IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 01ST DAY OF APRIL 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NOS.43290-43291 OF 2018 (GM-DRT) BETWEEN:
1. M/S. THARUN ENTERPRISES NO.320/4, SIDDAPPA REDDY INDUSTRIAL AREA OPP: KOTAK MAHINDRA BANK BOMMANAHALLI REP. BY ITS PROPRIETOR MR. B.S.N. THARUN 2. SMT. CHAITRA W/O.B.S.N.THARUN AGED ABOUT 38 YEARS NO.45, GANIGARA A LANE JUMMA MASJIDI ROAD NAGARTHPET BENGALURU-560 002 … PETITIONERS (BY SRI V.S. HEGDE, ADVOCATE) AND THE LAKSHMI VILAS BANK REGIONAL OFFICE NO.93, 2ND FLOOR, T.K.N. MANSION K.H.ROAD (DOUBLE ROAD), OPP: KSRTC HEAD OFFICE BENGALURU-560 027 REP. BY ITS AUTHORISED OFFICER ... RESPONDENT (BY SRI M.R. SHASHIDHAR, ADVOCATE) THESE WRIT PETITIONS ARE FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO SET ASIDE THE ORDER DATED 14.08.2018 (ANNEXURE-A) PASSED BY THE DEBT RECOVERY TRIBUNAL-1, BENGALURU IN S.A.No.259/2017 AND ETC., THESE PETITIONS COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER Sri V.S.Hegde, learned Counsel for the petitioners.
Sri M.R.Shashidhar, learned Counsel for the respondent.
2. In these petitions, the petitioners inter alia seek for setting aside the order dated 14.08.2018 passed by the Debts Recovery Tribunal in SA.No.259/2017 at Annexure-A.
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 petitioners is to file an appeal under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the Act’ for short) before the Appellate Tribunal.
4. Accordingly, petitions are disposed of with liberty to the petitioners that in case they file an appeal under Section 18 of the Act before the Debts Recovery Appellate Tribunal within a period of four 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.
5. Till the petitioners file an appeal, ad-interim order dated 28.09.2018 granted by a bench of this Court, shall continue provided the petitioners have complied with the conditions prescribed in the order.
With the aforesaid liberty, petitions are disposed of.
Sd/- JUDGE LB