M/S Neo Sharp Engineering Technologies vs The Authorised Officer on 25 February, 2011

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Karnataka High Court

M/S Neo Sharp Engineering Technologies vs The Authorised Officer on 25 February, 2011

Bench: B.S.Patil

M1-

IN THE HIGH COURT OF KARNATAKA AT BANGALORE

DATEI) THIS THE 25%: DAY 09' FEZBRUAR§'}~

BEFORE

THE HON"BLE MR.Jus*:*RiI?:'£3..s";.1?Af:i:;  

mm' PETITION i\§O.36937/ 2V()i'Q.[GM }%RES) - " V
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M/S NED SHARP  
ENGINEERING *:'g:C.§-1N0:,c>(;:.:«:SV. . *
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MIf5C.W'. NO.5{)4,f2{}1} IS FILED UNDER SECTEON  Q?'
CFC FOR EX§'Ei\§SI{')N OF 'I.'IM§)  *

'I"}--iIS W'RI'.I' I1'%?'1E'i'I'()N C{)MI;?\3'G ON $03: 0R13~:£:;;E:.'__'*:'feIEé§ 

DAY. TI-IE. COURT EPASSEEZID 'FHEEI F(}I./I.,€3WING:
O R D E R

Petitioner has obtained f3"'_c:)ﬁg bank. When the petit.i011e:fj' gromfraﬁfed dcféﬁilvi zirakj payment, the bank has i11it1aui'e.d'%'p1fo<::éédi'ﬁg$é Lfmder the provisions of the Sec1§_fifisai_*ﬁio;nA 'ar__1d_i'R€c0nst.ruct10n of Financial Assets' and Entere-st:

Act, 2002 (foif .V_P0'.¢_s"ses;'::?.io11 notice came to be iss1_1ATeA{}L'v_--vVt;:fi:L*£e1'*. 2E3é{:f;io_n 13(4) of the Act on 19.11.20'O;_4 . , an appeal c:haI1e11gi11g the samé; before V'mr»;VV[)é't)tS Recxovezfy Tribu11aL Bangalore (foi-

*tf1§§; i}}?{'I") ir1W§5A 642/2009, The said appiiCa'ti011 vAV.T'§1i:ép0:3c=:d of by the DRT an 26.3.2010 di:'é7{31:i11g;§ .t.'h'€3 pet.iti(>r1ar herein to reguiarissst the 102111 ,:1<>ci:gu.mf."'withi::1 f0::z_r E'}](}I1ihS, failing wh_ic11 libésrty was; . ri:%s£%r"2%e<i ii} the ré3s_pcmde;r1.i. barak ta §"':3€3E}'€f€'i1" the same VV "i:a;?ii;}1<:2.1"%, i:1£§£a£:i:'1g f:'é::~;;h pr<;~::a>:e€i§'r:gTs. Thqé 2"'e:;p<::mi§:'ni, bzagiéi 232»-'as §w'1,iE"§}"E§'?'f£" €i§f<%{?'i..i:"7{1§ iii} §z1:"'rz.§s;~=:.i'; 'iiés {:§:;%i.2§,é£:~;; {sf iféié ._ 3 .

aII"1.{)1I.}f}f, payable: fez' re§:§u1aris3.ti{):1 within 10 days from the date of the order. The pe"i,it,i0ner failed to reg:§.1.;s1~:=;fise the loan a<::ccsun"£; wii.}1i:1 tile t.ime:*, gr21m;ed . %»:'§"'FVV(% An intsri0cut.0z"y a.ppii<:afic>n in I.'R.>N<).1__8ba,..¢«,K5 was"

filed before ths DRT by the of time for regularisation ofythez10aﬁ'v~2zc::01,zh_t. DRT 2 L' dismissed the zipplicafpioll the p€"{i1;.iOI1€%£' gave 21V viifxa resporldent bank and 'ﬁthe schedule property fqflakhs through a private; sale: _":)ar1k had issued the ssh:

r10'{.i<:e 1'8;_}VG»:_i3(:}'1i'€}:: Challenging the sale notice, {he pf€:s.:::1t w1*;if£_ 'p€':,it:i0I] has been ﬂied and 3 diI'6Cti0I"1 .e1_is:.a to the bank ':0 permit the petitioner to sell p1"0spect;ive purchaser for 3. sum of V ' Rs.;?'5,G'i},.UG{)/--.

AA 2' "'E"his Cmm: had g1'E1I1I".€'.'Ci 21;: interim orcier 011 ;*£:§Q'£"{',2G1Q éiiri-zastizig that Ehf: em::tii<::r:: sehséuisd ts be '"'§i{%E'{§ ms 2%} E2818 sE'zs§.E E33 g}:*{><::s:=:»:3%ﬁ<3~i:i wiéh, Eéséazrsvsér % i .... 4 _ thz-3 Cozilﬁrmation of safe shad} not 33:23 made for 2: period of four weeks. "F116 s1:1:>m;i$sio:.1 made by the COL1I1i§$}QfO1' the pettitiezmer was recorded to 1:116 effect)g"*t--h¢aT'__'_ ' petitioner will deposit a sum of }5,GO,()f)"C_i_j;*V+VV 9 rospoI1ci€r1t bank on 29.1120 Rs,15,00,000/~ within four ,_weei{'s-_ "from Though, the auction sale pgjocoeded with, it is submitted tho oetitioner and as also by the C(>a,m--s:~o.1 :"espoI1de1t1t bank that 1.2010 could not £31635 oﬁeanurhiie, the petitioner has def')'os--i%;e§1 a_s5:j1j;~n_°'o.tf:'£~2é..~;15100.000/-- on 29.11.2010 with t}1eW..bank._ a:'1t1__'..'o'although anoihor sum of Rs. i§3,0G,GOO/ d§re(:i.ed to be deposited W1"i'.hir1 four . ﬁorri" ..29.i1v,"2Ci&10, tfrle pmiizionczr hao deposited a ;'~::*;.V1V1*1:.. V(>f._R;s7.'E},OG_,OOQ / » on 20.12.2010 and another suni of on 52,201}; The Iearnod counseﬁ for tiée' ?&sp€)%1{i_.;>f:1i ba.r::.k szxbmim 'Eh{<}.'iZ he has; to wirify [V%,>2:h{5:%:E:§:*,E§é3x.6&Q9,®@(§,/'~ :i€:_§3<>$ii',ec£ or; 592.23%} 2:5; é§z:%3%--£§:¥;"*£.é:f€§"E}}f i.E:<:=. E::?2-3§"z§@{i <t{:«'a.::':s;eE for 3333 p§:£;:?€..§<i;2':é?zi . - go _ .

