BEFOR THE HON’BLE CJEIF JUDICIAL MAGISTRATE THALASSERY
C M P NO
Canara Bank, Kannur main branch represented by its
Authorized officer Petitioner
Aged 32 years, Divisional Manager ,Canara bank
Near Green Park Residency Kannur
Vs
1. M/s Independent Marketing and Export Industries
represented by its proprietor Jerbees Banu T P,
kadavu road,near Krishi Bhavan Kannur 670010
2. Muhammed Sajed M, , residing at Rehna Villa,
OPP HSS Valapattanam,Valapattanam-670301
Kannur,Kerala – 670 301
3. Muhammad Jasar M,residing at Sreerosh villa,house No 61
MATHUKOTH ,Varam , P.O,Kerala – 670594 Respondents
4. Hafsath M, residing at Thoufeeque Manzil,Pallikara,Thavam
Cherukunnu Kannur 670301
5. Badarunneesa M at Thoufeeque Manzil,Pallikara,Thavam
Cherukunnu Kannur 670301
6. Muhammed Ali K, at Thoufeeque Manzil,Pallikara,Thavam
Cherukunnu Kannur 670301
7. Muhammed Nishad M,Skyline Hills Dale Apartment 3B
,Thiruthiyad,Puthiyara,Kozhikode673004
Petition filed Under Section 14(1) of the Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act,2002.
1).The petitioner is the Divisional Manager and authorized officer of Canara Bank , a
Banking company ,constituted under the Banking Companies (Acquisition and Transfer of
Undertakings ) Act , 1970 having its Head office at Banglore ,ARM branch at Kozhikode and
branch office at Kannur among other places of Kerala state. The petitioner bank is doing
banking business all over India. The petitioner is the Authorized officer of the bank under the
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002.
Petitioner is competent file petition for and on behalf of the bank. Petitioner is fully conversant
with the fact of this case.
2) In the month of November 2012 Respondent NO.1 approached the petitioner bank with a
loan application under MSME Over draft Cash Credit facility for her firm under the name
and style Independent Marketing and export Industries for an amount Rs.2,75,00,000/- (Two
crore Seventy five lakhs only) .The petitioner bank sanctioned an amount of Rs. .2,75,00,000/-
(Two crore Seventy five lakhs only.) on [Link] Loan account Number is
3745261000005. The Respondent No.1 is borrower ,Respondent No.2 to 7 are the gurantor in
the said loan transaction. Respondent No.1 have executed necessary loan documents, loan
agreement and other connected loan documents on behalf of Firm Independent Marketing and
Export Industries. Respondent NO.1 has deposited his title deeds in respect of the property
shown in the schedule. Respondnet No.2 is having life interst over the property ,hence she was
made a party in the loan account. The Overdraft loan was last renewed by respondent NO.1 on
24.3.2023. Respondents have agreed to pay interest @ minimum @11.4 % quarterly rest .The
interest payable by the defendant shall be subject to the changes in the interest rate made by the
Reserve bank of India from time to time. The present rate of interest is 11.50%
3) On 10.10.2013 respondent No.1 approached the petitioner bank with a loan application for
housing loan for an amount of Rs.2200000/- (Twenety two lakhs only/-).Petitioner bank
sanctioned an amount of Rs.2200000 to the respondents on [Link] petitioner bank has
released Rs.1650000(sixteen lakhs Fifteen thosand only/-) in 3 installments in respect of the
Loan Account Number 3745619000010. Last Instalamnets towards the housing loan not
released to the respondents. The Respondnet No. 1 and 2 are
3
borrower and Respondnet No.4 is the gurantor in the said loan transaction. Respondents have
executed necessary loan documents, loan agreement and other connected loan documents.
Respondent NO.1 has deposited his title deeds in respect of the property shown in the schedule.
Respondnet No.2 is having life interst over the property. The mortgage security of the earlier
loan was extended to 2nd loan .Respondents agreed to pay interest @ 9.95 % compounded at
monthly rate. The interest payable by the defendant shall be subject to the changes in the interest
rate made by the Reserve bank of India from time to time. The present rate of interest is 8.95% +
2.36% penal interst.
