- 1 - HC-KAR NC: 2025:KHC:48074 WP No. 28717 of 2023 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 18TH DAY OF NOVEMBER, 2025 BEFORE THE HON'BLE MR. JUSTICE E.S.INDIRESH WRIT PETITION NO. 28717 OF 2023 (GM-RES) BETWEEN: 1. MVR CHEMICALS AND OILS A PROPRIETORY CONCERN HAVING ITS OFFICE AT SY.NO. 400 SARJAPURA ATTIBELE MAIN ROAD, SARJAPURA, BENGLAURU - 560 125 (REPRESENTED BY ITS PROPRIETOR MR.B V SADANAND, AGED ABOUT 62 YEARS, 2. MVR GAS A PROPRIETORY CONCERN HAVING ITS OFFICE AT SY.NO. 400 SARJAPURA ATTIBELE MAIN ROAD, SARJAPURA, BENGLAURU - 560 125 REPRESENTED BY ITS PROPRIETOR MR.B V SADANAND, AGED ABOUT 62 YEARS, 3. B V SADANAND S/O VENKATASWAMY REDDY, AGED ABOUT 62 YEARS, R/AT NO. 801 MVR NILAYA, 9TH MAIN ROAD, 3RD BLOCK, KORAMANGALA, BENGALURU - 560 034 …PETITIONERS (BY SRI. SHRIDHAR PRABHU, ADVOCATE) AND: 1. FEDERAL BANK LIMITED LOAN COLLECTION AND RECOVERY DEPARTMENT Digitally signed by ARUNKUMAR M S Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2025:KHC:48074 WP No. 28717 of 2023 BENGALURU DIVISION, NO. 4, 2ND CROSS, CSI COMPOUND MISSION ROAD, BENGALURU - 560 027 (REPRESENTED BY ITS AUTHORIZED OFFICER) 2. THE SOUTH INDIA BANK SIB ARCADE NO.61 WHEELER ROAD, COX TOWN, BENGLAURU 560 005 (REPRESENTED BY ITS AUTHORIZED OFFICER ) 3. DEPUTY CHIEF CONTROLLER OF EXPLOSIVES MANAGAORE SUB CIRCLE OFFICE 2ND FLOOR, CITY CENTRE, OPP. HOTEL ROOPA BALMATTA ROAD MANGALORE - 575 001 …RESPONDENTS (BY SRI. B.S. JEEVAN KUMAR, ADVOCATE FOR R1 SRI. FRANCIS XAVIER, ADVOCATE FOR R2 SRI. SHANTHI BHUSHAN H., DSGI FOR R3) ------- THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE SALE NOTICE OF MOVABLE SECURED ASSETS BEARING NO.BRGLCR/BPA/SN/2023-24 DTD 13.12.2023 PRODUCED AT ANNEXURE-A ISSUED BY THE R1 AND ETC. THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE E.S.INDIRESH - 3 - HC-KAR NC: 2025:KHC:48074 WP No. 28717 of 2023 ORAL ORDER Heard learned counsel appearing for the parties. 2. In this petition, the petitioners are assailing the Sale Notice in respect of the Secured Assets dated 13.12.2023 (Annexure-A) inter alia sought for a direction to allow the petitioners to take charge of the Movable Secured Assets mentioned in the Sale Notice. 2. Sri.B.S.Jeevan Kumar, learned counsel for Respondent No.1-Bank raised a preliminary objection with regard to the maintainability of the petition, as the petitioners are having efficacious remedy under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act') and the petitioners can very well approach the Competent Tribunal for redressal of their grievance. 3. In that view of the matter, without expressing any opinion on the merit of the case, the petitioners are relegated to approach the Competent Tribunal under the SARFAESI Act, if so advised within 4 (four) weeks from the date of receipt of this Order and in the event if such an appeal is preferred before the - 4 - HC-KAR NC: 2025:KHC:48074 WP No. 28717 of 2023 Competent Tribunal, it is open for the petitioners to urge all the available grounds which are urged in the present petition. All the contentions of the parties are kept open. It is also to be noted that, since the learned counsel for the petitioners has submitted that the petitioners will approach Competent Tribunal at the earliest therefore, I am of the view that, the Respondent No.1-Bank shall not take any coercive steps against the petitioners for a period of 4 weeks from today. It is also to be noted that the time spent by the petitioners in prosecuting the petition before this Court be condoned under Section 14 of the Limitation Act, 1963, in the event the petitioners approaches the Competent Tribunal within four weeks from the date of receipt of this order. Writ petition is disposed of accordingly. In view of the disposal of the writ petition, IA.1/2023 and IA.1/2025 do not survive for consideration and accordingly, disposed of. SD/- (E.S.INDIRESH) JUDGE rs/CT-SG/List No.: 1 Sl No.: 23