Disposed

Mr. Motla Krishnakanth v. Can Fin Homes Ltd.

Karnataka HC9 Dec 2024WP/22851/2024

Case brief

AI extract

What is this about?

Petitioners sought regularization of their loan account and return of mortgaged property seized under SARFAESI. The court, noting identical relief was sought in a pending DRT proceeding with conditional interim order, directed petitioners to pursue remedies before the Tribunal or negotiate amicably with the bank, and disposed of the writ petition.

What the court decided

AI extract

Mr. Motla Krishnakanth Vs Can Fin Homes Ltd. — Banking and Recovery | Karnataka HC (2024)

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1 - NC: 2024:KHC:50932 WP No. 22851 of 2024

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 9^TH DAY OF DECEMBER, 2024

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BEFORE

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THE HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR WRIT PETITION NO. 22851 OF 2024 (GM-RES)

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BETWEEN:

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MR. MOTLA KRISHNAKANTH SON OF M V THIMMAIAH AGED ABOUT 46 YEARS

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SMT G N AMAVARAVATHI WIFE OF MR MOTLA KRISHNAKANTH AGED ABOUT 42 YEARS

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BOTH ARE R/AT NO.52 SOANNATHAMMANAHALLI @ THAMBUCHETTYPALYA K R PURAM HOBLI BENGALURU 560 036

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…PETITIONERS

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(BY SRI. C.V.ANNAIAH, ADVOCATE)

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AND:

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Digitally signed by R HEMALATHA Location: HIGH COURT OF KARNATAKA

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CAN FIN HOMES LTD., HAVING ITS BRANCH OFFICE AT NO.586, 2^ND FLOOR 80 FEET ROAD OPP. BETHANY SCHOOL KORAMANGALA BENGALURU - 560 095 REPRESENTED BY ITS AUTHORIZED OFFICER MR. RAMAKRISHNA PRABHU V.R.

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…RESPONDENT

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(BY SRI. D. NARAYANA SWAMY, ADVOCATE)

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NC: 2024:KHC:50932 WP No. 22851 of 2024

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THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO A) DIRECTION, DIRECTING THE RESPONDENT BANK TO REGULARIZE THE LOAN ACCOUNT OF PETITIONERS VIDE ACCOUNT NO.131201004697 AS PRAYED IN THE ANNEXURE-J AND ETC.

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

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CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR

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ORAL ORDER

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This petition is filed seeking a direction to the respondent-Bank to regularize the petitioner’s loan account and to hand over possession of the mortgaged property, which was seized pursuant to an order passed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”).

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Heard the learned counsel for the petitioner and the learned counsel for the respondent-Bank.

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The learned counsel for the respondent-Bank, on receiving instructions, submitted that the petitioner has already approached the Debt Recovery Tribunal (DRT) in S.A. No.415/2023, seeking similar relief. It was further submitted that the DRT has granted a conditional interim order in the said proceedings. While the petitioner has partially complied

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3 - NC: 2024:KHC:50932 WP No. 22851 of 2024

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with the interim order, the petitioner has not taken any steps to settle the outstanding loan amount.

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In light of the above, the petition is disposed of with the following directions:

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• The petitioner is directed to pursue his remedies before the Debt Recovery Tribunal in the pending proceedings, as the Tribunal is already seized of the matter.

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• Alternatively, the petitioner may approach the respondent-Bank to explore an amicable resolution and closure of the loan account.

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Sd/-

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(HEMANT CHANDANGOUDAR) JUDGE

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JT/-

Mr. Motla Krishnakanth v. Can Fin Homes Ltd.

Case brief

What is this about?

What the court decided

Mr. Motla Krishnakanth v. Can Fin Homes Ltd.

Case brief

What is this about?

What the court decided

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