{,w»= I 1 E .,....5....

3. The que.st.ion n<m-* 1&3: whethe}: the pef,iti£>r1.er is entitled for the reliefs sought in the writ the sale fixed an E8.10.201G which is V' writ petiion has not been c)xfi.A gra.11ting the prayer {'0 qtmeh 18.102010 does» not arise; on 'V 29.1 1.2010 1s aiso not +:;(.)r1r:it';r:e('€{:eef;' ._

4. If the petiti0ne1"Vir1Ate';1§j}e}te'V'Vithe property to 21 prospective p;};1'{:ha.sr_eVf-- ' ' to pay Rs.'75,1~.'_:u){},(_;)(:)TA(A)}':~,V .1V_i:«iS to the petitioner to make a represeriiafion bank, whereupon the i"€3SpQII'§.§iI1t Vbe-:3i.;ik"si'2V:1ii consider the same and taiie appiﬁ:7~{:)fié1t.e 1:i.eci.sio1'1, Since the auction sale as notified 'ea1'*-Iiexf" the reserve price at Rs,€>'I,56 Iakhs 2111c?'--i'r"i i;hc>.:}ig__,>;ht ef iiwe 1111-saziectes-5'-sfui aﬁempts made by _.'t:3:r€:é_'baf:'k: in disposmg of the property: the bank shall _' €:5§ﬂ'e'i&ier the s21.i.d repmssezxieztien ':0 be given by the " ''';3'<:é'£;§t.iez1e;r if mere is 22 ggjezmine pureha:-Eer $0 pzzrcthasse 'i:E':s:-:e przgpeﬁy ;?%.:r as .:'-mm <3? E%.e.?5,G€3,Q:3§;'--. TE}{% 3 " _thev.'}3e£§ii:0aer af1ki' "

,.,« pe.iiH::ic:rner appreflencies that the ban}; may not F€}€a§3'C_t.h€ documerats ever: azfter the private purch_aser p1;"rch:i:3.e(iV the pmperty far 21 sum of Rs.?5.00.00{}/~k

5. The regpcmcierxt bank ;ii?i'v1I""b<:

obiigation to reiease: the title deéééislio thep'v;:§e'rsCI1 aa%I*:Q'V' legaiiy purchases the profieft.jJ. £:rz _ '" v.,riﬂth0ut. reieasing the docume}ﬁt.$ of." f§_t'1(§ §1§"~.pers01§ can COIIIE fmrward ta }I}1,I1"ChE1S€ the .-=I2"1*xAé'V_*i1f1'_i;xa*r<es'c of bank will be to oI:x'L'a£:i;j.L:§E'1§g15_€si property to be sold' aSiiI::€'hai is_'ass'u»:?e3(:i there cannot be any impedifnerlt ti") $,}'1s:V'€§r_Jc:£,1ment.s.

6. If i.heI*€;a;ie 'a.1'1'y<.- 'érimiilal €21,363 pendiiigg against. ..r3.¥:"' (ix .1 y investigation £5 going on by the ":0 be made out by the respondent bank, it La far ffhéi-f.':{vest.igat.ing agency to praceed against the \._pe:i.1'"£:i0i':ef%~ in aCc%<>rd2111£re \v'it,h iaw. Er: {fie Eight 0? {ha a"b<)*'J€§ Writ: ;3e'€,i':.i<::r: is .V _,s:i_§§§p<}S::':d 0? E°€S€Ef°ii'§I"i.§§ §§§3ef§:y E5} ?i':§%1€ §3{-3f,ifi{}§T1€E' £10 mzzksse fa ﬁx 4,2"

,/ a 3 x M 7 ..

represent.at.:i<H1 {:0 the 1'€Sp()11d€'.Z{11i bank a3 referrcd to h€I'€iI1 above w1'tI'1:ir1 two weeks from the date :3i'*z§é3'c:_ei--pt of Copy of '{:h1'.s order. On Such represen_{'.2i--ti<>1_i'";5c:i'fig ' fH.£1d6. {ha I'espet):1cien:: bank sha.i1~«9.o_nsiL1€r 1ifh<:}§sei;n_¢::. ii:

accordance with Eaw and in the 1ight.'of ' the'-Qbs;?1',Vaf.:£&risw._ made above. It is made t.héﬁ; .__the_ be 'V entitled to proceed ﬁ_11fiher,i1":-.§§CC€§r,dan<§é"'wii;}i Iaw in Case the petitioner faﬁséé' tr?' g )_:fL$ S_-;_).é'ci;ive purchaser who Wiﬂ be tea aa1nd§}§vi11i_1_jg Said amount. }\/Ii$'C;V\{;A;'N€).'V1V £9)'-1 11- f0rA'éxt€Vhsi0n is dispasecl of as having i:> eé0 mc % 33:52?

'§' FEEEGE

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