This temple is situated beside the origin of Kumudvathi river (popularly called as Kumudvathi Tirtha). The temple was in a very diapilated state. An inscription in front of the temple and the ruins indicate that is had a wide mukha mantapa in front of the Garbagriha. It has a 3 feet high stone idol of a Tirthankar in padmasana posture. This idol was installed by Paliakka the second wife of Vikrama Santhara & hence the name Paliakka Basadi. The temple is also called as Tirthada Basadi / Pattana Swamy Jinalaya and was built by Pattanaswamy Nokkaiah Shetty in Saka year 984 on the auspicious Karthika months 5th Sunday.

The Bhoomi pooja for the renovation of this temple was undertaken on 12th November 2018 under the guidance of His Holiness Jagadguru SwastiSri Dr. Deevendrakeerthi Bhattarakha Swamiji of Hombuja Jain Math. The renovation work is in full swing.