CAV JUDGMENT

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 money lending busines