- 1 - HC-KAR NC: 2026:KHC:22959 WP No. 8980 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 25TH DAY OF APRIL, 2026 BEFORE THE HON'BLE SMT. JUSTICE LALITHA KANNEGANTI WRIT PETITION NO. 8980 OF 2025 (GM-DRT) BETWEEN: 1. SMT.SNEHA LATA SURANA, W/O GYANCHAND SURANA, AGED ABUT 58 YEARS, 2. SRI. GYANCHAND SURANA, SON OF LATE JAI CHAND LAL SURANA, AGED ABOUT 62 YEARS, BOTH ARE RESIDENTS OF NO. 131/A, 10TH MAIN, 14TH CROSS,6TH SECTOR, HSR LAYOUT, BENGALURU – 102. …PETITIONERS (BY SRI. BHARATH K.,ADVOCATE) AND: 1. THE AUTHORIZED OFFICER, L AND T FINANCE LIMITED (FORMERLY KNOWN AS L AND T FINANCE HOLDINGS LIMITED) REGISTERED OFFICEBRINDAVAN, PLOT NO. 177, C.5.T ROAD KALINA, SANTACRUZ (EAST) MUMBAI 400 098, MAHARASHTRA, INDIA. CIN 157120MH2008PLC181833 91 22 6212 5000 …RESPONDENT Digitally signed by SUVARNA T Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2026:KHC:22959 WP No. 8980 of 2025 THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO QUASH SET ASIDE THE IMPUGNED POSSESSION NOTICE DATED 22.01.2025 ISSUED BY THE RESPONDENT BANK ANNX- A AND ALL MEASURES INITIATED BY THE RESPONDENT BANK AGAINST THE PETITIONER AND DIRECT THE RESPONDENT BANK TO REGULARIZE THE PETITIONERS LOAN ACCOUNT IN TERMS CLAUSE 4.2.5 OF THE MASTER CIRCULAR OF PRUDENTIAL NORMS ON INCOME RECOGNITION ASSET CLASSIFICATION AND PROVISIONING PERTAINING TO ADVANCES. THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE SMT. JUSTICE LALITHA KANNEGANTI ORAL ORDER The present writ petition is filed seeking the following prayer: "Wherefore, the petitioners pray that this Hon’ble Court may be pleased to: a. Quash/set aside the impugned possession notice dated 22.01.2025 issued by the respondent bank (Annexure-A) and all measures initiated by the respondent bank against the petitioner; - 3 - HC-KAR NC: 2026:KHC:22959 WP No. 8980 of 2025 b. Direct the respondent bank to regularize the petitioners loan account in terms clause 4.2.5 of the master circular of prudential norms on income recognition asset classification and provisioning pertaining to advances; c. Pass such other orders which this Hon’ble Court deems fit and proper, just and fair under the circumstances stated above, in the interest of justice and equity." 2. In the light of the judgment passed by the Hon’ble Apex Court in Civil Appeal Nos.257-259/2022 between Phoenix ARC Private Limited Vs. Vishwa Bharathi Vidya Mandir and others arising out of WP.Nos.35564-35566/2015 dated 27.03.2018, the present writ petition is not maintainable against L & T Finance Limited, which is a finance company. 3. In that view of the matter, this Court is passing the following: ORDER i. Accordingly, the writ petition is disposed of giving liberty to the petitioner to avail the appropriate remedy. ii. The petitioner shall have the benefit of Section 14 of the Limitation Act. - 4 - HC-KAR NC: 2026:KHC:22959 WP No. 8980 of 2025 iii. All pending I.As., in the writ petition shall stand closed. SD/- (LALITHA KANNEGANTI) JUDGE PKN List No.: 2 Sl No.: 9