IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF MARCH 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NOS.47385-86 OF 2015 (GM-KSFC) BETWEEN:
1. SRI. P.C.GANESH S/O G.CHENGALVARAYAN, AGED ABOUT 48 YEARS, R/AT NO.204, RMV ORCHARDS, SEENAPPA LAYOUT, RMV 2ND STAGE, NEW BEL ROAD, BENGALURU-560 096.
2. SRI. M. THANGAVELU S/O LATE M. MUNISWAMY, AGED ABOUT 68 YEARS, R/AT NO.36 (OLD NO.61), 12TH A CROSS, VYALIKAVAL, BENGALURU-560 003.
(BY SRI. NISCHAL DEV B.R., ADV.) AND:
1. M/S KARNATAKA STATE FINANCIAL CORPORATION KSFC BHAVAN, NO.1/1 THIMMAIAH ROAD, BENGALURU-560 052 REPRESENTED BY ITS DIRECTOR 2. M/S. K.S.F.C.
MG ROAD BRANCH, … PETITIONERS NO.18, 2ND FLOOR, KRISHI BHAVAN, NRUPATHUNGA ROAD, HUDSON CIRCLE, BENGALURU-560 001. REPRESENTED BY ITS DEPUTY GENERAL MANAGER.
… RESPONDENTS (BY SRI.BIPIN HEGDE, ADV. FOR R1 & R2; SRI.GURURAJ JOSHI, ADV. FOR R-1) THESE WRIT PETITIONS ARE FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO QUASH THE IMPUGNED NOTICE DATED 14.10.2015 ISSUED BY THE RESPONDENT UNDER SECTION 13 (4) OF THE SARFAESI ACT READ WITH RULE 9 OF THE SECURITY INTEREST (ENFORCEMENT) RULES 2002 THROUGH NEWS PAPER PUBLICATION DATED 14.10.2015 IN DAILY ENGLISH NEWSPAPER “THE HINDU” VIDE ANNEXURE-A AND IN DAILY KANNADA NEWSPAPER ‘VIJAYA KARNATAKA’ VIDE ANNEXURE-B AND ETC.
THESE PETITIONS COMING ON FOR PRELIMINARY HEARING IN ‘B’ GROUP THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Sri. Nischal Dev B.R., learned counsel for the petitioners.
Sri. Bipin Hegde, learned counsel for respondent Nos.1 and 2.
Sri. Gururaj Joshi, learned counsel for respondent No.1.
In these petitions, petitioners have assailed the validity of the action taken by respondent No.1 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).
2. 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 petitioners is to file an application under Section 17 of the Act.
3. Accordingly, petitions are disposed of with liberty to the petitioners that in case they file an application before the Debts Recovery Tribunal within a period of six weeks from the date of receipt of certified copy of the order passed today, they shall be entitled to the benefit of principles contained under Section 14 of the Limitation Act, 1963.
4. Ad-interim order granted on earlier occasion by a bench of this Court, shall continue for a period of six 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.
With the aforesaid liberty, petitions are disposed of.
Sd/- JUDGE Mds/-