M/S Sgr Minerals and Metals Pvt. Ltd. v. Union Bank of India

Karnataka HC11 Jul 2025WP/4974/2024

Case brief

AI extract

What is this about?

SGR Minerals and Metals Pvt Ltd v. Union Bank of India; WP No. 4974 of 2024 (GM-RES); High Court of Karnataka, Justice S Sunil Dutt Yadav, decided 11.07.2025; challenge to SARFAESI pre-sale 30 days notice dated 10.01.2024 published in The New Indian Express; no auction sale concluded; OTS offer sanctioned but petitioner defaulted (letter dated 11.12.2024); petition disposed of as not calling for adjudication; contentions kept open; petitioner relegated to statutory remedy under SARFAESI Act.

What did the court decide?

None; petition disposed of as not calling for adjudication, with all contentions of the petitioner kept open to be raised in substantive proceedings in the event there is any other measure by the Bank. ¶¶29

M/S Sgr Minerals and Metals Pvt. Ltd. Vs Union Bank… — Company and Corporate | Karnataka HC (2025)

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NC: 2025:KHC:25590 WP No. 4974 of 2024

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HC-KAR

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 11^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. 4974 OF 2024 (GM-RES)

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BETWEEN:

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M/S SGR MINERALS AND METALS PVT LTD, A COMPANY REGISTERED UNDER COMPANIES ACT 1956, REPRESENTED BY ITS DIRECTOR SRI K R NAGESH, S/O SRI K V RADHAKRISHNAIAH, AGED 51 YEARS, NO 301, 3RD FLOOR, B WING, MITTAL TOWER, M G ROAD, BANGALORE 560 001.

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…PETITIONER

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(BY SMT. SANDHYA U. PRABHU., ADVOCATE)

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Digitally signed by PRAKASH N Location: HIGH COURT OF KARNATAKA

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AND:

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UNION BANK OF INDIA, REPRESENTED BY ITS AUTHORIZED OFFICER/MANAGER, ASSET RECOVERY BRANCH, NO 2/3, RAJA BUILDING, N R ROAD, BANGALORE 560002.

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…RESPONDENT

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(BY SRI. VIGNESH SHETTY, ADVOCATE)

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NC: 2025:KHC:25590 WP No. 4974 of 2024

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HC-KAR

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THIS WP IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH PRE SALE 30 DAYS NOTICE DTD 10.01.2024 PUBLISHED IN THE NEW INDIAN EXPRESS NEWS PAPER PRODUCED AT ANNEXURE-R 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 S SUNIL DUTT YADAV

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ORAL ORDER

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The present petition has been filed seeking for setting aside of the Sale Notice dated 10.01.2024. Learned counsel for the respondent submits that the sale proceedings have not ended in any auction sale and accordingly, the present petition insofar its main prayer is not maintainable.

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However, learned counsel for the respondent - Bank submits that the Court had taken note of the plea of the petitioner regarding One Time Settlement and had passed certain interim orders. Specific attention of this Court is drawn to the order of 11.03.2024 as well as 18.03.2024. It is submitted that the plea of the petitioner has been considered

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3 - NC: 2025:KHC:25590 WP No. 4974 of 2024

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HC-KAR

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by the respondent - Bank and OTS offer was made while the petitioner failed to comply in terms of repayment in accordance with the OTS sanctioned offer. The reference is made to the letter dated 11.12.2024. Copy of the said letter is placed on record.

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Taking note that the sale has not fructified into a successful auction as per the say of the respondent - Bank and also taking note that the OTS offer though approved, has not been adhered to by the petitioner in terms of the letter dated 11.12.2024 petition is disposed off as not calling for adjudication. All contentions of the petitioner are kept open to be raised in substantive proceedings in the event there is any other measure by the Bank.

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Needless to state it is clarified that the only remedy available to the petitioner would be in terms of the statutory scheme under the SARFAESI Act and not by approaching this Court.

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Sd/(S SUNIL DUTT YADAV) JUDGE

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SHS/List No.: 1 Sl No.: 6

M/S Sgr Minerals and Metals Pvt. Ltd. v. Union Bank of India

Case brief

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M/S Sgr Minerals and Metals Pvt. Ltd. v. Union Bank of India

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