Karnataka High Court
M/S Ganjam Nagappa And Son Private ... vs Deutsche Bank Ag on 29 July, 2024
Author: Hemant Chandangoudar
Bench: Hemant Chandangoudar
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NC: 2024:KHC:30342
WP No. 13690 of 2024
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 29TH DAY OF JULY, 2024
BEFORE
THE HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR
WRIT PETITION NO. 13690 OF 2024 (GM-RES)
BETWEEN:
1. M/S. GANJAM NAGAPPA AND
SON PRIVATE LIMITED,
REGISTERRED OFFICE AT NO.63,
PALACE ROAD, VASANTHNAGAR,
BENGALURU - 560 052.
REPRESENTED BY ITS
MANAGING DIRECTOR,
SRI. GANJAM BIMAJI UMESH.
THE REGISTERED UNDER
COMPANIES ACT, 1956.
2. SMT. USHA ESWAR,
AGED ABOUT 80 YEARS,
W/O SRI. GANJAM SUBBARAMAIAH ESWAR,
NO.204, BLOCK-A, 1ST FLOOR,
Digitally signed by B
EMBASSY PALACE 01,
K
MAHENDRAKUMAR CUNNINGHAM ROAD,
Location: HIGH
COURT OF BANGALORE - 560 052.
KARNATAKA
3. SMT. ARUNA KUMAR GANJAM,
AGED ABOUT 48 YEARS,
W/O LATE KUMAR ESWAR GANJAM,
R/AT FLAT NO.202, 2ND FLOOR,
CARNATION BLOCK, PRESTIGE EXOTICA,
OLD NO.3/7, CUNNINGHAM,
CRESCENT ROAD,
BANGALORE - 560 052.
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WP No. 13690 of 2024
4. MISS. DEEKSHA KUMAR GANJAM,
AGED ABOUT 19 YEARS,
R/AT FLAT NO.202, 2ND FLOOR,
CARNATION BLOCK,
PRESTIGE EXOTICA,
OLD NO.3/7, CUNNINGHAM,
CRESCENT ROAD,
BANGALORE - 560 052.
5. MASTER SIDDHANT KUMAR GANJAM,
AGED ABOUT 12 YEARS,
MINOR,
R/AT FLAT NO.202, 2ND FLOOR,
CARNATION BLCOK,
PRESTIGE EXOTICA,
OLD NO.3/7, CUNNINGHAM,
CRESCENT ROAD,
BANGALORE - 560 052.
REPRESENTED BY HIS MOTHER AND
NATURAL GUARDIAN
SMT. ARUNA KUMAR GANJAM.
6. M/S. GAYLE HOLDINGS PRIVATE LIMITED,
AT FLAT NO.104, GROUND FLOOR,
EMBASSY PALACE NO.1, CUNINGHAM ROAD,
BANGALORE - 560 052.
REPRESENTED BY ITS DIRECTORS
SRI. G.B.UMESH,
THE REGISTERED UNDER
COMPANIES ACT, 1956.
7. SRI. GANJAM SUBBARAMAIAH ESWAR,
AGED ABOUT 86 YEARS,
S/O LATE SRI. G.N.SUBBARAMAIAH,
R/AT NO.204, BLOCK A 1ST FLOOR,
EMBASSY PALACE 01,
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WP No. 13690 of 2024
CUNNINGHAM ROAD,
BANGALORE - 560 052.
...PETITIONERS
(BY SRI.R.A.CHANDRASHEKARA REDDY, ADVOCATE)
AND:
1. DEUTSCHE BANK AG,
AN INTERNATIONAL BANK,
OFFICE AT RAHEJA TOWERS,
26-27, M G ROAD,
BANGALORE - 560 001.
REPRESENTED BY ITS
AUTHORISED SIGNATORY.
2. THE AUTHORIZED OFFICER,
AJAY SINGH,
DEUTSCHE BANK AG,
AT RAHEJA TOWERS,
267-27, M G ROAD,
BANGALORE - 560 001.
...RESPONDENTS
(BY SRI. MAHABALESHWAR CHITRIGEMATH., ADVOCATE)
THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE
CONSTITUTION OF INDIA PRAYING TO QUASH POSSESSION
NOTICE ISSUED BY THE R2 DATED 03/04/2024 VIDE ANNEXURE - A
AND FOR ANY OTHER APPROPRIATE WRIT, DIRECTION AND
ORDERS AS THIS HONBLE COURT MAY DEEM FIT TO GRANT
INCLUDING THE COSTS OF THIS PETITION AND ETC.,
THIS PETITION, COMING ON FOR ORDERS, THIS DAY,
ORDER WAS MADE THEREIN AS UNDER:
CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR
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WP No. 13690 of 2024
ORAL ORDER
The petitioner challenges the notice issued under Section 13(4) of the SARFAESI Act for taking symbolic possession of the secured asset belonging to the petitioner which was offered as security towards repayment of loan.
2. This Court granted an interim order of stay subject to condition the petitioner depositing a sum of Rs.4crores in equal installments as stipulated in the order dated 30.05.2024.
3. The respondent-Bank has filed an application for vacating the interim order stating that the petitioner has not complied with the interim order by depositing the amount in four equal installments as stipulated.
4. Since, the notice is issued under Section 13(4) of the Act, an efficacious remedy of appeal is provided under Section 17 of the Act.
5. Petition is accordingly disposed of granting liberty to challenge the notice under Section 14 of the Act before the Debt Recovery Tribunal.
Sd/-
(HEMANT CHANDANGOUDAR) JUDGE RKA