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H. P. SANDESH
LANCER FINANCE – Appellant
Versus
COMPETENT AUTHORITY FOR M/S. LANCER FINANCE – Respondent
JUDGMENT :
H.P. SANDESH, J.
1. Heard learned counsel for the appellants and learned counsel for respondent No. 1.
2. This appeal is filed under Section 16 of the Karnataka Protection of Interest on Depositors in Financial Establishments Act, 2004 (‘the KPIDFE Act’ for short) against the order dated 12.01.2024 passed the Trial Court in Miscellaneous No. 775/2023, wherein the Trial Court confirmed the interim order of attachment passed by the Government vide notification dated 20.06.2019 read with Corrigendum dated 03.11.2022 as absolute.
3. The factual matrix of the case is that the respondent No. 1-Competent Authority for M/s. Lancer Finance Office represented by Joint Registrar of Co-operative Societies filed the petition under Section 5(2) of KPIDFE Act seeking that the interim order of attachment be made as absolute in respect of the petition schedule properties, pursuant to the Government Notification dated 20.06.2019 contending that respondent No. 1-M/s. Lancer Finance Office is the Proprietor Concern owned and managed by the respondent No. 2 i.e. the appellants herein. The said proprietary concern was registered with the Registrar of money lenders and issued with a license for mo
The court upheld the attachment of properties under the KPIDFE Act, emphasizing the necessity to protect depositors' interests despite the appellants' claims of procedural impropriety and lack of com....
The Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 overrides the Karnataka Souharda Sahakari Act, prohibiting the Dy. Registrar from adjudicating disputes once a ....
The MPIDFE Act allows for the attachment of property to protect the interests of depositors, regardless of when the property was acquired. The affidavit filed by the competent authority complied with....
IBC Section 96 moratorium does not stay MPID Act Section 8 attachments of malafide transferred investor funds, absent debtor-creditor tie and due to distinct legislative fields with no repugnancy.
An affected party is not entitled to relief if they are aware of legal proceedings and fail to participate, demonstrating that public notice can suffice in certain cases.
Execution of award – Forum/Commission/Court normally cannot go beyond awards or decree.
Properties purchased with depositor funds are subject to attachment under the Tamil Nadu Protection of Interests of Depositors Act, regardless of subsequent transfers.
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