Petitioners challenged a bank sale notice issued under Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. After an interim order requiring deposits of Rs. 75 lakhs was complied with and the auction failed for lack of bidders, the court directed petitioners to clear the entire outstanding amount by staged deposits by 31.12.2024.
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IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 11TH DAY OF SEPTEMBER, 2024
BEFORE
THE HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR WRIT PETITION NO. 21757 OF 2024 (GM-RES)
BETWEEN:
BOTH ARE RESIDING AT ANNAPURNA GATE, HULIYAR ROAD, TIPTUR, TUMAKURU DISTRICT - 572 101.
…PETITIONERS
(BY SRI. M.Y. LOKESHA, ADVOCATE)
AND:
Digitally signed by R HEMALATHA Location: HIGH COURT OF KARNATAKA
THE CITY UNION BANK LTD., HAVING REGISTERED OFFICE, 149-TSR(BIG) STGREET, KUMBAKONAM , TAMILNADU STATE, HAVING ITS BRANCH OFFICE AT RAMAMANDIRA ROAD, TIPTUR - 572 201, REPRESENTED BY ITS AUTHORISED OFFICER.
…RESPONDENT
(BY SRI. C. VINAY SWAMY, ADVOCATE)
THIS W.P IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO SET ASIDE THE SALE NOTICE DATED 04.07.2024 ISSUED BY THE RESPONDENT BANK AS PER ANNX-A HOLDING THE SAME IS ILLEGAL AND ETC.,
THIS PETITION, COMING ON FOR ODERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR
NC: 2024:KHC:38167 WP No. 21757 of 2024
ORAL ORDER
The petitioners are challenging the sale notice issued under Rule 8(6) read with Rule 9 of the Security Interest (Enforcement) Rules, 2002.
NC: 2024:KHC:38167 WP No. 21757 of 2024
31.12.2024. Failure to deposit the amounts as stipulated above shall entitle the respondent-Bank to proceed against the petitioner in accordance with the law.
Sd/(HEMANT CHANDANGOUDAR) JUDGE
TIN List No.: 1 Sl No.: 61 CT: BHK
1 issue framed by the court
Whether the bank's sale notice under Rule 8(6)/Rule 9 of the SI (Enforcement) Rules 2002 issued for auction of secured property should be set aside?
2 provisions across 2 enactments
H.S. Madhusudan
Smt. Champa
The City Union Bank Ltd.
Hemant Chandangoudar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
