# SATHEESH V.K. vs. THE FEDERAL BANK LTD.

> SC judgment dated 2025-09-23. Citation: TCN-2025-SC-00117. Satheesh V.K., a borrower, defaulted on a loan from Federal Bank, leading the bank to initiate…

- **Court:** SC
- **Order date:** 23 Sept 2025
- **Citation:** TCN-2025-SC-00117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/satheesh-vk-vs-the-federal-bank-ltd-hkat2

## Summary

### Background

Satheesh V.K., a borrower, defaulted on a loan from Federal Bank, leading the bank to initiate SARFAESI measures. The High Court ordered a structured repayment, which the appellant challenged in a Special Leave Petition (SLP) before the Supreme Court. This SLP was subsequently withdrawn unconditionally. The appellant then filed a review petition in the High Court, which was dismissed.

## Facts

Appellant Satheesh V.K. obtained financial assistance from respondent Federal Bank, a secured creditor, by creating an equitable mortgage over properties in Kozhikode.

Appellant defaulted on loan repayment, leading Federal Bank to classify the account as a Non-Performing Asset (NPA) and initiate measures under Section 13(4) of the SARFAESI Act.

Appellant invoked the jurisdiction of the High Court of Kerala at Ernakulam under Article 226 of the Constitution by filing a writ petition.

The High Court, on October 1, 2024, ordered the appellant to pay Rs.2,00,00,000/- by October 30, 2024, and the remaining outstanding amount (Rs.7,77,41,321/-) with future interest in 12 equal monthly installments, with the first installment due by November 15, 2024.

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## Issues and analysis

### Issue 1: Whether a second special leave petition is maintainable against a judgment and order which was …

**Ratio:** A second special leave petition is not maintainable at the instance of a party who elects

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**Reasoning:** The Court applied the principle of public policy, "interest reipublicae ut sit finis

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**Interpretation:** The Court interpreted the unconditional withdrawal of the first special leave

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**Application:** In the present case, the appellant withdrew the initial special leave petition

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## Parties

- **Judges:** DIPANKAR DA…; K.V. Viswanathan,…
- **Appellants:** Satheesh…
- **Respondents:** The Federal Bank…
- **Advocates:** Aljo K. J…; Meno…

## Timeline

- **2024-10-01 — High Court…**: High Court of Kerala disposed of the writ petition, requiring the appellant to pay…
- **2024-10-30 — Initial Payment…**: Deadline for the appellant to pay the initial sum of Rs.2,00,00,000/- as per High Court…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 2(f) — Application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-2)

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