IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 28TH DAY OF MARCH, 2019 BEFORE THE HON’BLE MR.JUSTICE ALOK ARADHE WRIT PETITION Nos.13981-13983/2019 (GM RES) BETWEEN 1. M/S. KAVERI TELECOM PRODUCTS LTD., PLOT NO.31-36, 1ST MAIN, 2ND STAGE, ARAKERE MICO LAYOUT, BANNERGHATTA ROAD, BENGALURU-560 076 REPRESENTED BY ITS MANAGING DIRECTOR SRI.C.SHIVAKUMAR REDDY.
2 SRI C.SHIVAKUMAR REDDY, S/O LATE CHENNAREDDY, AGED ABOUT 56 YEARS, “RAMANSHREE”, NO.14, 29TH STAGE, BTM LAYOUT, 2ND STAGE, BENGALURU-560076.
3. SMT. R.H.KASTURI, W/O C.SHIVAKUMAR REDDY, AGED ABOUT 50 YEARS, “RAMANSHREE”, NO.14, 29TH STAGE, BTM LAYOUT, 2ND STAGE, BENGALURU-560 076. ... PETITIONERS (BY SRI SANDEEP S PATIL, ADV.) AND M/S. EDELWEISS ASSET RECONSTRUCTION COMPANY LTD., EDELWEISS HOUSE, 15TH FLOOR, CST ROAD, KALINA, MUMBAI-400 098. ... RESPONDENT (BY SRI K.SHASHIKIRAN SHETTY, SR.COUNSEL A/W SRI VIGNESH SHETTY, ADV. FOR C/R.) THESE WRIT PETITIONS ARE FILED UNDER ARTICLES 226 & 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE IMPUGNED NOTICE OF SALE DATED 13.03.2019 (PRODUCED AS ANNEXURE-A).
THESE WRIT PETITIONS COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R Sri Sandeep.S.Patil, learned counsel for the petitioners.
Sri K.Shashikiran Shetty, learned Senior counsel for the caveator-respondent.
2. These petitions are admitted for hearing. With the consent of the learned counsel for the parties, the matter is heard finally.
3. In these petitions under Articles 226 and 227 of the Constitution of India, the petitioners inter aliea has assailed the validity of the notice of sale dated 13.03.2019.
4. When the matter was taken up for consideration today, learned counsel for the petitioners inviting the attention of this Court to offer made by the petitioner- Company to the respondent-Bank on 28.02.2018 submits that the petitioner-Company has no objection to the Bank proceedings with regard to the sale of property of the petitioner-Company. It is further submitted that the proposal given by the petitioner-Company under the OTS Scheme has been agreed to in principle by the respondent-Bank which is evident from the communication sent to the petitioner- Company by the respondent contained in Annexure-R. It is further submitted that the writ petitions be disposed of with a direction to the respondent-Bank to conclude the proceedings with regard to the sale of assets of the petitioner-Company and thereafter to take appropriate decision with regard OTS proposal of the petitioner.
5. On the other hand, learned counsel for the respondent-Bank submits that suitable action in accordance with law shall be taken.
6. In view of the aforesaid submissions and the facts and circumstances of the case, the petitions are disposed of with liberty to the respondent-Bank to proceed and conclude with the auction of the property belonging to the petitioner- Company and thereafter, the respondent-Bank shall consider the offer of the petitioner-Company contained in Annexure-Q dated 28.02.2018 and pass suitable orders in accordance with law by a speaking order bearing in mind the communication sent to the petitioner-Company contained in Annexure-R. It is made clear that this Court has not expressed any opinion on the merits of the case.
7. It is needless to state that in case, if the petitioner-Company is aggrieved, the representative of the petitioner-Company shall be at liberty to take recourse to the remedy available to them under law.
Accordingly, the petitions are disposed of.
Sd/- JUDGE VM CT-HR