KARNATAKA v. (BY SRI.VIGNESH SHETTY, ADVOCATE)
Case at a glance
Outcome
Disposed of
With these observations, petition is disposed of
Provisions considered
- Constitution of India arts. 226, 227
Key paragraphs
- Para 55. It is needless to state, upon closing of the loan amount, the respondent-Bank is obligated to discharge the mortgage and handover all the title deeds. With these observations, petition is disposed of. Sd/- (HEMANT CHANDANGOUDAR) JUDGE RKA
Judgment
M/S. MBM CONSTRUCTIONS, A PARTNERSHIP FIRM HAVING ITS REGISTERED OFFICE AT NO.86, 3RD MAIN, 4TH CROSS, DOLLARS LAYOUT, J.P.NAGAR, 4TH PHASE, BENGALURU – 560 078. REPRESENTED BY ITS MANAGING PARTNER.
MR. ARUN KUMAR M, S/O LATE MALLIKARJUNE GOWDA, AGED ABOUT 31 YEARS, PARTNER M/S. MBM CONSTRUCTIONS,
MRS. KALPANA S, W/O LATE MALLIKARJUNE GOWDA, AGED ABOUT 51 YEARS, PARTNER M/S. MBM CONSTRUCTIONS,
MRS. ANUSHA M, D/O LATE MALLIKARJUNE GOWDA, AGED ABOUT 28 YEARS, NO.86, 3RD MAIN, 4TH CROSS, DOLLARS LAYOUT, J P NAGAR, 4TH PHASE, BENGALURU – 560 078. (BY SRI. S.A.AHMED, ADVOCATE) AND: M/S. BANK OF BARODA, SOUTH END ROAD BRANCH, GROUND FLOOR, NO.16/1, BASAVANAGUDI SOUTH END ROAD, K MAHENDRAKUMAR Location: HIGH COURT OF KARNATAKA …PETITIONERS - 2 - NC: 2024:KHC:32213 WP No. 18547 of 2024 BENGALURU – 560 004. REPRESENTED BY ITS CHIEF MANAGER. (BY SRI.VIGNESH SHETTY, ADVOCATE) …RESPONDENT THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO i) TO CONSIDER THE REPRESENTATION AND TO ALLOW THE PETITIONERS TO PAY THE MONIES WHICH ARE QUANTIFIED AS OVERDUE FOR THE PURPOSE OF THE REGULARIZATION OF ACCOUNT AND ETC., THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR ORAL ORDER The sale notice issued under Rule 8(6) read with Section 4 of the Security Interest (Enforcement) Rules, 2002 is impugned in this petition. The petitioners who are the borrowers of loan from the respondent-Bank, having defaulted in repayment of loan, prompted the respondent-Bank initiated proceedings under the provisions of the SARFAESI Act.
2. This Court vide order dated 12.07.2024 granted an interim order of stay, subject to petitioner depositing a sum of Rs.50,00,000/- and also filing an affidavit of undertaking indicating as to when the entire loan amount would be repaid, and thereafter the respondent-Bank to restore the possession of the subject property back to the petitioners.
3. The petitioners following the interim order granted by this Court have deposited Rs.50,00,000/-, and the bank in turn has redelivered the physical possession of the subject property to the - 3 - NC: 2024:KHC:32213 WP No. 18547 of 2024 petitioner. As of the date of the issuance of the impugned sale notice, the total outstanding amount due was Rs.2,93,70,000/- and after deducting Rs.50,00,000/- by the petitioners following the interim order granted by this Court, the petitioners are due a sum of Rs.2,50,74,109/- as on 04.08.2024. The petitioner undertakes to clear the entire outstanding amount due within one week.
4. Therefore, it is expedient to dispose of the petition permitting the petitioners to deposit the entire outstanding amount due as of today with the respondent-Bank within one week from the date of receipt of certified copy of this order. Till then, the respondent-Bank shall not take steps to enforce the impugned sale notice.
Operative part
It is needless to state, upon closing of the loan amount, the respondent-Bank is obligated to discharge the mortgage and handover all the title deeds. With these observations, petition is disposed of. Sd/- (HEMANT CHANDANGOUDAR) JUDGE RKA
Questions this judgment answers
What did the Court decide in this case?
The Court recorded the following disposition: With these observations, petition is disposed of
Which statutory provisions did this judgment involve?
Constitution of India — arts. 226, 227.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.