Sri Raju K Vs Hong Kong Shanghai Banking Corporation Ltd.

THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE IMPUGNED ORDER DTD. 26.03.2024 PASSED BY THE LEARNED 9^TH ACMM AT BENGALURU IN CRL.MISC.NO. 943/2024 PRODUCED AT ANNX-F.

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

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NC: 2026:KHC:9347 WP No. 12845 of 2025

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HC-KAR

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CORAM: HON'BLE MR. JUSTICE ASHOK S.KINAGI

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ORAL ORDER

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The petitioners filed this petition challenging the

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order passed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’ for short) in Crl.Misc.No. 943 of 2024 by the learned IX Addl. Chief Metropolitan Magistrate, Bengaluru.

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The petitioners have an equal efficacious remedy under Section 17 of the SARFAESI Act. The petitioners, without exhausting the equal efficacious remedy, filed this writ petition. Hence, the writ petition filed by the petitioner is not maintainable in view of the proposition of law laid down by the Hon’ble Apex Court in the case of Rikhab Chand Jain Vs. Union of India and

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Others¹ .

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1 2025 SCC OnLine SC 2510

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NC: 2026:KHC:9347 WP No. 12845 of 2025

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HC-KAR

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Accordingly, the writ petition is dismissed

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reserving a liberty to the petitioners to approach the Debts Recovery Tribunal within 30 days.

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If the petitioners approach the Tribunal within stipulated period, the petitioners are entitled for the benefit under Section 14 of the Limitation Act.

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It is contended by the learned counsel for the petitioners that, the petitioners have deposited an amount of ₹40,00,000 before this Court, and submits that, the said amount be released in favour of the petitioners. Learned counsel for the respondent-Bank submits no objection to release the said amount in favour of the petitioners.

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The submission of learned counsel for the respondent is placed on record. The Registry is directed to refund the amount of ₹40,00,000/- as deposited by the petitioners in favour of the petitioners.

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