IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 22ND DAY OF MARCH 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.54494 OF 2015 (GM-RES) BETWEEN:
M/s. Alpha Gears, Having office at No.49/5, 15th Cross, Muthurayaswamy Layout, Sunkadakatte, Magadi Main Road, Bangalore – 560 091.
Represented by its Proprietor, Sri.N.R.Badhrinarayan, S/o N.Ramadas, Aged about 44 years, R/o F-828, “Bharani”, Bharath Nagar, BEL Layout, Anjana Nagar, Magadi Main Road, Bangalore – 560 091.
… Petitioner (By Sri.R.Ashok Kumar, Advocate - Absent) AND:
The Authorised Officer, Canara Bank, Basaveswaranagar, Bangalore, Bangalore – 560 079.
(By Sri.T.P.Muthanna, Advocate) … Respondent This Writ Petition is filed under Article 226 of the Constitution of India, praying to quash the impugned demand notice issued by the respondent bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 dated 26.08.2015 vide Annexure – B and etc., This Petition coming on for Preliminary Hearing in ‘B’ Group, this day, the Court made the following:-
ORDER None for the petitioner.
Sri.T.P.Muthanna, learned counsel for the respondent.
In this petition, the petitioner has challenged the validity of the Demand Notice issued by respondent - Bank under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the Act’ for short) dated 26.08.2015 as well as Possession Notice dated 21.11.2015 issued under Section 13(4) of the Act.
2. Learned counsel for the respondent – Bank submitted that the petitioner has an alternative and efficacious remedy of filing an application under Section 17 of the Act.
3. In view of the aforesaid submission and for the reasons assigned by this Court in order dated 30.01.2019 passed in W.P.No.6594/2018, the writ petition is disposed of with liberty to the petitioner to approach the Debts Recovery Tribunal by filing an application, within a period of four weeks from today.
4. Needless to state that in case the petitioner files such application within the aforesaid time, he shall be entitled to the benefit of principles contained under Section 14 of the Limitation Act, 1963.
dn/-
Sd/- JUDGE