IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 18TH DAY OF MARCH, 2019 BEFORE THE HON’BLE MR.JUSTICE ALOK ARADHE WRIT PETITION No.9293/2019 & WRIT PETITION No.10917/2019 (GM-RES) BETWEEN:
1. SHRI MAHESH V.DRAKSHARAPU S/O SHRI DRAKSHRAPU NAGABHUSHANA RAO, AGED ABOUT 59 YEARS, R/AT NO.109, AKSHAYA, SAI BABA ASHRAM ROAD, WHITEFILED, BANGALORE-560 067.
2. SMT. APARNA DRAKSHARAPU W/O SHRI MAHESH DRAKSHARAPU, AGED ABOUT 51 YEARS, R/AT NO.109, AKSHAYA, SAI BABA ASHRAM ROAD, WHITEFILED, BANGALORE-560 067.
... PETITIONERS (BY SRI K.S.UDAY, ADVOCATE FOR SRI C.N.MAHADESHWARA, ADVOCATE) AND:
1. CANARA BANK SME BOMMASANDRA, 1ST FLOOR, KB ROYALE APARATMENT, RS GARDENIA BUILDING, HOSUR MAIN ROAD, BOMMASANDRA, BENGALURU-560 099.
REP.BY ITS AUTHORISED OFFICER 2. ARISTOS ELECTRONIC MANUFACTURING SERVICES PRIVATE LIMITED NO.18, SURVEY NO.43, 1ST AND 2ND FLOOR, ELECTRONIC CITY, BANGALORE-560 100.
REP. BY ITS AUTHORISED SIGNATORY, SHRI S.VENKATESH 3. SHRI VIVEK CHANDRA S/O SHRI K.B.MOHANCHANDRAN, AGED ABOUT 37 YEARS, DIRECTOR OF ARISTOS EMS PVT LTD, R/AT NO.303-103/A, HAMILTON SURABHI APARTMENT, BELLANDUR-SARJAPURA ROAD, BANGALORE-560 103.
4. SHRI RAVINDRAN UTHANPURAVIL S/O SHRI GOPAHAN NAMBIAR, AGE MAJOR, DIRECTOR OF ARISTOS EMS PVT. LTD., R/AT NO.A-701, ASHOK VIHAR, ANDHERI (E) MUMBAI, MAHARASHTRA-400 072.
... RESPONDENTS THESE WRIT PETITIONS ARE FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE POSSESSION NOTICE DATED 28.09.2018 ISSUED BY THE R-1 UNDER THE SARFEASI ACT, HAS PREFERRED THIS WRIT BEFORE THIS HON'BLE COURT. COPY OF THE PAPER PUBLICATION IS PRODUCED AS ANNEXURE-A.
THESE WRIT PETITIONS COMING ON FOR PRELIMINARY HEARING THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Sri. K.S. Uday, learned counsel for Sri.C.N.Mahadeshwara, learned counsel for the petitioners.
In these petitions filed under Articles 226 and 227 of the Constitution of India, the petitioners inter alia assail the validity of the possession notice issued to the petitioners under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the Act’ for short).
2. When the matters were taken up today, learned counsel for the petitioners submitted that in the meanwhile respondents taken steps under Section 13(4) of the Act, the petitioners are granted liberty to take recourse to the remedy provided to them under Section 17 of the Act.
3. In view of the aforesaid submission, writ petitions are disposed of with a direction to the petitioners to file an application under Section 17 of the Act. The appropriate authority shall take a decision on the application on merits by extending the petitioners the benefit of Section 14 of the Limitation Act, 1963.
Accordingly, writ petitions are disposed of.
Sd/- JUDGE PB