IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 16TH DAY OF AUGUST 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.35922 OF 2019 (GM-DRT) BETWEEN:
LKP FINANCE LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT 1956 # 203 EMBASSY CENTRE, NARIMAN POINT MUMBAI - 400021 REP BY : MR SATVINDERPAL SINGH GULATI HEAD - CORPORATE AFFAIRS LKP FINANCE LTD.
… PETITIONER (BY MR. DHYAN CHINNAPPA, SENIOR COUNSEL FOR MS. KRISHMA N, ADV.) AND:
1. STATE BANK OF INDIA A BANKING CORPORATION CONSTITUTED UNDER THE STATE BANK OF INDIA ACT 1955 ( 23 OF 1955) HAVING ITS CORPORATE CENTRE AT STATE BANK BHAVAN MADAME CAMA ROAD NARIMAN POINT, MUMBAI - 400021 AND HAVING ITS INDUSTRIAL FINANCE BRANCH AT 61 RESIDENCY ROAD, BENGALURU – 560025.
2. BANK OF BARODA A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT 1970 (5 OF 1970), HAVING ITS HEAD OFFICE AT BARODA HOUSE, P B NO 506 MANDAVI VADODARA - 396006 ACTING THROUGH ITS BRANCH OFFICE AT P O BOX 11745 SAMATA BUILDING CENTRAL BHOSALE MARG NARIMAN POINT, MUMBAI – 400121.
3. CORPORATION BANK A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING ) ACT 1980 (40 OF 1980) HAVING ITS CORPORATE OFFICE AT MANGALADEVI TEMPLE ROAD PANDESHWAR MANGALORE - 575001 AND HAVING ITS INDUSTRIAL FINANCE BRANCH AT RALLARAM MEMORIAL BUILDING 1ST FLOOR, CSI COMPOUND MISSION ROAD, BENGALURU – 560027.
4. THE FEDERAL BANK LIMITED A COMPANY WITHIN THE MEANING OF THE COMPANIES ACT 1956 HAVING ITS REGISTERED OFFICE AT FEDERAL TOWERS, ALUVA - 683101 KERALA AND HAVING ITS BRANCH OFFICE AT ST MARKS ROAD 9 HALYCON COMPLEX, ST MARKS ROAD BANGALORE – 560001.
5. IDBI BANK LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT 1956 AND A BANKING COMPANY WITH THE MEANING OF THE BANKING REGULATION ACT 1949 HAVING ITS HEAD OFFICE AT IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005 MAHARASHTRA, INDIA AND ACTING THROUGH ITS BRANCH OFFICE AT CORPORATE BANKING GROUP FAMG 9TH FLOOR, IDBI TOWER WTC COMPLEX CUFFE PARADE, COLABA, MUMBAI – 400005.
6. INDIAN OVERSEAS BANK A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT 1970, HAVING ITS CENTRAL OFFICE AT 763 ANNA SALAI CHENNAI - 600002 AND ITS BRANCH OFFICE AT HARIKRIPA 26-A, S V ROAD SANTA CRUZ W MUMBAI – 400054.
7. JAMMU & KASHMIR BANK LIMITED A BANKING COMPANY INCORPORATED UNDER THE PROVISIONS OF THE JAMMU & KASHMIR COMPANIES ACT XI OF 1977 (SAMVAT) HAVING ITS REGISTERED OFFICE AT CORPORATE HEAD QUARTER MAULANA AZAD ROAD SRIANGAR KASHMIR – 190001.
AND ITS BRANCH OFFICE AT SYED HOSUE 124, S V SAVARKAR MARG MAHIM WEST MUMBAI – 400016.
8. PUNJAB & SIND BANK A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT 1980 HAVING ITS HEAD OFFICE AT 21 RAJENDRA PLACE NEW DELHI - 110008 AND HAVING AMONGST OTHERS A BRANCH OFFICE AT J K SOMANI BUILDING BRITISH HOTEL LANE, FORT MUMBAI – 400023.
9. PUNJAB NATIONAL BANK A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT 1970, (5 OF 1970) HAVING ITS HEAD OFFICE AT 7 BHIKAJI CAMA PLACE NEW DELHI - 110607 ACTING THROUGH ITS LARGE CORPORATE BRANCH AT CENTENARY BUILDING 28 M G ROAD, BENGALURU – 560001.
