K R Bhadraswamy Gupta vs M/S Gangavathi Sugars Ltd (In ... on 19 November, 2010

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Karnataka High Court

K R Bhadraswamy Gupta vs M/S Gangavathi Sugars Ltd (In ... on 19 November, 2010

Bench: H N Nagamohan Das

 

IN THE HIGH COURT QF K;»§.R"1\{ATAKZx AT  = A "

    v
THE HONBLE MR. 'jUs"§1CfE I:iv.N";~--N¢A§GAMOHAN ms
*§.;H»%§3'}f2.--sé'§'     '_ 
<:.A.452 2005 <<::fw C,A;8S0'{2GOSH.__1_Z73/2606 1327 2006
722 2007 71'.2_""2'(;'vQ,T§." ?34/2:30? 30oH'2Qa5..k84;2007 8: 59/2008

ems."

DATED THIS THE :9": DAYVVHQH? NQY/"£;'.¥\fIBER,V';';O10

».___,[email protected].,..,__.

C.A.452;/2085 
BETWEEN:    ._ 
. 'KfR._BHADR.A_SWAMY'~€3UP"lA

S/O LATESR1 K,RAM'Asw:A1v;Y'g:HUpTA
AGED ABCEUT72 Y1?.A1::s' ..  '

450, :1MA1N"HoA}3,MALLEs;WARHM
BAN§}ALORE~560-OQ3.

 .

' ":3ffQS}E{1._K;R;BEADRAS'WAMY GUPTA *- AGED AHQHT 52 YEARS 45:), "1: MAIN? HGAD, MALLESW'AR;--'§\;I HAN<f;AL'0HH:56o 993.

.. _ _' 3' MR'. :gr';H.HHv1HDHAHA'rH V, §:<;;: .Iy:.R.NATHAN * ABOUT 55 YEARS NQ.3f2§ 3 SHQPPING STREE'E'3 VA _,V_§§.K,SUBBA'L»'--:BZ LAYGHT} KEJMAREX FARE '\§v'ESE:

BAN{}Ai:3RE--§é€} $243 '40 CUBEONPET MAIN ROAD §:AN1\5§Ir9F€71"§§E%%%1M1jED ICICI BANK TOWER, No.1, COMMISSARLAT R{jr'ii3*- L ' §:AN1\}t3'é*.I1E3r§%'sr'FRJ'§'A?E-Dﬁvaaééﬁmﬁzixﬁ__ BANK 03 INDLA; 1133»: HOUSE S8, MISSIQN R{QAEg,'L'"__._._ 1 _ 'V BANGALORE~5€3i}Q2?.' . _

5. Mrs, sfr%A1T"E,.:§Aic%:;;; :);'..i:\:1§1Af' 1NDUsjrR1ALT'FI:5:AN{:E REsIDENcY'1<0A:*:~';'j'-._ ' -- .

M.G.R(_)AD, }3AN"GAQ;;ORE~S6O om M.<;;._;R<'>AD BRAN:;H. BRANCH M " V' --. 2?. " M/s.i.'.<:QRP«0RAT:"iN' BANK » 53:»: _ ' 14;: 5,JA::AMAR;:gVROAD BANGALQRE42.

8. ':24/s.v--.ST;;:§'E BANK GE' HYDERABAD . " ' }.C.RO;4;D;

" V' gAN_GALQRE

-,.§¥; RECOVERY OFF§CER~H EQEBTS RECQVERY TRIBUNAL 1:235: BI{A\fAN, HUDSON CERCLE §*$;R_U?ATE§"LH"lG;% RG38 §,?':E\?G£.LQRE-56 {ESL 3: "*~""W "ff IO. KARNATAKA STATE INDUSTRIAL INVESTMENT 8: DEVELOPMENT CORPGRATION LTD, N049, KHANIIA BHAVAN, DEVARA} URS ROAD BANGALORE-560 G01.

1 1 . GOVERNMENT OE KARNATAKA REP. BYITSIOINT SECRETARY DEPARTMENT OF COMMERCE ._ INDUSTRIES, 1<ARNAT;rx:'m/s;~..:;0VER1s§:\:zE:\:1*' - .. E SECRETARIAT, III STAGE;J§..i.S--..BU1I§D}.NG' " _ SACHIVALAYA, DE_E_R.AMEED1<A_E fvEE1>J3E:.i'_g _ BANGALORE«56QOQ.i. ' 1 ~ '

12. NSL PO\§.-FE1?i'8; L\§Eiif:»§;'EEC_H'~.LlMI'"FED__ » HAVING ITS RE'CJf3.TERED.O'FfFICE'AT 7c, sUE.*m*0WERs;"3.;ERGAE, "

