Disposed

M/S Vandana Alpyine Projects v. the Authorised Officer, Canara Bank

Karnataka HC5 Jun 2024WP/6943/2024

Case brief

AI extract

What is this about?

Petitioners sought quashing of a Magistrate's order dated 21.10.2023 issued under Section 14 SARFAESI Act permitting possession measures. Without deciding merits, the court disposed of the petition directing petitioners to file an appeal under Section 17 SARFAESI Act with the DRT, Bengaluru within six weeks, with Section 14 Limitation Act benefit; interim order continued for six weeks subject to depositing Rs.60,00,000 with the bank.

What the court decided

AI extract

M/S Vandana Alpyine Projects Vs the Authorised… — Banking and Recovery | Karnataka HC (2024)

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NC: 2024:KHC:19415 WP No. 6943 of 2024

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 5^TH DAY OF JUNE, 2024

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BEFORE

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THE HON'BLE MR JUSTICE S.R.KRISHNA KUMAR WRIT PETITION NO. 6943 OF 2024 (GM-RES)

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BETWEEN:

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M/S VANDANA ALPYINE PROJECTS (UNREGISTERED) A REPRESENTED BY ITS PARTNERS PAN NO. AAPFV0305C SRI. SHANMUGHAM SAPPANI AND SRI. THULASIRAM SAPPANI FLAT NO. 402, LAVANYA SERENITY, 13 D CROSS, TEACHERS COLONY, VENKATAPURA EXTENSION, BENGALURU-560 034 ALSO AT: NO.161, YELLUKUNTE VILLAGE, HSR 3^RD CROSS, BEGUR HOBLI, BENGALURU-560 102.

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Digitally signed by PRAJWAL A Location: HIGH COURT OF KARNATAKA

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SHRI. SHANMUGAM SAPPANI S/O KRISHNA MANADADI SAPPANI AGED ABOUT 35 YEARS PAN NO. CHK PS3774G FLAT NO. 402, LAVANYA SERENITY, 13 D CROSS, TEACHERS COLONY, VENKATAPURA EXTENSION, BENGALURU-560 034

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…PETITIONERS

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(BY SRI. JAGAN MOHAN M.T., ADVOCATE)

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AND:

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THE AUTHORISED OFFICER, CANARA BANK (YASHWANTHPUR BRANCH) REPRESENTED BY ITS CHIEF MANAGER (IFSC CODE - CNRB0010428) GOPAL COMPLEX, S.C. ROAD, NEAR RTO OFFICE, YASHWANTHPUR, BENGALURU-560 022.

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2 - NC: 2024:KHC:19415 WP No. 6943 of 2024

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SHRI. THULASIRAM SAPPANI S/O KRISHNA MANDADI AGED ABOUT 32 YEARS RESIDING AT NO.1 91 B C COLONY PALASUMUDRAM, CHITTOOR, ANDHRA PRADESH-517125.

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SHRI. A. SURESH S/O A. VENKATESH AGED ABOUT 40 YEARS RESIDING AT NO. 43/1, 2^ND CROSS, BALAJI NAGAR, ITTAMADU BANASHANKARI, 3^RD STAGE, BENGALURU-560 086.

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…RESPONDENTS

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(BY SRI. VIGNESH SHETTY, ADVOCATE FOR C/R1)

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THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE IMPUGNED ORDER DATED 21.10.2023 PASSED BY THE VII HON'BLE CHIEF JUDICIAL MAGISTRATE, BENGALURU IN CRL.MISC.NO.6811/2023 I.E. VIDE ANNEXURE-D UNDER SECTION 14 OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (ACT 54/2002) AND (ENFORCEMENT) RULES, 2002, IS EXCESSIVE, ILLEGAL AND UNSUSTAINABLE, AND SET ASIDE BY ISSUING THE WRIT IN THE NATURE OF CERTIORARI.

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THIS PETITION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:

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ORDER

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In this petition, the petitioner seeks quashing of the

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impugned order under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act' for short) dated 21.10.2023 passed by the Magistrate and for other reliefs.

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3 - NC: 2024:KHC:19415 WP No. 6943 of 2024

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Heard learned counsel for the petitioner and learned counsel for respondent No.1.

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Perusal of the material on record indicate that though several contentions urged by both sides in support of their respective plaints, having regard to the availability of equally efficacious and alternative remedy by way of appeal under Section 17 of the SARFAESI Act, without expressing any opinion on the merits/demerits of the rival contentions, I deem it just and appropriate to dispose of this petition directing the petitioner to approach the jurisdictional Debt Recovery Tribunal (DRT), Bengaluru by filing an appeal within a period of 6 weeks from today. If such an appeal is filed by the petitioner within a period of 6 weeks from today, the petitioner would be entitled to the benefit of Section 14 of the Limitation Act. In addition thereto, subject to the petitioner depositing a sum of Rs.60,00,000/- before the respondent-Bank within a period of 3 weeks from today, the interim order dated 25.03.2024 passed by this Court in the present petition will continue to subsist, remain in force and operate between the parties for a period of 6 weeks from today.

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NC: 2024:KHC:19415 WP No. 6943 of 2024

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Subject to the aforesaid directions and liberty reserved in

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favour of the petitioner, the petition stands disposed of .

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Sd/JUDGE

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PA List No.: 1 Sl No.: 18

M/S Vandana Alpyine Projects v. the Authorised Officer, Canara Bank

Case brief

What is this about?

What the court decided

M/S Vandana Alpyine Projects v. the Authorised Officer, Canara Bank

Case brief

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