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Dr. Sajesh Ashokan, Ernakulam v/s Reliance Commercial Finance Limited, Reliance Centre, Office Western Express, Highway, Santacruz (E), Mumbai & Another

    Securitisation Application No. 199 of 2018
    Decided On, 12 December 2018
    At, Debts Recovery Tribunal Ernakulam
    For the Applicant: Cimil, Philip T. Varghese, Advocates. For the Defendants: T. Rajesh, Advocate.

Judgment Text

Final Order:

1. This Securitisation Application (for short – ‘SA’) is filed on 02.05.2018 seeking to quash Annexure – A6 demand notice dated 24.10.2016, Annexure – A19 order passed by the learned Chief Judicial Magistrate Court, Ernakulam and for other incidental reliefs.

2. Mr. T. Rajesh Ld. counsel for the defendant company submitted that notwithstanding the factum of there having been a proper consideration of the objection and communication thereof in terms of Section 13(3A) by the defendants they are only willing to go afresh from Section 13(2) stage onwards for affording a fresh lease of time for the borrower to pay off the dues without harping on the legal proposition as to the time frame of 15 days provided for considering and communicating their decision under the Act being only directory. There being no need to multiply the decisions available on that point, the defendant would just rely on the judgment of the Hon'ble High Court of Gujarat rendered in the case titled Kirandevi Bansal v. DGM, SIDBI reported in 2009 (4) BC 56 : MANU/GJ/0305/2009 : 2009 KHC 6638. The learned counsel would also endorse to that effect in his WS.

3. Mr. Cimil Ld. counsel for the applicant concedes to the defendants’ withdrawal of their SARFAESIA proceedings initiated till now and endorsed to that effect underneath the endorsement of the learned counsel for defendant company.

4. Going by the submissions and endorsements made on the side of the defendant company, Annexure – A6 demand notice dated 24.10.2016 and Annexure – A19 order dated 07.04.2018 invited in M. C. No. 200/2018 from the learned Chief Judicial Magistrate Court, Ernakulam is rendered ineffectual and unenforceable. The defendants wherefore are directed not to mulct the applicant with the costs or expenses as may have incurred towards the entire SARFAESIA proceedings that is since voluntarily withdrawn by them and if by now it is so debited, necessary reversals of such en

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tries be given by it to the account of the borrower forthwith. With the above observations and directions the SA eventually stands disposed of. Consequently IAs 1150/2018 and 2256/2018 stand closed. No order as to costs.