SECUNIDERAEAEE ANDRA.1?1%ADESEi REPRESENTED BY CHIEF. EXECQFFIVE OFFICER SR1 S.S.BASA\z'AIA'He _ " ' RESPONDENTS §Cé:"%x{'«'L<'>N ' ' _ {By2S1<l E;Es=ELg>,HADE'v*EN .8: VJAYARAM, FOR OL Eaggtggj ~5§j~ _ . V v .. DLFAVASSTSG FOR R2 & R3 ﬁawwgpf 3*' if * " E%£;'S,.."E;;xE«3GAE§)EE LAW ASSTS. FQR R6 é E: Ema E3? *' = A -SE1 G.E;A'gNf':sRDANA FOR R7 \ SR1 EVEEEKATACHAMLEH EOE R8 Er:>"iw2 sE;_1"§YE::>A SHENAZ} CGC FOR R9 E T SR1Ff;F.KU1\/IBEAR, FOR R1 0 V ' EE1 Ei.S.MALLIKARIUNAlAH, GP FOR R2 1 ' EE: PRABHSLENG NAVADGI FOR R12} THIS A??LECA'T§G1'€ EELED UNEEER SECYEON 53'? {E} {E} 5: {E} OF C{}E'¢E§';%E\EE'..ES AC3'; 1955 RXVJ GREEK XX} RULE , M' «ii//////ﬁx 7

7. IQAIUVATAKA INDUSTRIAL 8:

INVESTMENT DEVELOPMENT CORPORATION, REPRESENTED BY ITS MANAGING DIRECTORHAVING ITS OFFICE AT 5"" FLOOR, KHANHA BIIAVAN "

RACECOURSE ROAD, BANGALORE ----~ 560 OGL

8. M/S NSL POWER & INFRATEC:a{§;*:fD., V. Ne.?~C, 7"! FLOOR, SURYA TOWERS'-..V_ s P ROAD, SECUNDERABAD ANDHRA PRADESH. "

9. THE REc0VE§<.'3i',QFF1C'ER* DEBTS RECOV?€Ri';TRIBE?NAL""

KRISHI "

HUDSON CIRCLE,BANGALORE, RESPONDENTS THIS.APm:¢A1*:CjN_._UNDER RULES 6 & 9 0:? THE COMPAT§1Y._COE.,IRT"R.ULAES--,,4I959. PRAYING TO ALLOW THIS APPLICATION DIRECT THE RECOVERY OFFICER, DEBT .,REc:('irvj:1a*';':T12;;BUNAL: BANGALORE TO TRANSFER AIVIOL?NT"'-VI_.¥I_N€3 WITH HIM TO THE OFFICIAL I I - :.,:{1{11::;A;T(3R__ AND ETC.

I I 5.3- I 1; IR}_'jD§Y VEERARAIU * _'s:<::_ &AGIaNNA :-»;a._}I§R., RESIDENT SF HEBBAJ1 _§*ALUK: <;;:NGAvATH:

SIS'? : §ZGP§AII ,/,3"

if /2" /

2. HUSSAIN SAB HIRE HUSSAIN SAB MAJOR, RESIDENT OF MARALI TALUK: GANGAVATHI DIST : KOPPAL.

3. MOULASAB s/0 HIRE HUSSEIN SAB MAJOR, RESIDENT OF MARALI ' TALUK: GANGAVATHI DIST ; KOPPAL.

4. RRAMBABU S/OVENKANNA_ ' MAIOR, REs1Di€.N:f;;7:3FV HERBAL"

TALUK: GANGAYAT-1%]; ' DIST ; KQPPAL,-ii__ ;_ ' '

5. .

s./0 SATYANARAYANA ,, % "

MAIOR, RESIDENTOF .i\/LARALI TALUK: GAN'GA'V»'ATH1 ~._ ' "

DIST}: :<<3PPAL."' ~ V % j .__ 33:». BA€;_A1§PA' ;.

MA}<f3R, 'RE's:.:>'§:\iT OF DANAPUR TAL§J1<: _q;A3::3AvArH1 B1:sT.gI<'0rpPAL_ { '~ *3. TE~.{1MMAPPA BAVIKATTI =Si::; LINGAPPA % Imgsg, R2s:§E:~ef§ OF MUSTOQR,

-»-mmg; GEAEQQAVATHI QEST : E<:CYP?AL,

1. 7

3. MOUIASAB S/C} HIRE HUSSEIN SAB MAJOR, RESIDENT OF MARAL1 TALUK: GANGAVATHI DIST : KOPPAL.

4. RRAMBABU S/O VENKANNA AGED ABOUT 32 YEARS, RESIDENT OF HERBAL A .

TALUK: GANGAVATHI ' «.

