M/S Bharath Chemical Industries Vs Karnataka State Financial Corporation

C N RAJU, MANAGING PARTNER, S/O LATE NARAYANAN, AGED ABOUT 63 YEARS, R/O KALARICKAL KUNNEL (H), MEENADOM PO, KOTTAYM DISTRICT, KERALA - 686 516. PHONE NO. 9495233826 EMAIL. [email protected]

¶11

P S BIJU, PARTNER, S/O LATE SRIDHARAN, AGED ABOUT 53 YEARS, R/O PARAVAN PARAMBIL HOUSE, ERAVUCHIRA PO, THOTTAKADU, KOTTAYAM DISTRICT, KERALA - 686 539, PHONE NO. 9844600057 EMAIL. [email protected]

¶12

… PETITIONER (BY SRI. DR. GUBBI S SUBBA RAO., ADVOCATE)

¶13

2 - NC: 2025:KHC:19492 WP No. 8921 of 2024

¶14

HC-KAR

¶15

AND:

¶16

KARNATAKA STATE FINANCIAL CORPORATION HAVING ITS BRANCH OFFICE AT: RACE COURSE ROAD, HASSAN - 573 201. REPRESENTED BY ITS ASSISTANT GENERAL MANAGER SRI BALASUBRAMANYAM M K PHONE NO. 08172-268703, 265429 EMAIL. [email protected]. ALSO AT: HEAD OFFICE AT 'KSFC BHAVANA', NO. 1/1 THIMMAIH ROAD, BENGALURU - 560 052. PHONE NO. 080-22250137

¶17

SRI K JAYAPRAKASH S/O KESHAVAN NAYAR, AGED ABOUT 52 YEARS, R/O FLAT NO. 5, JAYA BUILDING, LAKSHMANA NAGAR, ASRAMAM POST, QUILON, KERALA - 691 992. ALSO AT: C/O VINAYA, SIRI, II MAIN, II CROSS, JAYANAGAR II STAGE, VIDYANAGARA POST, HASSAN - 573 202.

¶18

… RESPONDENTS

¶19

(BY SRI. MALIPATIL P S., ADVOCATE FOR R1)

¶20

THIS W.P. IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO DIRECT THE R-1 TO RETURN THE ORIGINAL PROPERTY DOCUMENT I.E., TITLE DEED (SALE DEED) DTD 02.12.2013 FURNISHED AS SECURITY MORE FULLY DESCRIBED IN THE FIRST AND SECOND SCHEDULE TO THE LOAN AMOUNT OF RS. 57,00,000 WHICH IS PRODUCED AS ANNEXURE-A AND ETC.

¶21

THIS PETITION COMING ON FOR ORDERS THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

¶22

CORAM: HON'BLE MR JUSTICE S SUNIL DUTT YADAV

¶23

3 -

¶24

NC: 2025:KHC:19492 WP No. 8921 of 2024

¶25

HC-KAR

¶26

ORAL ORDER

¶27

Learned counsel for the petitioners has filed a memo

¶28

seeking to withdraw the petition.

¶29

2. The memo reads as follows:-

¶30

"The Undersigned Counsel for the Petitioner hereby submits that, the Petitioner which is a Partnership Firm and represented by its two partners i.e., Sri. C.N. Raju and Sri. P.S. Biju had filed the above Writ Petition praying for a Direction to the Respondent No. 1-KSFC to return the original property document i.e., title deed (Sale Deed) dated 02/12/2013 furnished as security to the loan amount of Rs. 57,00,000/(Rupees Fifty Seven Lakhs Only) which is fully repaid and a No Dues Certificate is also granted by Respondent No. 1. The Petitioner had also arrayed the 3^rd Partner of the Petitioner Firm as Respondent No. 2-Sri. K. Jayaprakash as there was a dispute amongst the Partners.

¶31

It is submitted that, the Respondent No. 1-KSFC in its Statement of Objections had stated that the presence and signatures of all the 3 partners of the Petitioner Firm i.e., Sri. C.N. Raju, P.S. Biju and Sri. K. Jayaprakash-Respondent No. 2 is required for the release of the title deeds which are mortgaged with it.

¶32

It is submitted that, the dispute between the 3 Partners of the Petitioner-Partnership Firm i.e. Sri. C.N. Raju, Sri. P.S. Biju and Sri.K. Jayaprakash has been amicably settled in the Arbitration proceedings in A.C. No. 123 of 2023 before the Hon'ble Sole Arbitrator (Sri. Vishwanath V. Angadi, Retired District Judge), Arbitration and Conciliation Centre, Khanija Bhavan, Bangalore and an Arbitral Award dated 08/05/2025 is passed based on the Compromise Petition.

¶33

It is submitted that, in view of the amicable settlement of the dispute amongst the 3 partners in the arbitration, all the 3 partners of the Petitioner Firm have agreed before the Hon'ble Arbitral Tribunal and are willing to appear before KSFC-Respondent No. 1 and

¶34

4 - NC: 2025:KHC:19492 WP No. 8921 of 2024

¶35

HC-KAR

¶36

affix their signatures for release of the title deeds. Hence, this Memo for withdrawal of the above Writ Petition.

¶37

It is further submitted that, the release of the title deeds from Respondent No. 1 is of utmost urgency because, as per the terms of the Compromise Petition entered amongst the Partners in the Arbitration Proceedings in A.C. No. 123 / 2023, the title deeds have to be mortgaged with any bank or financial institution in order to avail a loan of Rs. 60,00,000/- (Rupees Sixty Lakhs Only) and provide the amount to the Retiring Partner-Sri. K. Jayaprakash as goodwill/share capital.

¶38

Wherefore, this Hon'ble Court may kindly be pleased to permit the Petitioner to withdraw the above Writ Petition and dispose of this matter based on this Memo, in the interest of justice and equity."

¶39

3. In light of the memo filed, the petition is

¶40

dismissed.

¶41

Sd/(S SUNIL DUTT YADAV) JUDGE

¶42

VGR

M/S Bharath Chemical Industries v. Karnataka State Financial Corporation

Case brief

What is this about?

What did the court decide?

M/S Bharath Chemical Industries v. Karnataka State Financial Corporation

Case brief

What is this about?

What did the court decide?

What the court decided

Issues for consideration

Statutes considered

Procedural history

Parties & counsel

Coram

Case details

Similar cases

Sri Gangaparameshwari Multi Purpose Vs the State of Karnataka

Gangarajula Venugopal Vs M/S Karur Vysya Bank Ltd.

Shivaganga Besthara Meenugarara Sahakara Sangha Niyamitha Vs the State of Karnataka

Mr. Iqbal Ahamed Ibrahim Vs Authorized Officer

Sri M v Manjunath Vs Karnataka Bank Limited

Smt Lakshmi Deekshit Vs State of Karnataka