Disposed

Sri Venkateswara Entertainments Ltd. v. The Authorised Officer

Telangana HC25 Mar 2014WP/9023/2014

Case brief

AI extract

What is this about?

The High Court disposed of the writ petition filed by a debtor challenging the bank's possession proceedings under the SARFAESI Act. As an interim measure while maintenance was offered by the petitioner, the Court directed the bank to return partial possession of the property upon payment of instalments.

What did the court decide?

Petitioner directed to pay Rs. 50 lakhs immediately; Bank to hand over partial possession of property upon payment of instalments.

Sri Venkateswara Entertainments Ltd. Vs The… — Banking and Recovery | Telangana HC (2014)

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THE HON’BLE SRI JUSTICE ASHUTOSH MOHUNTA AND THE HON’BLE SRI JUSTICE M. SATYANARAYANA MURTHY

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WRIT PETITION No.9023 of 2014

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ORDER: (Per the Hon’ble Sri Justice Ashutosh Mohunta)

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This writ petition is filed by the petitioner to declare the proceedings initiated by the respondent-Bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short the ‘SARFAESI Act’) for taking physical possession of the property in question by Advocate Commissioner on 06.03.2014 as null and void.

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Learned counsel for the petitioner submits that although the proceedings initiated against the petitioner under the SARFAESI Act cannot be legally questioned by him, however, he is ready and willing to pay the entire outstanding amount in monthly instalments of Rs.50 lakhs.

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Learned counsel for the respondent has vehemently opposed the prayer made by the petitioner and states that this petition itself is not maintainable as no illegality is pointed out by the petitioner.

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After hearing the counsel for the parties, as an interim measure, we direct the petitioner to pay a sum of Rs.50 lakhs today itself.

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Learned counsel for the petitioner has accordingly handed over the pay order of Rs.50 lakhs to Sri A. Nagaraju, the authorized officer of the respondent-Bank, who has been identified by the counsel appearing on behalf of the respondent-Bank.

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The petitioner is further directed to pay another sum of Rs.50 lakhs on or before 07.04.2014, and to pay the remaining amount @ Rs.50 lakhs per month. The last date for payment of the instalments shall be 7^th of each month, commencing from the month of May, 2014. It is

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further ordered that on payment of instalment which falls due on 07.04.2014, the respondent shall hand over the possession of ground floor of the suit property to the petitioner within one working day from the date of deposit of the instalment amount. The remaining portion of the property shall be delivered to the petitioner upon his depositing the next instalment which falls due on 07.05.2014. In case the petitioner pays the first instalment prior to 07.05.2014, then the possession of the property be delivered to the petitioner within a period of one working day from the date of such deposit. In case there is default on the part of the petitioner in payment of the aforementioned instalments, the respondent-Bank would be at liberty to proceed in accordance with law.

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With the above direction, we dispose of this writ petition. Miscellaneous Petitions pending, if any, shall stand disposed of. There shall be no order as to costs.

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________________________ ASHUTOSH MOHUNTA,J. ____________________________________ M. SATYANARAYANA MURTHY,J .

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Date : 25-03-2014 Note : Issue C.C. today B/o. Rds

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THE HON’BLE SRI JUSTICE ASHUTOSH MOHUNTA AND THE HON’BLE SRI JUSTICE M. SATYANARAYANA MURTHY

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WRIT PETITION No.4177 of 2014 Date : 24.03.2014

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Rds

Sri Venkateswara Entertainments Ltd. v. The Authorised Officer

Case brief

What is this about?

What did the court decide?

Sri Venkateswara Entertainments Ltd. v. The Authorised Officer

Case brief

What is this about?

What did the court decide?

What the court decided

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