10. STATE BANK OF MYSORE A BODY CORPORATE UNDER THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT 1959 HAVING ITS HEAD OFFICE AT KEMPEGOWDA ROAD BENGALURU - 560009 AND ITS CORPORATE ACCOUNTS BRANCH AT NO 18 RAMANASHREE ARCADE M G ROAD BENGALURU – 560001.
11. UCO BANK A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT 1970 AND HAVING ITS HEAD OFFICE AT 10 BTM SARANI KOLKATA - 700001 WEST BENGAL INDIA.
AND ITS BRANCH OFFICE AT 1ST FLOOR 13/22 K G ROAD, BENGALURU – 560009.
12. UNITED BANK OF INDIA A BODY CORPORATE UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT 1970 11 HEMANTA BASU SARANI KOLKATA - 700001 ACTING THROUGH ITS BRANCH OFFICE AT 40 K G ROAD, BENGALURU – 560009.
13. JM FINANCIAL ASSET RECONSTRUCTION CO PVT LTD HAVING ITS REGISTERED OFFICE AT 7TH FLOOR CNERGY APPASAHEB MARATHE MARG PRABHADEVI, MUMBAI – 400025.
14. KINGFISHER AIRLINES LIMITED A PUBLIC LIMITED COMPANY INCORPORATE UNDER THE COMPANIES ACT 1956 AND HAVING ITS REGISTERED OFFICE AT UB TOWER LEVEL 12 UB CITY 24 VITTAL MALLYA ROAD BENGALURU – 560001.
15. UNITED BREWERIES (HOLDINGS) LIMITED A PUBLIC COMPANY INCORPORATED THE COMPANIES ACT 1956 AND HAVING ITS REGISTERED OFFICE AT UB TOWER LEVEL 12 UB CITY 24 VITTAL MALLYA ROAD BENGALURU – 560001, KARNATAKA INDIA.
16. DR. VIJAY MALLYA SON OF LATE SRI VITTAL MALLYA AND RESIDING AT 3 VITTAL MALLYA ROAD BENGALURU - 560001 KARNATAKA, INDIA.
17. KINGFISHER FINVEST (INDIA) LTD UB TOWER LEVEL 12 UB CITY 24 VITTAL MALLYA ROAD BENGALURU – 560001.
… RESPONDENTS (BY MR. S.S. NAGANAND, SENIOR ADV., FOR MS. PRIYA KALE, ADV., FOR M/S. DUA ASSOCIATES FOR R1 TO R13) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING SET ASIDE THE ORDER DTD:08.08.2019 PASSED BY THE LEARNED RECOVERY OFFICER, DRT-II, BANGALORE IN CONFIRMING THE ORDER DTD:10.6.2019 VIDE ANNEXURE-C IN TRC NO.255/2017 IN OA 766/2013 PASSED BY THE LEARNED RECOVERY OFFICER, DRT-II, BANGALORE & ETC.
THIS WRIT PETITION COMING ON FOR PRELIMINARY HEARING THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Mr.Dhyan Chinnappa learned Senior counsel for Miss.Krishma N., learned counsel for the petitioner.
Mr.S.S.Naganand, learned Senior counsel for Miss.Priya Kale, learned counsel for respondent Nos.1 to 13.
Taking into account the order, which this Court proposes to pass, it is not necessary for this Court to issue notice to respondent Nos.14 to 17.
2. Learned Senior counsel for the petitioner submits that being aggrieved by the order dated 08.08.2019 passed by the Debt Recovery Officer, the petitioner has filed an appeal before the Debt Recovery Tribunal. However, the proceedings in the appeal are fixed for 22.08.2019 and till the matter is taken up by the Debt Recovery Tribunal, the interim protection be accorded to the petitioner. On the other hand, learned Senior counsel for respondent Nos.1 to 13 submitted that in the appeal, some defects have to be complied with by the petitioner and the Presiding Officer of the Debt Recovery Tribunal is available to hear the appeal and therefore, the petitioner should file an application before the Debt Recovery Tribunal seeking preponement of the date of hearing of the appeal.
3. In view of the aforesaid submissions and in the facts of the case, the petition is disposed of with a direction that in case the petitioner complies with the defects in the appeal, which is filed by him and is pending consideration before the Debt Recovery Tribunal and files an application for hearing of the appeal along with an application for stay on 19.08.2019, the Debt Recovery Tribunal shall take up the application for stay filed by the petitioner on 20.08.2019 and shall pass appropriate orders thereon.
Accordingly, the writ petition is disposed of.
Sd/- JUDGE SS