IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF AUGUST 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.40394 OF 2019 (GM-RES) BETWEEN:
1. M/S KML CHEMICALS PVT LTD REPRESENTED BY ITS MANAGING DIRECTOR, SRI S KANNAN, S/O LATE SINNU, # 130, 3RD FLOOR, MARIYAMMA TEMPLE ROAD, VODDARAPALYA, HARAGADDE POST, JIGANI, ANEKKAL TALUK, BENGALURU-562106 2. SRI S KANNAN S/O LATE S SINNU, AGED ABOUT 48 YEARS, MANAGING DIRECTOR OF M/S KML CHEMICALS PVT LTD., NO.100, MARIYAMMA TEMPLE ROAD, VODDARAPALYA, HARGADDE POST, JIGANI, ANEKAL TALUK, BENGALURU-562106 (BY SRI.JAGAN MOHAN M T, ADV.) AND:
AUTHORIZED OFFICER CANARA BANK (ARM BRANCH) # II FLOOR, CIRCLE OFFICE, SPENCER TOWERS, NO.86, M.G.ROAD, BENGALURU-560001 … PETITIONERS … RESPONDENT (BY SMT.SOWBHAGYA N A, ADV. FOR C/R (ABSENT) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO DECLARE THE AFORESAID ALLEGED SALE NOTICE DTD:25.7.2019 ISSUED BY THE RESPONDENT BANK IN RESPECT OF THE SCHEDULE PROPERTY, UNDER THE ANNEXURE-A UNDER THE PROVISIONS OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT.2002 [ACT 54/2002] FOR ENFORCEMENT OF INTEREST IS EXCESSIVE, ILLEGAL AND UNSUSTAINABLE AND SET ASIDE BY ISSUING THE WRIT IN THE NATURE OF CERTIORARI; AND ETC THIS WRIT PETITION COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Sri.Jagan Mohan M.T., learned counsel for the petitioner.
None for respondent.
In these petitions under Article 226 of the Constitution of India, the petitioners are seeking to declare the alleged sale notice dated 25.07.2019 issued by respondent Bank in respect of the schedule property, contained in Annexure-A under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act' for short) for enforcement of interest is excessive, illegal and unsustainable and set aside the same by issuing a writ in the nature of certiorari.
2. In view of the order dated 30.01.2019 passed by this Court in W.P.No.6594/2018 and for the reasons assigned therein the petitioners have a remedy of filing an application under Section 17 of the Act. For the aforementioned reasons, the petition is disposed of with a liberty that in case the petitioners avail of the remedy provided to them under Section 17 of the Act within two weeks from the date of receipt of the certified copy of the order passed today, the Tribunal shall extend the benefit of principle contained under Section 14 of the Limitation Act, 1963 to the petitioners and shall decide the application.
With the aforesaid liberty, the petition is disposed of.
Sd/- JUDGE SS