IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 14TH DAY OF FEBRUARY 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.3056 OF 2016 (GM-RES) Between:
Mr. R. Sampath Kumar, S/o Late R. Ramaswamy, Aged about 57 years, No.43, 5th Cross, 5th Main Road, Malleswaram, Bengaluru-560 003.
... Petitioner (By Smt. D. Kavitha, Advocate) And:
1. M/s Citifinancial Consumer Finance India Ltd., No.17, Alnoor Building, High Ground, Palace Road, Bengaluru-560 052, Rep by its Authorized Officer.
2. M/s. Kotak Mahindra Bank Limited, Registered Office:36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai-400 021, Rep by its Authorized Officer.
... Respondents (By Smt. Jai M. Patil, Advocate for R2;
v/o dated 29.01.2018, notice to R2 is held sufficient) This Writ Petition is filed under Articles 226 and 227 of the Constitution of India praying to restrain the respondents from initiating any kind of recovery action against the schedule property under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 [SARFAESI Act, 2002] and the rules thereon with regard to the loan sanctioned by R-1 in the name of petitioner and etc.
This Petition coming on for Orders, this day, the Court made the following:-
ORDER Smt. D. Kavitha, learned counsel for the petitioner.
Smt. Jai M. Patil, learned counsel for respondent No.2.
Petition is admitted for hearing. With the consent of the parties, the same is heard finally.
2. In this petition, petitioner has assailed the validity of the action taken by respondent-Bank under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the Act’ for short).
3. In view of the decision of this Court in the order dated 30.01.2019 passed in W.P.No.6594/2018 and for the reasons assigned therein, the remedy available for the petitioner is to file an application under Section 17 of the Act.
4. Accordingly, petition is disposed of with a liberty to the petitioner that in case he files an application before the Debts Recovery Tribunal within a period of three weeks from the date of receipt of certified copy of the order passed today, he shall be entitled to the benefit of principles contained under Section 14 of the Limitation Act, 1963.
Sd/- JUDGE Mds/-