IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 12TH DAY OF JULY, 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NOs.38967-38968 OF 2018 (GM-RES) Between:
1. M/s. PSN Mines and Minerals Partnership Firm, C/o No.202-A, 2nd Floor, No.136, Cears Plaza, Residency Road, Bengaluru – 560 025.
Represented by its Partner Mr.Parveez Rahim Khan.
2. M/s. A.R. Metallurgicals, A Company incorporated under The Companies Act, 1956, Having its Administrative Office At No.202-A, 2nd Floor, No.136, Caesars Plaza, Residency Road, Bengaluru – 560 025. Represented by its M.D., Parveez Rahim Khan.
(By Sri. Muniraja M., Advocate for Sri.Rajendra M.A., Advocate) And:
1. M/s. Pridhvi Asset Reconstruction and Securitization Company Ltd., Raja Prasadamu, 4th Floor, … Petitioners Wing I, Plot No.6, 6A, 6B, Masjid Banda Road, Kundapur, Hyderabad – 560 084. Represented by its Authorized Officer.
2. M/s. Indian Overseas Bank, A Corporate Body established Under the Banking Companies, Having its Central Office at 763, Anna Salai, Chennai – 600 002.
And its Bangalore Branch at No.7, Sri Sailam, 1st Main, Gandhinagar, Bangalore - 560 009. Represented by its Chief Manager/ Authorized representative.
…Respondents These Writ Petitions are filed under Articles 226 and 227 of the Constitution of India praying to stay the further proceedings of the respondents as per the order of the X ACMM Court in Crl.Misc.No.50029/2015 vide Annexure – B and etc., These Writ Petitions coming on for orders, this day, the Court made the following:-
ORDER Sri.Muniraja.M, learned counsel for Sri.Rajendra M.A, learned counsel for the petitioners.
Taking into account the order which this Court proposes to pass, it is not necessary to issue notice to the respondents.
2. In these petitions, the petitioners have prayed for a direction to the respondents to consider the offer made by them under the One Time Settlement Scheme.
3. When the matters were taken up today, learned counsel for the petitioners submitted that the writ petitions be disposed of with a direction to the respondents to consider the offer of the petitioners for settlement of the loan account under the ‘One Time Settlement’ Scheme submitted by them in accordance with law within fixed time limit.
4. In view of the submission made and in the facts of the case, the writ petitions are disposed of with a direction that the competent authority shall consider and decide the offer of the petitioners under ‘One Time Settlement’ scheme submitted by them, if not already decided, by a speaking order in accordance with law within a period of two weeks from the date of receipt of certified copy of the order passed today.
5. It is made clear that this court has not expressed any opinion on the merits of the case.
Accordingly, the petitions are disposed of.
Sd/- JUDGE dn/-