M/S Balurghat Technologies Limited Vs Stress Assets Stabilization Fund (Sasf)

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NC: 2025:KHC:26445 WP No. 24607 of 2024

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HC-KAR

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 16^TH DAY OF JULY, 2025

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BEFORE

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THE HON'BLE MR. JUSTICE S SUNIL DUTT YADAV WRIT PETITION NO. 24607 OF 2024 (GM-DRT)

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BETWEEN:

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M/S BALURGHAT TECHNOLOGIES LIMITED. (FORMERLY KNOWN AS BALURGHAT TRANSPORT CO. LTD) 170/2C, A.J.C BOSE ROAD, KOLKATTA - 700014. REPT. BY ITS RAVI SETHIA, AGED ABOUT 43 YEARS, 35/2 3^RD FLOOR, LANGFORD ROAD CROSS, BHEEMANNA GARDEN SHANTI NAGAR BENGALURU - 560027 REG UNDER COMPANIES ACT - 1996.

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…PETITIONER

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Digitally signed by PRAKASH N Location: HIGH COURT OF KARNATAKA

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(BY SRI. D.R. RAVI SHANKAR SENIOR COUNSEL FOR SMT. SIRI.R., ADVOCATE)

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AND:

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STRESS ASSETS STABILIZATION FUND (SASF) IDBI TOWER, 3^RD FLOOR, CUFFE PARADE, MANAGING DIRECTOR. MUMBAI 400005

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REF UNDER FINANCIAL INSTITUTIONS ACT 1993.

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RKS AGRO TECH LIMITED PLOT NO.61 AND 62 ROAD NO.1, II PHASE, MANAGING DIRECTOR. JIGANI, INDUSTRIAL AREA BANGALORE - 562 106.

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NC: 2025:KHC:26445 WP No. 24607 of 2024

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HC-KAR

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REF UNDER COMPANY ACT 1994.

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INDUSTRIAL DEVELOPMENT BANK OF INDIA BRANCH AT IDBI HOUSE, MANAGING DIRECTOR. 58, MISSION ROAD, BANGALORE - 560027.

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OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED. CORPORATE OFFICE, KONHINOOR SQUARE, 47^TH FLOOR, KELKAR MARG, R.G.GADKARI CHOWK, DADAR (w) MUMBAI - 400028

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…RESPONDENTS

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(BY SMT: VELANGANNI.C., ADVOCATE FOR R4. R1 AND R3 ARE SERVED)

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THIS WP IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO-ISSUE A WRIT IN THE NATURE OF CERTIORARI TO DECLARE THAT THE AWARD DTD 29.05.2009 PASSED IN O.A NO. 188/2005 (ANNEXURE-C) WHICH FASTENS A LIABILITY IN EXCESS OF RS. 1.5 CRORES WITH ACCRUED INTEREST AS RESULTANT OF A CLERICAL MISTAKE OR OTHERWISE BY MEANS OF FRAUD OR OTHERWISE VITIATED BY FRAUD PLAYED BY THE IDBI BANK (R-3) IN SO FAR AS PETITIONER CONCERNED.

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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 S SUNIL DUTT YADAV

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NC: 2025:KHC:26445 WP No. 24607 of 2024

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HC-KAR

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ORAL ORDER

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The petitioner has called in question the correctness of the order dated 25.09.2009 passed in O.A.No.188/2005 and has sought for other reliefs. The petitioner has filed a memo dated 16.07.2025, which reads as hereunder:

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" 1. The petitioner in the instant writ petition has challenged that Recovery Certificate has been issued in excess of the claim made and that fraud has been played. Consequently, the orders passed in Ο.Α.Νο.188/2005 and also the Recovery Certificate issued beyond Rs.1.5 Crores together with the accrued interest is challenged as a resultant of clerical mistake or otherwise.

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2. The petitioner is advised that in such a circumstance, Section 26(2) of the Recovery of Debts and Bankruptcy Act, 1993 provides that notwithstanding the issue of Recovery Certificate to a Recovery Officer, (i) the Presiding Officer shall have the power to withdraw the certificate or t(ii) to correct any clerical or arithmetic mistake in the certificate and the order withdrawing or cancelling certificate or correction made by him under subsection (2) has to be intimated to the Recovery Officer.

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NC: 2025:KHC:26445 WP No. 24607 of 2024

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HC-KAR

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3. Since there is a substantive remedy provided for to address the issues of the kind, the petitioner seeks leave of the Court to withdraw this writ petition and pursue the remedy as provided for under the provisions of the Recovery of Debts and Bankruptcy Act and in accordance with law on the same cause of action and also with liberty to raise all such contentions in such proceedings to be initiated by the petitioner.

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WHEREFORE, the petitioner most humbly prays that this Hon'ble Court be pleased to permit the petitioner to withdraw this writ petition by reserving liberty as sought for, in the ends of justice an equity."

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