- 1 - HC-KAR NC: 2026:KHC:6239 WP No. 2971 of 2026 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 3RD DAY OF FEBRUARY, 2026 BEFORE THE HON'BLE MR. JUSTICE ASHOK S.KINAGI WRIT PETITION NO. 2971 OF 2026 (GM-DRT) BETWEEN: 1. SRI. ARJUN B V S/O VENKATESH.B, AGED ABOUT 35 YEARS, R/AT, NO.19, 2ND MAIN ROAD, DEEPANJALI NAGAR, BANGALORE-560026 2. SMT.LEELAVATHI.H.B, AGED ABOUT 63 YEARS W/O VENKATESH.B R/AT, NO.19, 2ND MAIN ROAD, DEEPANJALI NAGAR, BANGALORE-560026 (SENIOR CITIZEN BENEFIT NOT CLAIMED) …PETITIONERS (BY SRI. VIJAYA KUMAR.T.M., ADVOCATE) AND: THE AUTHORIZED OFFICER AXIS BANK LTD., NO.41, SESHADRI ROAD, ANAND RAO CIRCLE, BANGALORE-560009 REGISTERED UNDER COMPANY ACT. …RESPONDENT (BY SRI. FRANCIS XAVIER, ADV. FOR C/R IN CP No.138/26) Digitally signed by KIRAN KUMAR R Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2026:KHC:6239 WP No. 2971 of 2026 THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK AS PER ANNEXURE-B, DATED 10.10.2025. THIS PETITION, COMING ON FOR PRELIMINARY HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE ASHOK S.KINAGI ORAL ORDER 1. The petitioners have filed this writ petition challenging the possession notice dated 10.10.2025 issued under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002 vide Annexure ‘B’. 2. The petitioners have an equal efficacious remedy under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act’). 3. The petitioners without exhausting the alternative remedy have filed this writ petition. The writ petition filed by the petitioners is not maintainable in view of the proposition laid down by the Hon'ble Apex Court - 3 - HC-KAR NC: 2026:KHC:6239 WP No. 2971 of 2026 in the case of Rikhab Chand Jain vs. Union of India1. 4. In view of the above, I proceed to pass the following order: ORDER (i) The writ petition is dismissed. (ii) A liberty is reserved to the petitioners to avail the efficacious remedy available to them under the law, if so desired. (iii) Meanwhile, the respondent Bank is directed not to take any coercive steps against the petitioners for a period of 15 days from today. (iv) The Registry is directed to return the certified copy of the possession notice to the 1 In Civil Appeal No.6719 of 2012 disposed of on 12.11.2025 (Reported in 2025 SCC Online SC 2510) - 4 - HC-KAR NC: 2026:KHC:6239 WP No. 2971 of 2026 petitioners after retaining the photocopy of the same. (v) Pending applications, if any, stand disposed of. Sd/- (ASHOK S.KINAGI) JUDGE RK CT:KHV List No.: 1 Sl No.: 52