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2026 Supreme(Online)(Ker) 34462

IN THE HIGH COURT OF KERALA AT ERNAKULAM
M.A. Abdul Hakhim, J
Nikshepaka Koottayma – Appellant
Versus
State Of Kerala – Respondent
WP(C) No. 17039 of 2026

Advocates:
For the Appellants/Petitioners: Amal Parthasardhy
For the Respondents: G.Sheeba

The High Court may issue a writ directing the Competent Authority under the BUDS Act, 2019 to timely consider and act upon representations regarding the identification and attachment of additional assets belonging to a deposit taker to safeguard depositors' interests.

Headnote:The case concerns the implementation of provisions under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 regarding the attachment of properties of a deposit taker. The petitioners, representing an association of depositors, sought court intervention to compel the competent authority to attach additional properties identified in their representations. The court addressed the question of whether it could mandate the competent authority to consider specific properties for attachment. The principle established is the judicial oversight of administrative actions taken under the BUDS Act to ensure the protection of depositors' interests. The court disposed of the writ petition with a direction to the competent authority to consider and take appropriate action based on the petitioner's representations within a period of three months.

Table of Content
1. court directive for administrative action on asset attachment under the buds act. (Para 1 , 2)

JUDGMENT

1. The Petitioners claimed that the Petitioner No.1 is a registered association of depositors in “Kechery Enterprises” against which the Respondents have initiated proceedings under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.

2. Some of the properties belonging to the Deposit Taker were attached by the Respondents. The Petitioners submit that some more properties of the Deposit Taker are available for attachment and the same are stated in Exts.P1 to P3. The Petitioners sought direction to the Respondent No.2 to consider Exts.P1 to P3. Accordingly, this Writ Petition is disposed of, directing the Respondent No.2 to consider and take necessary action on the basis of Exts.P1 to P3 within a period of three months.

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2026 Supreme(Online)(Ker) 34462

IN THE HIGH COURT OF KERALA AT ERNAKULAMM.A. Abdul Hakhim, JNikshepaka Koottayma – AppellantVersusState Of Kerala – RespondentWP(C) No. 17039 of 2026

The High Court may issue a writ directing the Competent Authority under the BUDS Act, 2019 to timely consider and act upon representations regarding the identification and attachment of additional assets belonging to a deposit taker to safeguard depositors' interests.

IN THE HIGH COURT OF KERALA AT ERNAKULAM
M.A. Abdul Hakhim, J
Nikshepaka Koottayma – Appellant
Versus
State Of Kerala – Respondent
WP(C) No. 17039 of 2026