IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF FEBRUARY 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION Nos.9476-9479/2019 (GM-RES) BETWEEN:
1. M/S. VASAVI APPARELS PVT. LTD., NO.7-D, VISVESWARIAH INDUSTRIAL AREA, WHITEFIELD ROAD, BANGALORE-560 048.
REPRESENTED BY ITS CHIEF-EXECUTIVE OFFICER SRI N RAJESH.
2. N RAJESH, AGED ABOUT 45 YEARS, CHIEF EXECUTIVE OFFICER, M/S. VASAVI APPARELS PVT. LTD., S/O LATE SRI N.K. NAGABHUSHANA SETTY, NO.245, HEMA ENCLAVE, 3RD MAIN, 3RD CROSS, CHAMARAJPET, BANGALORE-560 018.
3. SMT. M SAROJA, 75 YEARS, DIRECTOR -M/S VASAVI APPARELS PVT. LTD., W/O LATE SRI N.K. NAGABHUSHANA SETTY, NO.245, HEMA ENCLAVE, 3RD MAIN, 3RD CROSS, CHAMARAJPET, BANGALORE-560 018.
4. SMT. R. NAGASHREE @ NAGULU, AGED ABOUT 44 YEARS, DIRECTOR M/S. VASAVI APPARELS PVT. LTD., W/O SRI N RAJESH NO.245 HEMA ENCLAVE, 3RD MAIN, 3RD CROSS, CHAMARAJPET, BANGALORE-560 018.
AND:
... PETITIONERS (BY SRI M.A. RAJENDRA, ADVOCATE) 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, SME BRANCH, MAHADEVAPURA, (FORMERLY ITI ANCILLARY INDUSTRIAL ESTATE) MAHDEVAPURA BRANCH, WHITEFIELD ROAD, BENGALURU-560 048.
2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, STRESSED ASSETS MANAGEMENT BOARD, 2ND FLOOR, OFFICE COMPLEX BLDG, LHO CAMPUS NO.65, ST.MARKS ROAD, BANGALORE-560 001.
... RESPONDENTS (BY SRI SHANKAR BHAT B, ADVOCATE FOR C/R2) THESE WRIT PETITIONS ARE FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT THE RESPONDENT BANK TO SETTLE THE ENTIRE DUES AS PER ANNEXURE-A SANCTION DTD:14.9.2017 ISSUED BY THE R-2 COLLECTING INTEREST EITHER ON LENDING RATE OR AT 10% [SIMPLE RATE] FOR THE BELATED PERIOD FROM 7.5.2018 TO TILL DATE, BY QUASHING /SETTING ASIDE ALL THE SUBSEQUENT CORRENSPONDENCE MADE IN THIS REGARD, INCLUDING TO SUBMIT THE PROPOSAL FOR SUM OF RS.3.65 CRORES AND ABOVE.
THESE WRIT PETITIONS COMING ON FOR PRELIMINARY HEARING THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R Sri M.A. Rajendra, the learned counsel for the petitioners.
Sri Shankar Bhat B., the learned counsel for the respondent No.2.
2. The petitions are admitted for hearing. With the consent of the parties, the same is heard finally.
3. The learned counsel for the petitioners submits that the petitioners are ready and willing to settle the loan account and the petitioners be granted liberty to submit the offer to the competent authority of the respondent Bank within a period of one week from the date of receipt of certified copy of the order passed today under one-time settlement scheme.
4. On the other hand, the learned counsel for the respondent Bank submits that in case the petitioners submit the offer, the same shall be considered in accordance with law and as per the guidelines framed by the Reserve Bank of India.
5. In view of the submissions made and in the facts of the case, the writ petitions are disposed of with a direction that in case the petitioners submit a fresh offer to the competent authority of the respondent Bank within a period of one week from the date of receipt of certified copy of the order passed today, the competent authority of the respondent Bank shall consider the offer made by the petitioners and shall deal with the same by a speaking order within a period of one week from the date of receipt of such offer.
6. Accordingly, the writ petitions are disposed of.
Sd/- JUDGE MD