KTK GROUP Vs. COMPETENT AUTHORITY

JUDGEMENT

(1.) This appeal is filed by the appellant/second respondent challenging the Judgment and Decree dtd. 22/12/2021, passed by the XCI Additional City Civil and Sessions Judge at Bengaluru (CCH No.92) (hereinafter referred to as "the trial Court" for short) in Miscellaneous No.471/2020.

(2.) We have heard Shri. V.B. Shiva Kumar, learned counsel appearing for the appellant and Shri. Veeresh R. Budihal, learned counsel appearing for respondent No.1.

(3.) It is submitted by the learned counsel appearing for the appellant that the Competent Authority initiated proceedings against the appellant - I Monetary Advisory (IMA) and its associated entities in Miscellaneous No.471/2020, contending that the Special Officer of I Monetary Cases, appointed by the Government of Karnataka under Sec. 5(1) of the Karnataka Protection of Interests of Depositors in Financial Establishments Act, 2004, ('KPIDFE Act' for short) was authorized to take necessary steps against the Financial Establishment. The property described as Schedule-A to the petition was leased from respondent No.2 through a lease deed dtd. 3/8/2018 for a period of 9 years, with a lock-in period of 3 years. It is contended that a refundable security deposit of Rs.30,00,000.00 was paid by the lessee.