Dismissed

Mr Annaiah Krishnamurthy v. LIC Housing Finance Ltd.

Karnataka HC2 Aug 2024WP/12124/2024

Case brief

AI extract

What is this about?

Bench dismissed the writ petition as not maintainable due to non-compliance with an interim stay order and availability of alternate remedy under Section 17 of SARFAESI Act, granting liberty to approach bank for loan regularization upon deposit of specified amount.

What did the court decide?

Writ petition dismissed; liberty granted to deposit Rs. 15,00,000 within 15 days for loan regularization; bank restrained from precipitate action pending deposit.

Mr Annaiah Krishnamurthy Vs LIC Housing Finance Ltd. — Banking and Recovery | Karnataka HC (2024)

¶1

1 - NC: 2024:KHC:30689 WP No. 12124 of 2024

¶2

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

¶3

DATED THIS THE 2^ND DAY OF AUGUST, 2024

¶4

BEFORE

¶5

THE HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR WRIT PETITION NO. 12124 OF 2024 (GM-RES)

¶6

BETWEEN:

¶7

MR. ANNAIAH KRISHNAMURTHY, S/O ANNAIAH, AGED 58 YEARS, RESIDENT ADDRESS: NO. 12, SRI SAI KRUPA, 2ND CROSS, BEHIND SHANIMATH TEMPLE, PUTTENAHALLI PALYA, J.P. NAGAR, BANGALORE - 560 078.

¶8

…PETITIONER

¶9

(BY SRI. N. SURESHA, ADVOCATE)

¶10

AND:

¶11

LIC HOUSING FINANCE LTD., REGISTERED UNDER COMPANIES ACT, NO. 15/1, HAYES CENTRE, HAYES ROAD, BANGALORE - 560 025, REPRESENTED BY AUTHORISED OFFICER/ SENIOR MANAGER.

¶12

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

¶13

KAVITHA S, W/O ANNAIAH KRISHNAMURTHY, AGED 48 YEARS, RESIDENT ADDRESS, NO. 12, SRI SAI KRUPA, 2ND CROSS, BEHIND SHANIMATH TEMPLE, PUTTENAHALLI PALYA, J.P. NAGAR, BANGALORE - 560 078.

¶14

…RESPONDENTS

¶15

(BY SRI. K.V. LOKESH, ADVOCATE FOR R1)

¶16

THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE POSSESSION NOTICE DATED 12.04.2024 AT ANNEXURE-C AND ETC.,

¶17

THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

¶18

¶19

NC: 2024:KHC:30689 WP No. 12124 of 2024

¶20

CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR

¶21

ORAL ORDER

¶22

The petitioner challenges the notice issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the Act') by which symbolic possession of the property belonging to the petitioner, which was offered as security for repayment of the loan borrowed, has been taken.

¶23

This Court, vide order dated 02.07.2024 granted an interim order of stay subject to the petitioner depositing a sum of Rs.12,00,000/- on or before 01.08.2024.

¶24

Learned counsel for the respondent No.1-Bank on instructions, submits that the petitioner has not complied with the interim order. He further asserts that the petitioner's learned counsel has not served a copy of the writ petition.

¶25

The petitioner not having complied with the interim order and also given the fact that an alternate remedy is provided under Section 17 of the Act, the present petition is dismissed as not maintainable.

¶26

The petitioner is at liberty to approach the respondent No.1-Bank for regularization of the loan account by depositing a sum of Rs.15,00,000/- within a period of 15 days from today. Till then, respondent No.1-Bank shall not take any precipitate action against the petitioner. If the petitioner fails to deposit the said

¶27

NC: 2024:KHC:30689 WP No. 12124 of 2024

¶28

¶29

amount within 15 days, the Respondent -Bank is at liberty to proceed in accordance with law.

¶30

Sd/(HEMANT CHANDANGOUDAR) JUDGE

¶31

GJM List No.: 1 Sl No.: 35 CT: BHK

Mr Annaiah Krishnamurthy v. LIC Housing Finance Ltd.

Case brief

What is this about?

What did the court decide?

Mr Annaiah Krishnamurthy v. LIC Housing Finance Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Naveed Ahmeed Vs Range Forest Officer and Surveyor

Mrs. Bhajantri Henrica Vs the State of Karnataka

M/S Himagiri Sree Electricals Vs the State of Karnataka

Mr Girish S Palaskar Vs the State of Karnataka

Ramesha @ Ramu @ Kovi Ravi Vs State of Karnataka

Academy of Liberal Education (R) Vs State of Karnataka