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R. RAGHUNANDAN RAO
Radha Ramana S/o Late B. Subbaiah – Appellant
Versus
State of Andhra Pradesh – Respondent
ORDER :
1. The petitioners 1 to 3 herein, are the owners of Ac. 56.24 guntas of land in various survey numbers in Dharapura and Mayaganahalli Villages of Ramanagara Taluk, Karnataka. The 4th petitioner is a developer who is seeking to enter into a fresh development agreement with the petitioners 1 to 3. The above lands were acquired under various registered deeds of sale in the years 2005 and 2006. The petitioners had entered into a joint development agreement with one M/s. Agrigold Projects Limited (arrayed as the 3rd respondent herein) on 20.10.2012 for the purpose of development of Ac. 18.34 guntas out of Ac. 56.24 guntas of land. The land was to be developed into a residential layout within a period of 24 months. The 2nd petitioner would be entitled to 60% of the developed sites and the 3rd respondent would be entitled to 40% of the developed sites under the joint development agreement. The 3rd respondent had paid the 2nd petitioner an interest free security deposit of Rs. 16 crores. These deposits, which were interest free, were to be returned to the 3rd respondent upon successful completion of the project.
2. It appears that the 3rd respondent did not undertake the development
Point of law: action of interfering into the peaceful possession and enjoyment of the petitioner by erecting board in the petitioner’s land is arbitrary exercise of power and it violates the fundamen....
Properties purchased with depositor funds are subject to attachment under the Tamil Nadu Protection of Interests of Depositors Act, regardless of subsequent transfers.
The court established that a prior judicial attachment order supersedes subsequent government actions regarding property attachment under the relevant acts.
Under the Banning of Unregulated Deposit Schemes Act, 2019, the Competent Authority is empowered to attach assets acquired or renovated using proceeds of unregulated deposits, even when such assets a....
Properties purchased with funds linked to a defaulting financial establishment can be attached under the Act, regardless of the source of those funds.
The Banning of Unregulated Deposit Schemes Act allows for the attachment and sale of property to ensure repayment to depositors without requiring a prior conviction of the deposit takers.
The liability of the defendant towards the admitted rent justified the Trial Court's exercise of power under Section 94 CPC read with Section 151 CPC to pass the impugned order of attachment.
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