Disposed

State Bank of India v. M/S Akshayam Sands and Industries

Karnataka HC12 Apr 2023WP/4369/2023

Case brief

AI extract

What is this about?

Petitioner Bank sought writ under Articles 226/227 directing the learned Magistrate to dispose of a stay application under the SARFAESI Act within three months. Court ordered disposal within 12 weeks.

What did the court decide?

Directed the learned II Additional Senior Civil Judge and CJM, Mysuru to dispose of Crl.Misc.152/2022 Annexure-B within 3 months or within 12 weeks from receipt of order.

State Bank of India Vs M/S Akshayam Sands and… — Banking and Recovery | Karnataka HC (2023)

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WP No. 4369 of 2023

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 12^TH DAY OF APRIL, 2023

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BEFORE

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THE HON'BLE MR JUSTICE M.NAGAPRASANNA WRIT PETITION NO.4369 OF 2023 (GM-RES)

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BETWEEN:

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STATE BANK OF INDIA, STRESSED ASSETS RECOVERY BRANCH (05173), BUILDING NO.11/90, III FLOOR, NEAR OLD SHIVAJI THEATER, J.C. ROAD, BENGALURU – 560 002. REPRESENTED BY ITS AUTHORIZED OFFICER/CHIEF MANAGER, DAYA S NAIK.

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…PETITIONER

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(BY SRI. NANDISH PATIL., ADVOCATE)

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AND:

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Digitally signed by PADMAVATHI B K Location: HIGH COURT OF KARNATAKA

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M/S. AKSHAYAM SANDS AND INDUSTRIES, REPRESENTED BY ITS PROPRIETOR, SRI. RAVIKUMAR S.D., S/O DEVAIAH, AGE MAJOR, R/O NO.41/1, 42/3, NUGGAHALLI VILLAGE, BEERIHUNDI POST, YELWALA, MYSORE – 570 026.

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SRI. RANGASWAMY Y.M., S/O LATE CHIKKAMMALLAIAH,

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WP No. 4369 of 2023

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AGE MAJOR, R/O NO.1930, POLICE LAYOUT, 2^ND STAGE, SARDR VALLABHAI PATEL NAGAR, T. NARSIPURA ROAD, ALANAHALLI, MYSORE – 570 028.

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SRI. PUTTASWAMY, SINCE DEAD BY HIS LR'S

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MRS. JAYALAKSHMI, W/O LATE PUTTASWAMY, AGE MAJOR,

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SMT. RACHITHA, D/O LATE PUTTASWAMY, AGE: MAJOR,

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SMT. SUSHMITHA, D/O LATE PUTTASWAMY, AGE MAJOR, ALL ARE R/AT NO.459, 23^RD MAIN, 15^TH CROSS, 2^ND STAGE, JP NAGAR, MYSORE – 570 008.

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…RESPONDENTS

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THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT THE LEARNED II ADDITIONAL SENIOR CIVIL JUDGE AND CJM, MYSURU, TO DISPOSE OF THE CRL.MISC.152/2022 ANNEXURE - B IN A TIME BOUND MANNER WITHIN A PERIOD OF 3 MONTHS.

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THIS PETITION, COMING ON FOR PRELIMINARY

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HEARING, THIS DAY, THE COURT MADE THE FOLLOWING:

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WP No. 4369 of 2023

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ORDER

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The petitioner is before this Court seeking the following

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prayer:

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"A) Issue Writ in the nature of mandamus directing the learned II Additional Senior Civil Judge and CJM, Mysuru to dispose of the Crl.Misc 152/2022 ANNEXURE-B in a time bound manner within a period of 3 months in the interest of justice and equity.

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B) Issue such other suitable order/s or directions as this Hon'ble Court deems fit and proper in the nature and circumstances of the case, in the interest of justice and equity.

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The petitioner is the State Bank of India. The petitioner had lent finance to respondent Nos.2 and 3 and on the loan becoming sticky have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’ for short).

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In furtherance whereof, an application is filed before the learned Magistrate in Crl.Misc.No.152/2022 under Section 14 of the SARFAESI Act. The dues are close to Rs.4,78,84,188/- as is averred in the petition.

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WP No. 4369 of 2023

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Though the application under Section 14 of the SARFAESI Act was filed on 17.06.2022, it is the allegation that no order is passed by the learned Magistrate on the said application. Therefore, the learned Magistrate shall now pass appropriate orders in accordance with law within 12 weeks from the date of receipt of a copy of this order, if not earlier.

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With the aforesaid observations, the petition stands disposed.

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Ordered accordingly.

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Sd/JUDGE

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SJK List No.: 1 Sl No.: 20

State Bank of India v. M/S Akshayam Sands and Industries

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S Akshayam Sands and Industries

Case brief

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What did the court decide?

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