Disposed

Mr Narayana Moolya v. Bharath Co-Operative Bank (Mumbai) Ltd.

Karnataka HC9 Aug 2024WP/6874/2024

Case brief

AI extract

What is this about?

The Court disposed of a writ petition challenging a sale notice for a secured asset. Acknowledging an interim stay granted earlier in the year, the Court ordered the petitioner to deposit the outstanding loan amount in three installments by October and November 2024 to regularize the matter.

What did the court decide?

Petitioner directed to deposit Rs. 10 lakh by 10 September 2024, Rs. 10 lakh by 10 October 2024, and the remaining amount by 10 November 2024. Bank allowed to proceed on default.

Mr Narayana Moolya Vs Bharath Co-Operative Bank… — Execution and Attachment | Karnataka HC (2024)

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NC: 2024:KHC:32152 WP No. 6874 of 2024

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

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BEFORE

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THE HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR WRIT PETITION NO. 6874 OF 2024 (GM-RES)

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BETWEEN:

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MR NARAYANA MOOLYA AGED ABOUT 55 YEARS S/O MR VENKAPPA MOOLYA NO 2-141, NAYANADU HOUSE PILATHABETTU VILLAGE BANTWAL TALUK DISTRICT DAKSHINA KANNADA 574233.

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…PETITIONER

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(BY SRI. DHANANJAY KUMAR., ADVOCATE)

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AND:

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BHARATH CO-OPERATIVE BANK (MUMBAI) LTD CLASSIQUE ARCADE, K S RAO ROAD HAMPANAKATTA, MANGALORE DAKSHINA KANNADA 575 001 REP BY ITS CHIEF MANAGER AND AUTHORISED OFFICER.

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Digitally signed by R HEMALATHA Location: HIGH COURT OF KARNATAKA

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…RESPONDENT

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(BY SRI. H.R SUNIL KUMAR., ADVOCATE)

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THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO SET ASIDE THE SALE NOTICE DATED 14-02-2024 ISSUED BY THE RESPONDENT BANK IN REF NO. BCB/HAM/RECOVERY AND LEGAL/642/2024 VIDE ANNEXURE-A.

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THIS PETITION, COMING ON FOR PRELIMINARY HEARING IN 'B' GROUP, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

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CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR

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2 - NC: 2024:KHC:32152 WP No. 6874 of 2024

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ORAL ORDER

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The petitioner challenges the sale notice issued under Rule 8(6) read with Rule 9(1) of the Security Interest (Enforcement) Rules, 2002 (hereinafter referred to as the "Rules, 2002") for selling the secured asset belonging to the petitioner, which was offered as security for the repayment of a loan.

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This Court, by an order dated 4.3.2024, granted an interim stay, subject to the petitioner depositing 20% of the outstanding amount within eight weeks. The petitioner has complied with the interim order by depositing 20% of the outstanding amount. The petitioner undertakes to clear the loan amount if a reasonable time is granted.

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In view of the interim order granted by this Court, the sale auction, which was scheduled for 6.3.2024, did not take place, rendering the sale notice unenforceable.

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Therefore, it is expedient to dispose of the writ petition with a direction to the petitioner to deposit a sum of Rs.10Lakh on or before 10th September 2024, another sum of Rs.10Lakh on or before 10th October 2024, and the remaining outstanding amount on or before 10th November 2024. In the event that the petitioner defaults on any of the scheduled payments, the respondent Bank is at liberty to proceed in accordance with the law.

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Sd/(HEMANT CHANDANGOUDAR) JUDGE

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BKM

Mr Narayana Moolya v. Bharath Co-Operative Bank (Mumbai) Ltd.

Case brief

What is this about?

What did the court decide?

Mr Narayana Moolya v. Bharath Co-Operative Bank (Mumbai) Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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