IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 18TH DAY OF FEBRUARY 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NOs.56657-56660 OF 2018 (GM-RES) BETWEEN:
1. M/S. VINTAGE FOODS AND INDUSTRIES LTD., NO.255/15, NEW NO. 29, 5TH MAIN, 13TH CROSS, VAYALIKAVAL, MALLESHWARAM, BANGALORE-560 003.
REP. BY ITS DIRECTOR, MR. N. K. MOHTA.
2. SRI. N. K. MOHTA S/O. RAM RATAN MOHTA, AGED ABOUT 64 YEARS, RESIDING AT NO. D-202, MANTRI GREENS APARTMENT, NO.1, SAMPIGE ROAD, MALLESHWARAM, BANGALORE-560 003.
3. MRS. SARITA MOHTA W/O. N. K. MOHTA, AGED ABOUT 59 YEARS, RESIDING AT NO. D-202, MANTRI GREENS APARTMENT, NO.1, SAMPIGE ROAD, MALLESHWARAM, BANGALORE-560 003.
4. M/S. INSOTEX (INDIA) LTD., NO.255/15, NEW NO. 29, 5TH MAIN, 13TH CROSS, VAYALIKAVAL, MALLESHWARAM, BANGALORE-560 003.
REP. BY ITS DIRECTOR, MR. N. K. MOHTA. … PETITIONERS (By Mr.A.V. AMARNATHAN, ADV.) AND:
1. I.D.B.I. BANK LTD. STRESSED ASSETS STABILIZATION FUNDS (SASF), 9TH FLOOR, IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI-400 005, REP. BY ITS AUTHORIZED PERSON.
ALSO HAVING THEIR LOCAL HEAD OFFICE AT IDBI HOUSE, NO.58, GROUND FLOOR, MISSION ROAD, BANGALORE-560 027.
2. KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORPORATION LTD., (KSIIDC), NO.49, KHANIJA BHAVANA, 4TH FLOOR, EAST WING, DEVARAJ URS ROAD, BANGALORE-560 001, REPRESENTED BY ITS AUTHORISED PERSON. … RESPONDENTS (By Mr. V.F. KUMBAR ADV., FOR R2 Mr. T P MUTHANNA ADV., FOR R1) - - -
These Writ Petitions are filed under Articles 226 and 227 of the Constitution of India, praying to quash the notice dated 7.12.2018 issued by R-1 vide Annex-X; and etc.
These Petitions coming on for Preliminary Hearing in ‘B’ group this day, the Court made the following:-
ORDER Sri.A.V.Amarnathan, learned counsel for the petitioners.
Sri.T.P.Muthanna, learned counsel for respondent No.1.
Sri.V.F.Kumbar, learned counsel for respondent No.2.
2. The petitions are admitted for hearing. With consent of the learned counsel for the parties, the same are heard finally.
3. In these petitions under Article 226 of the Constitution of India, the petitioners have assailed the validity of the impugned notice 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).
4. In view of the order dated 30.01.2019 passed by this Court in W.P.No.6594/2018 and for the reasons assigned therein, the petitioners have a remedy of filing an application under Section 17 of the Act. For the aforementioned reasons, the petitions are disposed of with a liberty that in case the petitioners avail of the remedy provided to them under Section 17 of the Act within three weeks from the date of receipt of the certified copy of the order passed today, the Tribunal shall extend the benefit of principles contained under Section 14 of the Limitation Act, 1963, to the petitioners and shall decide the application. Till then, the interim order shall continue.
With the aforesaid liberty, the petitions are disposed of.
5. In view of the disposal of the writ petitions, the pending interlocutory application does not survive for consideration and is accordingly disposed of.
Sd/- JUDGE RV