9911796707
TMI Blog2024 (7) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... ra Trading Company' at Alathur in Thrissur District, under the brand 'Ruchi Drops' and is as a proprietary concern. 2. The petitioner had all the licences including Ext.P1 and VAT registration. Towards working capital of the business, the petitioner availed a cash credit facility on 04.07.2020 with the 1st respondent-Bank. The MSME licence is issued by the Government of India with effect from 24.03.2021. The cash credit facility of 1,45,00,000/- was renewed Rs. on 09.02.2022, in hypothecation of entire current assets of the business of the petitioner, as well as properties of the petitioner's father and mother, as guarantors. 3. Interest in the cash credit account was remitted from time to time and for delay in remitting f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account. At the same time, the 1st respondent is not providing the petitioner with the facility for regularisation, even after repeated requests. Hence, the petitioner submitted Ext.P8 before the 3rd respondent for necessary directions to the 1st respondent. It is at this stage that the 1st respondent provided copy of Ext.P9 agreement dated 09.02.2022 to the petitioner. 7. Now, to the surprise of the petitioner, on 07.09.2024 the 2nd respondent came to the petitioner and threatened with affixing notice under Section 13(4) of the SARFAESI Act, before entire properties pledged by the petitioner and the guarantors and taking possession thereof, if the loan account is not closed, when the matter of regularization / renewal of the cash credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n came up for admission, this Court passed an interim order dated 09.11.2023, staying all further proceedings against the petitioner for a period of one month on condition that the petitioner remits an amount of Rs.20 lakhs within a period of one month. The petitioner submits that though the petitioner could not remit the amount within the stipulated period of one month. The amount has been remitted by 01.01.2024. 12. I find that I.A.No.3841 of 2023 in S.A No.668 of 2023 filed by the petitioner stands posted before the Debts Recovery Tribunal-II, Ernakulam on 01.02.2024. In the facts of the case, it would be only just and proper that the petitioner prosecute his claims before the Tribunal. The writ petition is therefore disposed of permit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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