Writ petition challenging notices for symbolic possession and sale of properties by a bank under SARFAESI Act. The Court disposed of the petition, reserving liberty to approach the Debt Recovery Tribunal within two weeks, directing status quo upon deposit of Rs. 25,00,000.
Liberty to approach DRT; status quo directed subject to deposit of Rs. 25,00,000
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 8TH DAY OF JULY, 2024
BEFORE
THE HON'BLE MR JUSTICE S.R.KRISHNA KUMAR WRIT PETITION NO. 569 OF 2023 (GM-RES)
BETWEEN:
SRI. VIJAY KUMAR P W/O PAPANNA AGED ABOUT 44 YEARS R/A NO.507/3 15TH MAIN, 5TH CROSS SARASWATHIPURAM MYSURU - 570 008
…PETITIONER
(BY SRI LOURDU MARIYAPPA A, ADVOCATE)
AND:
ICICI BANK LIMITED DSMG LEAD, 4/10, MYTHEE TOWERS Digitally signed by YAMUNA K FIRST FLOOR L WEST WING Location: High HOSUR ROAD Court of Karnataka BOMMANAHALLI BENGALURU - 560 008 REPRESENTED BY ITS AUTHORISED OFFICER
…RESPONDENT
(BY SRI JEEVAN KUMAR B S, ADVOCATE)
THIS WRIT PETITION IS FILED UNDER SECTION PRAYING TO QUASH THE IMPUGNED SYMBOLIC POSSESSION NOTICE DATED 30.11.2022, ISSUED BY THE RESPONDENT BANK HEREIN, PERTAINING TO THE SCHEDULE - A HOUSE
PROPERTY, ISSUED BY THE RESPONDENT BANK. QUASH THE IMPUGNED SALE NOTICE AT ANNEXURE - G, DATED 25.10.2022, ISSUED BY THE RESPONDENT BANK HEREIN, PERTAINING TO THE SCHEDULE - B HOUSE PROPERTY AND ETC.
THIS PETITION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:
ORDER
In this petition, the petitioner is seeking for the following reliefs:
"(a) Issue Writ of Certiorari or any other appropriate Writ, Order or Direction, there by quashing the impugned 'Symbolic Possession Notice' Dated 3011-2022, issued by the respondent bank herein, pertaining to the schedule-A House property, issued by the respondent bank.
(b) Issue Writ of Certiorari or any appropriate Writ, Order of Direction there by quashing the impugned Sale Notice at Annexure-G, Dated 25-10-2022, issued by the respondent bank herein, pertaining to the schedule-B-House Property.
(c) Issue Writ of Certiorari or any other appropriate Writ, Order or Direction, there by quashing the impugned Sale Notice at Annexure-H, Dated 10-10-2022, issued by the respondent bank herein,
pertaining to the schedule-C Site property.
(d) Issue appropriate Writ, Order or Direction, there by directing the respondent bank give just and appropriate accountant, which paid amount by the petitioner to the respondent bank since 2017 to still September 2022, pertaining to the loan accounts of the petitioner.
(e) Grant such other and future relief's that this Hon'ble Court feels deem fit under the Circumstances of the case in the interest of justice and equity."
2. Heard learned Counsel for the petitioners and
learned Counsel for the respondents and perused the material on record.
3. Though several contentions has been urged by
both sides in support of their respective claims having regard to the provisions contained in section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act'), petition stands disposed of by reserving liberty in favour of the petitioner to approach the Debt Recovery Tribunal (for short 'DRT') within a period of two weeks from today.
the DRT within a period of two weeks from today, petitioner would be entitled to benefit of section 14 of limitation Act.
are kept open and no opinion is expressed on the same.
petition is disposed of .
Sd/JUDGE
THM List No.: 1 Sl No.: 56
1 issue framed by the court
Whether the High Court can quash the bank's notices for symbolic possession and sale of secured assets?
2 provisions across 2 enactments
Sri. Vijay Kumar
ICICI Bank Limited
S.R.Krishna Kumar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
