Court ruled that statutory remedies must be exhausted before seeking High Court intervention in provisional attachment matters under the Banning of Unregulated Deposit Schemes Act.

JUDGMENT

These writ petitions are connected and therefore, I am disposing these writ petitions by a common order.

These writ petitions are filed with following prayers:

WP(C) No.5054/2025 i. Issue a writ of Certiorari, order or direction, quashing Exhibit P2 by finding it as illegal.

ii. Direct the respondents not to proceed further with Exhibit P2 order issued by the 1st respondent u/s. 7(3) of Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.

iii. Declare that the provisions of Banning of unregulated Deposit Schemes (BUDS) Act, 2019 will not be applicable in the case of the petitioner, and the kuri/chitty of the petitioner on the strength of Exhibit P1, is not a deposit or unregulated Deposit Scheme, under the provisions of Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.

iv. Declare that the Exhibit P2 provisional order is not liable to continue in view of the time limit prescribed in Section 14 of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.

v. Grant such other reliefs as this Hon’ble Court may deem fit and proper considering the facts and circumstances of this case.

vi. Dispense with production of English translation of the documents. (SIC)

WP(C) No.29377/2024 i. Issue a writ of Certiorari, order or direction, quashing Exhibit P2 by finding it as illegal.

ii. Direct the respondents not to proceed further with Exhibit P2 order issued by the 1st respondent u/s. 7(3) of Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.

iii. Declare that the provisions of Banning of unregulated Deposit Schemes (BUDS) Act, 2019 will not be applicable in the case of the petitioner, and the kuri/chitty of the petitioner on the strength of Exhibit P1), is not a deposit or unregulated Deposit Scheme, under the provisions of Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.

iv. Grant such other reliefs as this Hon’ble Court may deem fit and proper considering the facts and circumstances of this case.

v. Dispense with production of English translation of the documents. (SIC)

2. The petitioner is challenging a provisional attachment order produced in these writ petitions as Ext.P2. When these writ petitions came up for consideration, the Government Pleader submitted that the petitioner has got a remedy as per Sections 13 and 18 of the Banning of Unregulated Deposit Schemes Act and the petitioner can approach the designated court. If that is the case, this Court need not interfere with the provisional attachment invoking the powers under Section 226 of the Constitution of India.

The petitioner is free to approach the designated court with appropriate application and if such an application is filed, the designated court will consider the same and take appropriate steps in accordance with law.

With the above observation, these writ petitions are disposed of.