OMKAR SINGH Vs. STATE OF MADHYA PRADESH

JUDGEMENT

(1.) By making this application under Article 226 of the Constitution of India, the petitioner has approached this Court seeking issuance of writ/writs commanding the respondents to release his deposited amount with following reliefs:-

(2.) In a nutshell, the case of the petitioner runs as follows:

(3.) Controverting the above submissions made on behalf of the petitioner, it has been submitted by Shri Raghvendra Dixit, learned Govt. Advocate appearing on behalf of the respondents No.1 and 2/State that the Collector Division Gwalior is the Competent authority, who passed an ad-interim order in the light of Section 4 of the Act with a view to protect the interests of the depositors of the Financial Establishment by attachment of money and other properties allegedly procured either in the name of the said financial institution or in the name of any other financial institution or other person. It is contended that after passing the said order, the Competent Authority applied to the Special Court (District Court designated by the State under the Act, 2000) for making the said ad-interim order of attachment absolute. The Special Court, i.e., District Court, Gwalior issued the necessary directions for equitable distribution amongst the depositors of the money realised from the attached properties of the Company. It is submitted that under the circumstances and as per provision of the law, the petitioner being depositor should now approach the Special Court Gwalior for disbursement of deposited money, and he can receive his deposited amount with all allied benefits, after holding inquiry by the court.