-, which was enhanced in the year 2010 to Rs.20,00,000/-. The appellant had offered two securities. First was an agricultural land and second was a residential house. In the year 2014, the loan having been categorised as a Non Performing Asset, notice under section 13 (2) of the SARFAESI Act was issued. There being no adequate response, steps were then taken by the Bank under Section 13 (4) of the SARFAESI Act to take possession of both the securities. This led to an appeal being filed before the Debt Recovery Tribunal in terms of Section 17 of the Act. The Debt Recovery Tribunal after hearing the parties disposed of the matter by order dated 5.12.2016. The operative portion whereof is quoted hereunder: