ALKARSF APPARELS PVT. LTD. Vs. STATE OF KERALA

JUDGEMENT

(1.) Petitioners challenge Exhibit-P9 notice and also seek a restraint on proceedings against any recovery action against them for the alleged fraud committed by the fourth respondent.

(2.) The first petitioner is a private limited company, while the second petitioner claims to be its Managing Director. On 15/11/2024, petitioners were served with Exhibit-P9 notice issued by the Village Officer, stating that the District Collector, by proceedings dtd. 11/9/2024, provisionally attached the property situated in re-survey No.311/1 of Block No.10 of Menamkulam Village, presently included in the Apparel Park of Kerala Industrial Infrastructure Development Corporation ( for short 'the KINFRA').

(3.) The basis for issuing Exhibit-P9 was stated as proceedings initiated against entities by name 'M/s. Nirmal Krishna Ltd./Nirmal Krishna Benefit Fund Ltd.' under the Banning of Unregulated Deposit Schemes Act, 2019 (for short, 'the BUDS Act'). Since petitioners are conducting their cloth manufacturing unit in the property attached, as referred to in Exhibit-P9, they have approached this Court seeking to quash the said notice and proceedings.