IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 11TH DAY OF MARCH 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.2972 OF 2019 (GM-RES) BETWEEN:
M/S. RAJASEKHAR & ASSOCIATES A REGISTERED PARTNERSHIP CONCERN HAVING ITS OFFICE AT UNIT NO.201 LANDMARK PLAZA, NO.299 LANGFORD ROAD BENGALURU-560025 REP. BY ITS MANAGING PARTNER SRI N SATYANARAYAN AGED ABOUT 66 YEARS S/O LATE T NAGENDRA RAO.
… PETITIONER (BY MR. ABHINAV R, ADV.) AND:
1. UNION OF INDIA MINISTRY OF LAW AND JUSTICE 3RD FLOOR, "C" WING LOK NAYAK BHAWAN KHAN MARKET NEW DELHI-110003 REPRESENTED BY ITS SECRETARY.
2. THE CANARA BANK A GOVERNMENT OF INDIA UNDERTAKING HAVING ITS REGISTERED OFFICE AT J.C.ROAD, BENGALURU-560002 REP. BY ITS AUTHORIZED SIGNATORY.
3. UNION OF INDIA MINISTRY OF FINANCE NORTH BLOCK NEW DELHI-110001 REP. BY ITS SECRETARY.
… RESPONDENTS (BY MRS. SOWBHAGYA N.A. ADV. FOR C/R2 MR. D. MANJUNATH, ADV., FOR R2 MR. H.JAYAKAR SHETTY, CGC FOR R1 TO R3) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 & 227 OF THE CONSTITUTION OF INDIA, PRAYING TO QUASH SECTION 14(3) OF THE SECURITIZATION AND CONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ("ACT 54 OF 2002") AS BEING UNCONSTITUTIONAL AND VIOLATIVE OF ARTICLE 14 & 21 OF THE CONSTITUTION OF INDIA AND ETC.
THIS WRIT PETITION COMING ON FOR PRELIMINARY HEARING THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Sri. Abhinav R., learned counsel for the petitioner.
Sri. H.Jayakar Shetty, learned Central Government Counsel for respondent Nos.1 and 3.
Smt. Sowbhagya N.A, learned counsel for caveator/respondent No.2.
The petition is admitted for hearing. With the consent of learned counsel for the parties, the same is heard finally.
2. In this petition, petitioner has assailed the validity of the order dated 30.11.2018 passed by the XLV Additional Chief Metropolitan Magistrate, Bengaluru under Section 14 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 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.
The parties shall maintain status-quo as it exist on today, with respect to the property in question till then.
Sd/- JUDGE dn/-