IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 19TH DAY OF FEBRUARY 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.36788 OF 2017 (GM-RES) BETWEEN:
M/S RASHMI INDUSTRIES A PARTNERSHIP FIRM REPRESENTED BY ITS MANAGING PARTNER SRI.H.NARASIMHAIAH, AT NO.60 & 61, 5TH MAIN, 9TH CROSS, BEGUR ROAD, HONGASANDRA, BENGALURU-560 068.
... PETITIONER (BY SRI. AJIT KALYAN, ADVOCATE) AND:
1. BANK OF INDIA AT SHWETHA ARCADE NO.578-B, 100 FEET RING ROAD HSR LAYOUT, 6TH SECTOR BENGALURU-560 102 REPRESENTED BY ITS CHIEF MANAGER & AUTHORIZED OFFICER.
2. THE CHIEF MANAGER & AUTHORIZED OFFICER BANK OF INDIA AT SHWETHA ARCADE NO.578-B, 100 FEET RING ROAD HSR LAYOUT, 6TH SECTOR BENGALURU-560 102.
... RESPONDENTS (BY SRI. PRASHANT N. HEGDE, ADV. FOR R1 & R2) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO QUASH THE ORDER DTD:22.11.2016 PASSED BY THE III ADDITIONAL CHIEF METROPOLITAN MAGISTRATE AT BANGALORE IN CRIMINAL MISC.NO.8491/2016 VIDE ANNEXURE-A AND ETC.
THIS PETITION COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Sri.Ajit Kalyan, learned counsel for the petitioner.
Sri.Prashant N.Hegde, learned counsel for respondents.
The petition is admitted for hearing. With the consent of the learned counsel for both parties, the same is heard finally.
2. In this petition, petitioner has assailed the validity of order dated 22.11.2016 passed by the III Additional Chief Metropolitan Magistrate, Bengaluru in Crl.Misc.No.8491/2016 vide Annexure-A.
3. In view of the decision of this Court by 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
4. Accordingly, writ 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 two 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. Till then, stay shall remain in force provided the conditions made thereunder are complied with.
It is made clear that this Court has not expressed any opinion on the merit of the case.
Sd/- JUDGE dn/-