Dismissed

Smt. Shashikala N v. Icici Bank Ltd.

Karnataka HC14 Aug 2024WP/15798/2024

Case brief

AI extract

What is this about?

The High Court of Karnataka dismissed a writ petition challenging a symbolic possession notice under Section 13(4) of the SARFAESI Act. The court held the petition not maintainable as the statutory remedy under Section 17 was not exhausted, noting the petitioner failed to deposit the interim amount.

What did the court decide?

Petition disposed of, liberty reserved to challenge the possession notice under Section 17 of the SARFAESI Act, 2002.

Smt. Shashikala N Vs Icici Bank Ltd. — Banking and Recovery | Karnataka HC (2024)

¶1

¶2

NC: 2024:KHC:34613 WP No. 15798 of 2024

¶3

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 14^TH DAY OF AUGUST, 2024

¶4

BEFORE

¶5

THE HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR WRIT PETITION NO. 15798 OF 2024 (GM-RES)

¶6

BETWEEN:

¶7

SMT. SHASHIKALA N., W/O LATE NAGENDRA M., AGED ABOUT 41 YEARS, R/AT NO 14, 1ST FLOOR, 9TH CROSS, KALINGA RAO ROAD, BENDRE NAGAR, BSK 2ND STAGE, BENGALURU 560 007.

¶8

…PETITIONER

¶9

(BY SRI. USHADEVI K G., ADVOCATE) AND:

¶10

ICICI BANK LTD., MANDYA BRANCH, NO 119/1, SHVIALEELA COMPLEX, NEAR FACTORY CIRCLE, M. C. ROAD, MANDYA 571 403. REPT BY BRANCH MANAGER

¶11

Digitally signed by R HEMALATHA Location: HIGH COURT OF KARNATAKA

¶12

…RESPONDENT

¶13

(BY SRI. PATIL J M., ADVOCATE)

¶14

THIS WP IS FILED UNDER ARTICLE 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO i) TO SET ASIDE THE POSSESSION NOTICE DATED 13/05/2024 (UNDER SARFEESI ACT 2002) IN BEARING NO. NIL ISSUED BY THE RESPONDENT VIDE ANNEXURE-A, AND ALL FURTHER PROCEEDINGS AND GRANT ALL CONSEQUENTIAL BENEFITS INCLUDING REVERSAL OF ACTIONS TAKEN PURSUANT TO THE SAID NOTICE AND ETC.

¶15

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

¶16

CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR

¶17

¶18

NC: 2024:KHC:34613 WP No. 15798 of 2024

¶19

ORAL ORDER

¶20

The petitioner challenges the notice issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act"), regarding the symbolic possession of the secured asset belonging to the petitioner, which was offered as security for repayment of a loan.

¶21

This Court, by an order dated 20.06.2024, granted an interim stay of the impugned notice, subject to the petitioner depositing a sum of Rs.10 lakh with the respondent-Bank on or before 20.07.2024.

¶22

The learned counsel for the respondent-Bank, upon instructions, submits that the petitioner has not complied with the interim order.

¶23

Against the possession notice issued under Section 13(4) of the SARFAESI Act, a statutory remedy is available under Section 17 of the SARFAESI Act. Therefore, the present petition, filed without exhausting the alternative remedy, is not maintainable.

¶24

Accordingly, the petition is disposed of, reserving liberty to the petitioner to challenge the possession notice under Section 17 of the SARFAESI Act, 2002.

¶25

Sd/(HEMANT CHANDANGOUDAR) JUDGE

¶26

TIN/List No.: 1 Sl No.: 26

Smt. Shashikala N v. Icici Bank Ltd.

Case brief

What is this about?

What did the court decide?

Smt. Shashikala N v. Icici Bank 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

M/S. Sugam Packaging Industries Vs M/S S N Enterprises

Ashwathamma Vs Gowramma

Hanumanthappa Vs Sri. Vinay Krishna. H. v.

Renuka Bai Vs State of Karnataka

Alrm Nagappan Vs the Government of Karnataka

M.Isthiyak Ahmed Vs State of Karnataka