- 1 - HC-KAR NC: 2025:KHC:18671 WP No. 11743 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 3RD DAY OF JUNE, 2025 BEFORE THE HON'BLE MR JUSTICE M.NAGAPRASANNA WRIT PETITION NO. 11743 OF 2025 (GM-RES) BETWEEN: VDB PROPERTY VENTURES PRIVATE LIMITED, PROPERTY DEVELOPMENT COMPANY UNDER COMPANIES ACT 1956, OFFICE AT NO. 42, 3RD FLOOR, CASTLE STREET, ASHOKNAGAR, BENGALURU - 560 025, REPRESENTED BY ITS DIRECTOR MR. KOSHY VARGHESE S/O ABRAHAM VARGHESE, AGED ABOUT 62 YEARS, RESIDING AT NO. A-04, NUSA DUA, SY. NO. S 33/P, 34/P, 36/P, 37/P, R NARAYANAPURA ROAD, WHITEFIELD VILLAGE, K.R. PURAM HOBLI, BENGALURU - 560 066. …PETITIONER (BY SRI. DILIP KUMAR I.S, ADVOCATE) AND: 1. THE BANK OF BARODA, REPRESENTED BY ITS AUTHORIZED OFFICER, BANKING COMPANY UNDER COMPANIES ACT ZONAL STRESSED ASSET RECOVERY BRANCH, Digitally signed by NAGAVENI Location: High Court of Karnataka - 2 - HC-KAR NC: 2025:KHC:18671 WP No. 11743 of 2025 7TH FLOOR, VIJAYA TOWERS, 41/2, M G ROAD, BENGALURU - 560 001. 2. MR. T PRASAD, S/O NOT KNOWN, AGED MAJOR, RESIDING AT NO. 1599, 22 MAIN, 40TH CROSS, JAYANAGAR, 4TH T BLOCK, JAYANAGAR, BENGALURU - 560 041. 3. MRS. R RENUKA, W/O MR. T PRASAD, RESIDING AT NO. 1599, 22ND MAIN, 40TH CROSS, JAYANAGAR, 4TH T BLOCK, JAYANAGAR, BENGALURU - 560 041. 4. MR. JAGADISH K, S/O KRISHNAMURTHY, AGED MAJOR, RESIDING AT NO. 13, SAINORA NILAYA, JAYANTHI LAYOUT, NEAR KBC COLLEGE, KODIPALYA, KENGERI, BENGALURU - 560 060. …RESPONDENTS (BY SMT. NATASHA N. MURTHY, ADVOCATET FOR SRI. VIGNESH SHETTY, ADVOCATE FOR R1) THIS W.P. IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE E- - 3 - HC-KAR NC: 2025:KHC:18671 WP No. 11743 of 2025 AUCTION NOTICE DATED 27.02.2025 PRODUCED AS ANNX-A CONSEQUENTLY DIRECT THE R-1 BANK NOT TO CONFIRM THE SALE, IN RESPECT OF SCHEDULE PROPERTY AND ETC., THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE M.NAGAPRASANNA ORAL ORDER This Court on 24.04.2025 had passed the following order: "Learned counsel appearing for petitioner submits that the property worth Rs.4 crores today, is sold for a song of Rs.1,08,50,000/-. Therefore, the learned counsel for the 1st respondent shall placed on record as to whether this was the first sale notified of the property or the number of sales that have taken place prior to it and the evaluation report secured from the registered valuer prior to the subject sale. The same shall be placed before the Court on the next date of hearing. Learned counsel for the petitioner submits that he is ready and willing to pay the entire amount that is paid by the auction purchaser and also compensate the auction purchaser adequately. Interim order, subsisting, shall continue till the next date of hearing, subject to the condition that the petitioner would pay to the 1st - 4 - HC-KAR NC: 2025:KHC:18671 WP No. 11743 of 2025 respondent/Bank Rs.1,08,50,000/- in the next 4 weeks. Issue emergent notice to respondents 2 to 4. List the matter on 03.06.2025." 2. The learned counsel appearing for the respondent - Bank submits that not a rupee has been paid pursuant to the interim order. 3. At this juncture, the learned counsel appearing for the petitioner submits that he would approach the Debt Recovery Tribunal ('the DRT' for short) on raising a challenge that is made before this Court. 4. In that light, I deem it appropriate to dispose the petition. In the light of the subsistence of the interim order, the same shall be continued for a period of two weeks from today and it is for the petitioner to avail of the remedy of approaching the DRT. 5. In the event, the petitioner would not approach the DRT, within two weeks from today, the interim order would stand automatically vacated. - 5 - HC-KAR NC: 2025:KHC:18671 WP No. 11743 of 2025 6. With the aforesaid observations, the petition stand disposed. Ordered accordingly. Sd/- (M.NAGAPRASANNA) JUDGE JY List No.: 3 Sl No.: 54 CT: BHK