IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 29TH DAY OF JULY 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE REVIEW PETITION NO.253 OF 2019 IN WRIT PETITION NO.53689 OF 2018 (GM-RES) BETWEEN:
1. MR.SAI RAMAKRISHNA KARUTURI S/O.LATE K.SURYA RAO AGED ABOUT 54 YEARS 2. MRS.ANITHA K.
W/O.MR.SAI RAMAKRISHNA KARTURI AGED ABOUT 43 YEARS BOTH ARE R/AT NO.9/56 8TH MAIN, 1ST CROSS UPPER PALACE ORCHARDS SADASHIVANGAR BENGALURU-560 080 … PETITIONERS (BY SRI SHAMANTH S.N., ADVOCATE) AND:
1. ICICI HOME FINANCE COMPANY LTD., A PUBLIC COMPANY INCORPORATED UNDER THE PROVISIONS OF THE COMPANIES ACT, 1956 HAVING ITS BRANCH OFFICE AT:
MYTHREE TOWERS 4/10, HOSUR ROAD BOMMANAHALLI BENGALURU-560 068 REPRESENTED BY ITS AUTHORISED REPRESENTATIVE 2. STATE OF KARNATAKA REP. BY SADASHIVANAGAR POLICE STATION, 11TH CROSS SADASHIVANAGAR BENGALURU-560 080 3. MR.RAJESH N.
S/O.MR.VEERA RAGHAVALU N. AGED ABOUT 42 YEARS R/AT NO.9/56 8TH MAIN, 1ST CROSS UPPER PALACE ORCHARDS SADASHIVANAGAR BENGALURU-560 080 … RESPONDENTS THIS REVIEW PETITION IS FILED UNDER SECTION 114 READ WITH ORDER XLVII RULE 1 OF CPC PRAYING TO REVIEW THE ORDER DATED 21.01.2019 (ANNEXURE- A) PASSED BY THIS COURT IN WP.NO.53689/2018 AND ETC.
THIS REVIEW PETITION COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R Sri Shamanth S.N., learned Counsel for the petitioners.
2. Heard on I.A.No.1/2019. This application has been filed seeking condonation of delay of 150 days in filing the petition for review in respect of the order dated 21.01.2019 passed in W.P.No.53689/2018. Since this Court while exercising the powers of review for which no clear background is required, there is no delay in filing this petition. Accordingly, I.A.No.1/2019 is disposed of.
3. After arguing the matter to some extent, learned counsel for the petitioners submits that in view of the subsequent event namely, taking over the possession of the assets in respect of which no security interest has been provided in favour of respondent no.1, the petitioners be granted liberty to approach the Debts Recovery Tribunal by filing a petition under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘the Act’) along with an application for stay.
4. Needless to state that in case such a petition under Section 17 of the Act along with an application for stay is filed by the petitioners before the Debts Recovery Tribunal, the Debts Recovery Tribunal shall decide the application for stay filed by the petitioners within a period of two weeks from today preferably before 9th August 2019 by a speaking order and shall proceed to decide the petition under Section 17 of the Act which may be filed by the petitioners within a period of two months thereafter.
Accordingly, the review petition is disposed of.
Sd/- JUDGE hkh.