4) On 30.6.2020 Respondents approached the petitioner bank with a loan application under
Guantee Emergency Credit Line scheme for his business under the name and style Shakthi
steel for an amount Rs.1497000/- (Fourteen Lakhs ninety seven thousand only) on
30.6.2020 .The petitioner bank sanctioned an amount of Rs.1497000/- (Fourteen lakh lakh
only.)The Loan account Number is 3745755000031. Respondent No.1 have executed necessary
loan documents, loan agreement and other connected loan documents . The present rate of
interest is 9.25% + 2.36% penal interst
5)After availing three loan from the petitioner bank ,Respondents were highly irregular repaying
the loan account. The loan accounts become non performing asset on 30.4.2024 as defined under
2(0) of the securitization and reconstruction of financial Asset and Enforcement of security
interest Act 2002. The properties belongs to the respondent No.1 consisting of 41.5 cents of land
with residential building situated in Resurvey
No.182/5A ,[Link].182/5B ,[Link].182/6,[Link].182/3,[Link].182/4 in Kannapuram amsom
desom Kanuur Madayi Taluk,Kannur District are mortgaged with the bank. The said properties
are [Link] agricultural activity is carried out in the properties.
6). The Bank is the “Secured creditor” as defined in section 2( Zd ) of the securitization and
Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 in respect of
the amount referred above.
7). The petitioner bank issued a Regd. demand notice dated 2.5.2024 U/S 13(2) of the Act to the
Respondents to discharge the entire debt within 60 days of the receipt of notice failing which the
bank will be constrained to enforce the security created by the counter petitioners in favour of the
bank by exercising any or all of the rights given under Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002 under section 13(2) of the Act.
Respondent No.1,3 and 4 acknowledged 13(2) notices on 7.5..2024 Notice issued Respondnet
No.1 was served to his wife Shabina who is the respondent no.3 in the above matter,hence we
can presume that there is a proper service of notice. Resondent No.2 Narayani died on
30.10.2023 and she was having lfe interst over the property mortgaged .After the death of
Narayani her life interst over the property came to an end and Respondnet No.1 Biju.K became
the adsalute owner of the the property [Link] this circumstances no notice can be
issued to Respondent No.1 ,since she is not alive. When the above notice was issued an amount
of Rs.7997009.17/ was due in Loan No.3745261000005, an amount of Rs.2121564.42 was due
in Loan account No.3745619000010 and an amount of Rs.799231.14 was due in Loan account
No.3745755000031,totaling 10917804.73 is due including three loan documents . There is a
balance of Rs.8556128.86 is due in respect of Loan account No.3745261000005 as on
31.12.2024 , an amount of Rs.2275938 is due in respect of Loan account No. 3745619000010
as on 8.1.2025 ,an amount of Rs.862661.14 is due in respect of Loan account No.
3745755000031 as on 11.1.2025, totaling an amount of Rs.11694728 is due including three loan
account with further interest .
8)).The Bank as a secured creditor as defined in the securitization and Reconstruction of
Financial Assets and Enforcement of Security interest Act, 2002 intends to take physical
possession of the “secured assets” of the borrowers. The petitioner apprehend that the counter
petitioners or their agents will resist the Authorized officer of the petitioner`s bank in taking
physical possession of the secured assets resulting in breach of peace.
9). After issuing notice U/S 13(2) of the Act, the expiry of 60 days mentioned in the notice the
Respondents have not take any steps to regularize the loan account nor to discharge entire
[Link] the Petitioner is convinced that the counter petitioners have no intention to repay
the loan amounts without recourse a court of law. The present rate of interest of Over draft Loan
loan is 11.50%, Housing loan interest rate is 8.95%, GECL loan interest rate is 9.25 %.The
Respondnets are liable to pay 2.36% penal interest since the loan amounts are defaulted.
Counter petitioners has not raised any objection to the notice issued U/S 13 (2) of the Act.
10).Mortgaged property (Secured assest ) is situated within the local limits of Kannapuram
police station which is within the jurisdiction of this Hon`ble court. This Hon`ble court is
empowered and has jurisdiction under section 14 of the Securitization Act 2002 to take
possession of such secured asset and to deliver it to the bank.
