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TMI Blog2009 (6) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... . - W.P. (C) NO. 11916 OF 2009 - - - Dated:- 17-6-2009 - P.R. RAMACHANDRA MENON, J. P.K. Joseph for the Petitioner. M. Pathrose Mathai, Saji Varghese, Smt. Mariam Mathai, C.K. Govindan for the Respondent. ORDER 1. Is it mandatory to proceed against the company and its assets first, before proceeding against the Guarantors and their assets for realisation of the dues; forms the subject-matter of challenge in this case. 2. The petitioner has approached this Court challenging the revenue recovery proceedings initiated at the instance of the first respondent for realisation of the due amount from the company by name "Bristo Foods Pvt. Ltd." in which the petitioner was one of the Directors. 3. With regard to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. According to the first respondent, maximum leniency had already been extended to the Company, in which the petitioner was a Director, whereby, repayment of the loan was re-scheduled four times. The Company had also preferred a petition seeking for the benefit of OTS, which was directed to be considered as per Ext.P5 judgment in W.P.(C) No. 26812 of 2008. In compliance with the above verdict, the representation preferred by the company was considered and the outcome was conveyed to the party vide Ext.P6, observing that no further re-scheduling of the loan was possible under any circumstances. The outstanding liability, as on date, will come to more than Rs. 1.76 crores and that the first respondent is very much entitled to proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ortgage, charge or other encumbrance on immovable property, such property or, as the case may be, the interest of the defaulter therein, shall first be sold in proceedings for recovery of the sum due from that person as if it were an arrear of land revenue, and any other proceeding may be taken thereafter only if the Collector certifies that there is no prospect of realisation of the entire sum due through the first mentioned process within a reasonable time." The position becomes very clear from the paragraph No. 8 of the above decision, wherein it is observed as follows : "In our view, the above set out provisions of the U.P. Act are very clear. Action against the guarantor cannot be taken until the property of the principal-debtor is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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