DIST ; KOPPAL. ' '

5.N.SRIN1VAS , S/O sATYANA1i:AY;A';N_A ., 1 AGED ABOUT 3S"YE?A1?..Sz .. . RESIDENT 0F.MA'§.ALI 3 TALUK':'GAN€<AVAT:g:: _ _ DIST: }i{_OP-PAI,.V _ '

6. TEEKAIAH " _ V s/0 BASAPPA" -

AGE}? ABQUT 38'"i'EA1§3,.

_ . _ Rgs1DEN'r OFADANAPUR ' 1TALIJK:.§§AI$FZ3AV_ATHI =- 33:51" KQP?2%I.I;' - . V 7 1*H1nz{';\;mé;?A EHAVIKKFTE _ ~ 3:0 llNG2§PPA % ' ACEED A302}? 52 YEARS, ' BESI"DENT Q? MASTOOR, 'MLSK; SAE\fGA':fATH£ BEES": : KQP,?AL 27 SECRETARLAT, HI STAGE, MSBLHLDING SACHIVALAYA, DR.B'R.AMBEDKAR VEEDHI BANGALORE~S6O 00?.

THIS APPLICATION FILED t;N£>ﬁR RUIE. éf 'or? COMPANY (COURT) RULES, .:_939 1>R;::Y1;~.r§ ' ~T(}.._'"BEL;IVER = POSSESSION OF THE AssETSe*VV.¢_OF_ THE. IN LIQUIDAT1ON TO THE A1?1?L1cA,m:.. *~ « .

These applicatians conlihg §c>r_.g:§fdVe::sb't}j.is day, the court made the foliowiﬁé: . * = Y ~ "

have prayed for setting aside t%1'e_&0i'<§1_.erV by the Recovery Officer of the Debt I€eé'@ver};Elfr%'eU._ﬁé}g*¥"bLBangaiore (for short 'DRT'}.

_V 2' V;/.%.E}'E:.)'[:E.'f:ai]..:.S are the shareholders of the Company in I§qu'idatier:fj--- fine of the secure& creditors Gbtained decree in Q.A,N§."i{32;'2000 dated 932904 from DRT. Cmzsequent is this the pmperty ef the compangr in iiquidatien was bmugh: 1:0 ..._$:;.13;e ané in the auctien heid on 22.2.2985} bidders by name ?v§;'s.Nuziveedu Seeés Limited arid 1%:-"3. N82. Power 3:251 hzfratech ..»/""";§--'?'*"')""

f z 4y'~'4'> ~ M 28 Limited became the highest bidders. Aggrieved by the Recevery Qfﬁcer of DRT} the applicants herein a4éié.['t;uI:0::fg,-i ~ appeal befere the DRT and the same x.2ras»31leW_ed e;£ia.it.theV in u favour of bidders came to be set asidex'SubsequeIitEy;*:he biddefs' filed a second appeal in M.A,45,?'20:G7 befofe._tV_hee vReVCeVery V' Appellate Tribunal at C:?::E".ﬁ::13i allowed and COI1ﬁ1"I11€d thesaie Against the said order of Debi: in M.A.45;'20()7 the Qffjcjalv ;: V applicant-shareholders approaeheel if iﬁ W.P.No20575/2007 and '\V.P.1'f'949/280?. . E}-111;in:gV'i:ifn1Ve pendency of these Writ petitions, . . - t:f1é"'b'vidéf€AfS "Med 3 ﬁéeiﬁe to withdraw from the sale proceedings;

of this Court by accepting the memo ﬂied by 2:he'"'---bid.:ie':'::v"'ée'£~aside the eréer passed by the Debt Reeevery Apgeliaee Tribune} in E2/I.A.45;'2QO? and restored the ercier sf Bengaiore, setiéng asiée the saie made by the Reeevery C?fﬁC€'fS, 1:': :%3e eizeezeszaﬁcee emf; aziezsr :35 Ehege éeveiepments,

-) *"\, ...~';§b '~.,,;

the prayer in this application will not survive for C»:w'Iis1<ig~r_a%tiVV9i;;i:AL :'\CCOI'di1'1g1}', the application is hereby disposedasr 'V becerne mfructuous.

Consequenﬂy, the other fa:V'i:1téi:;'i:£i1.pfVeﬁ/prs in C.A.4.33:'2005, 8S0;'20O5;"V:._ 12';=p':3'/'§"2;p<5V'cT:~{},.i,p'p_Vpi"_1'3p27,/2®6, " ?22i/2007; 717;/209?', 784/200?, W111 not survive for /;h:§é:;':'%2re disposed of.

p sazﬁ £9176./*3

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Karnataka High Court