Karnataka High Court
Mrs Parvathamma vs The Karnataka State Financial ... on 1 February, 2022
Bench: Alok Aradhe, Suraj Govindaraj
1
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 1ST DAY OF FEBRUARY 2022
PRESENT
THE HON'BLE MR. JUSTICE ALOK ARADHE
AND
THE HON'BLE MR.JUSTICE SURAJ GOVINDARAJ
W.P. No.25194 OF 2019 (GM-DRT)
BETWEEN:
1. M/S. PARAMESHWARA CONVENTION HALL
NO.121/1A, CHELUR ROAD
CHINTAMANI-563125
REP. BY ITS PROPRIETOR
MR. P.V. SRINIVASAULU.
2. M/S. PARAMESHWAR RICE INDUSTRIES
NO.121/A, CHELUR ROAD
CHINTAMANI-563125
REP. BY ITS PRATNER
MR. P.V. SRINIVASULU.
... PETITIONERS
(BY MRS. LOKESHWARI H.C. ADV.,)
AND:
1. THE KARNATAKA STATE FINANCIAL CORPORATION
BRANCH OFFICE S.L.N. COMPLEX
NEAR KSRTC BUS STAND
M B ROAD, KOLAR-563 101
REP. BY ITS ASSITANT
GENERAL MANAGER.
2
2. MR. N. NARAYANASWAMY
AGED ABOUT 63 YEARS
S/O NARAYANAPPA
RAJESH NILAYA (MAHANANDI SEEDS)
N R EXTENSIONS, CHINTAMANI TOWN
CHIKKABALLAPURA DISTRICT.
3. SMT. J S ARATHI
AGED ABOUT 46 YEARS
W/O SRINIVAS.
4. SRI. SRINIVAS
AGED ABOUT 51 YEARS
S/O T. RAMAPPA.
R3 & R4 ARE RESIDING AT NO.102
G F VINAYAS RESIDENCE
4TH CROSS, DEVAIAH THOTA
NAGASHETTIHALLI
BENGALURU-560 094.
... RESPONDENTS
(BY MR. VINOD KUMAR B.N. ADV., FOR C/R2
MR. BIPIN HEGDE, ADV., FOR R1
MR. Y.R. SADHASIVA REDDY, SR. COUNSEL FOR
MR. RAHUL S. REDDY, ADV., FOR R3 & R4)
---
THIS W.P. IS FILED UNDER ARTICLE 226 & 227 OF THE
CONSTITUTION OF INDIA, PRAYING TO QUASH THE ORDER OF
THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI IN
RA(SA)35/2014 DATED 15.05.2019 PRODUCED AT ANENXURE-A
BY AFFIRMING THE ORDER PASSED BY THE DEBT RECOVERY
TRIBUNAL, BENGALURU DATED 18.11.2013 IN S.A NO.139/2011
PRODUCED AT ANNEXURE-K. GRANT AN INTERIM ORDER TO
STAY THE OPERATION AND EXECUTION OF THE ORDER DATED
15.05.2019 PASSED BY THE DEBT RECOVERY APPELLATE
TRIBUNAL AT CHENNAI IN RA(SA) 35/2014 VIDE ANNEXURE-A.
3
THIS W.P. COMING ON FOR PRELIMINARY HEARING IN 'B'
GROUP, THIS DAY, ALOK ARADHE J., DELIVERED THE
FOLLOWING:
ORDER
In this writ petition the petitioner has assailed hte
validity of the order dated 15.05.2019 passed by the
Debt Recovery Appellate Tribunal under Securitization
and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002, by which appeal
preferred by respondent No.2 has been allowed.
2. For the reasons assigned by us in the
judgment passed today in W.P.No.25192/2019, the
Corporation is directed to refund the amount of sale
consideration of the secured asset i.e., Rs.35.70 Lakhs
to respondent Nos.3 and 4 along with interest, which is
quantified at the rate of 6% per annum within a period
of 30 days from the date of receipt of certified copy of
the order passed today along with interest at the rate of
6% per annum from the date of deposit of such amount
till payment is made to respondent Nos.3 and 4.
3. It is apposite to take note of the stand of the
petitioners that they are ready and willing to repay the
entire amount of loan. The aforesaid statement made by
learned counsel for the petitioner is taken on record. It
is directed that the corporation shall communicate the
amount due and payable by the petitioners to them
within a period of two weeks from the date of receipt of
certified copy of the order passed today and the
petitioners thereupon make an endeavour to settle their
account preferably within a period of one month fro the
date of receipt of such a communication by the Bank.
Needless to state that if the petitioners fail to pay the
amount as provided herein, then it is open for the
Corporation to proceed against the petitioners in
accordance with law.
The order dated 15.05.2019 passed by the Debt
Recovery Appellate Tribunal in R.A.(SA) 35/2014 is
quashed.
Accordingly, writ petition is disposed of.
Sd/-
JUDGE
Sd/-
JUDGE
SS
