IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 08TH DAY OF MARCH, 2019 BEFORE THE HON’BLE MR.JUSTICE ALOK ARADHE WRIT PETITION NO.8637 OF 2016 (GM-DRT) BETWEEN:
M/S.ZAN COMMODITIES PVT LTD. REGD. OFFICE:3-31-2579/1 VASANTH NIVAS, KARANGALPADY MANGALOORU-575003 REPRESENTED BY ITS MANAGING DIRECTOR MR.T.A.HAQASSADI. ...PETITIONER (By Smt.KUSUMA.R.PRASAD, ADVOCATE FOR SRI L.M.CHIDANANDAYYA, ADVOCATE) AND:
1. STATE BANK OF TRAVANCORE MANGALOORU BRANCH NEW MILAGRES MANSION HAMPANKATTA, MANGALOORU-575001 REPRESENTED BY ITS CHIEF MANAGER 2. THE AUTHORISED OFFICER STATE BANK OF TRAVANCORE MANGALOORU BRANCH NEW MILAGRES MANSION HAMPANKATTA, MANGALOORU-575001.
... RESPONDENTS (By Sri T.P.MUTHANNA, ADVOCATE FOR R1 & R2 ) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 & 227 OF THE CONSTITUTION OF INDIA PRAYING TO:
a) CALL FOR THE RECORDS WHICH ULTIMATELY RESULTED IN ISSUING THE E-AUCTION NOTICE DATED 05.02.2016 AT ANNEX-B;
b) QUASH ANNEX-A DATED 10.02.2016 BY NOT GRANTING THE INTERIM ORDER ON I.A.III;
c) QUASH E-AUCTION SALE NOTICE DATED 05.02.2016 AT ANNEX-B;
d) DIRECT RESPONDENTS TO RECIEVE THE BALANCE OF RS.3.75 CRORES OF THE ONE TIME SETTLEMENT SCHEME IN 24 MONTHLY EQUAL INSTALMENTS, ETC., THIS WRIT PETITION COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R Smt.Kusuma.R.Prasad, learned counsel for Sri L.M.Chidanandayya, learned counsel for the petitioner.
Sri T.P.Muthanna, learned counsel for Respondents No.1 and 2.
2. Learned counsel for the Respondent No.1-Bank submitted that the petitioner has already challenged the validity of the action taken by the respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, hereinafter referred to as SARFAESI Act) by filing an application before the Debt Recovery Tribunal.
3. The aforesaid submission is taken on record.
4. In view of the aforesaid submission, nothing survives for adjudication in this matter. Accordingly, this writ petition is disposed of with liberty to the petitioner to prosecute the proceedings, if any, pending before the Debt Recovery Tribunal under Section 17 of the SARFAESI Act.
Sd/- JUDGE dh