The petitioner therefore humbly prays that this Hon`ble court may be pleased to take
physical possession of the secured asset fully described in the schedule below either directly or
through an officer of the court including an Advocate-commissioner to be appointed and
authorizing him to resort police
assistance if the circumstances may so warrant for the effective enforcement of the order and
also to issue necessary orders to give vacant possession of the schedule property such secured
assets to the secured creditor (petitioners) and orders prayed accordingly.
Petitioner: Canara Bank, Kannapuram branch represented by its Authorized officer and
Divisional Manager ARM branch Kozhikode
All the above facts stated above are true and correct to the best of my knowledge, informed and
belief. Verified and signed this th day of ------------------2025 at Thalassery.
Petitioner: Canara Bank, Kannapuram branch represented by its Authorized officer and
Divisional Manager ARM branch Kozhikode
Schedule of property
41.5 cents of land along with residential buiding and all other improvements with all other
improvements thereon situated [Link].182/5A,Old survey
579/2, ,[Link].182/5B ,[Link].182/6,[Link].182/3,[Link].182/4 in Kannapuram amsom
desom ,Kanuur Madayi Taluk,Kannur District
Boundaries
North : Road
South : Property of Janardhanan and Kunhiraman
East : Property of Ramesan
West : Properties of Janardhanan and Thanakamani
Petitioner: Canara Bank, Kannapuram branch represented by its Authorized officer and
Divisional Manager ARM branch Kozhikode
List of Documents
SL.N Date Description of documents Purpose
O.
1 8.1.2018 Sancton and Renewal of credit To prove the case of the
facility in respect of Over Draft petitioner
facility
(Attested Photocopy)
2 10.10.2013 Loan application inrespect of do
Housing loan
3 4.12.2013 Housing Loan agreement do
(attested photocopy)
4 3.12.2013 Sanction Memorandum in respect do
of housing loan
(attested photocopy)
5 4.12.2013 Guarantee agreement in respect of do
housing loan
6 28.6.2008 Regd Gift deed do
[Link].1896/2008 of SRO
Kalliassery
(Attested photocopy)
7 30.6.2020 Offer Letter for Guranteed do
Emergency Credit Line (GECL)
(Attested Photocopy)
8 30.6.2020 Undertaking Letter from do
Borrower in recspect of
Guranteed Emergency Credit
Line loan (Attested photocopy)
9 26.6.2024 Death certificate of Respondent do
No.2 [Link]
10 2.5.2024 Copy of Notice U/S 13(2) do
SARRFAESI Act
11 7.5.2024 Acknowledgment card signed by do
Respondent No.3 by authorization
in respect of issued U/S 13(2)
SARRFAESI Act issued to
Respondnet No.1
(Attested photocopy)
12 7.5.2024 Acknowledgment card signed by do
Respondent No.3 in respect of
issued U/S 13(2) SARRFAESI
Act
(Attested photocopy)
13 7.5.2024 Acknowledgment card signed by
Respondent No.4 in respect of
issued U/S 13(2) SARRFAESI
Act
(Attested photocopy)
14 5.10.2013 Central registry of Securitization do
Asset and Security Interest of
India certificate in respect of the
property covered by
[Link].1896/2008 of SRO
Kallisasseri
15 31.12.2024 Ledger extract in respect of do
Overdraft loan account
No.3745261000005
16 8.1.2025 Ledger extract in respect of do
Housing loan account
No.3745619000010
17 11.1.2025 Ledger extract in respect of do
GECL loan account
No.3745755000031
18 17.9.2013 Letter of evidencing the deosit of d
titile deed
Petitioner: Canara Bank, Kannapuram branch represented by its Authorized officer and
Divisional Manager ARM branch Kozhikode
All the above facts stated above are true and correct to the best of my knowledge, informed and
belief. Verified and signed this day of --------------2025 at Thalassery.
Petitioner: Canara Bank, Kannapuram branch represented by its Authorized officer and
Divisional Manager ARM branch Kozhikode
