Satiate Engineering (I) Pvt. Ltd. Represented by Its Director vs the Board of Directors of Axis Bank Ltd. Represented by Its Managing Director

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Satiate Engineering v. SATIATE ENG v. Axis Bank (BOD). IA(L) No.37578/2025 in WP No.561/2024

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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INTERIM APPLICATION (L) NO. 37578 OF 2025

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WITH

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WRIT PETITION NO. 561 OF 2024

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Satiate Engineering (I) Pvt. Ltd … Applicant IN THE MATTER BETWEEN Satiate Engineering (I) Pvt. Ltd. … Petitioner V/s. The Board of Directors of Axis Bank Ltd. & Ors. … Respondents

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Mr. Sidharth Samantaray (through V.C) a/w. Ms. Somya i/b. T. N. Tripathi & Co. for Petitioner.

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Mr. Malcolm Siganporia a/w. Mr. Shlok Parekh, Ms. Pranita Saboo, Ms. Shristi Shetty and Mr. Mustafa Kachwala i/b. Krishnamurthy & Co. for Respondent Nos. 1 and 2.

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Ms. Fatima Lakdawala, learned AGP for Respondent No. 6.

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CORAM : R.I. CHAGLA AND FARHAN P. DUBASH, JJ. DATE : 27^th NOVEMBER 2025

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ORDER :

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By this Interim Application the Applicant/Original Petitioner has

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sought an interim order of injunction restraining the Respondent No. 1 from

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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Order dated 28Page 1 of 4^th November 2025

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Satiate Engineering v. SATIATE ENG v. Axis Bank (BOD). IA(L) No.37578/2025 in WP No.561/2024

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in any manner taking any further steps and action, pursuant to the classification of account as NPA on 31^st December 2021 including order dated 28^th August 2023 passed by the Magistrate Palghar and notice dated 10^th November 2025 in respect of the said assets or any part thereof. Further, direction is sought against Respondent No. 1 to maintain status quo in respect of all further action pursuant to classification of account as NPA on 31^st December 2021 in respect of Applicant’s account and assets.

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The learned Counsel appearing for the Petitioner has referred to the notice dated 10^th November 2025 issued by the Tahsildar, Palghar whereby, notice had been given to the Petitioner for taking possession of the properties mentioned in the said possession notice on 28^th November 2025. Reference has been made to an order dated 10^th September 2024 passed by the Supreme Court by which the parties were directed to maintain status quo as regards the property in question till this Court decides the matter afresh. It is the contention of the learned Counsel for the Petitioner that the status quo applies interalia to the properties which are the subject matter of the said possession notice and accordingly, the concerned Tahsildar, Palghar be directed not to take possession of the said properties.

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Page 2 of 4

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Order dated 28^th November 2025

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Satiate Engineering v. SATIATE ENG v. Axis Bank (BOD). IA(L) No.37578/2025 in WP No.561/2024

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The learned AGP appears for the Respondent No. 6 and states that the concerned Tahsildar, Palghar has been instructed not to take possession of the properties as per the said possession notice dated 10^th November 2025. The statement is accepted.

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Mr. Siganporia, learned Counsel appears for the Respondent Nos. 1 and 2 and states on instructions that the Respondent Nos. 1 and 2 will not precipitate the matter any further qua the said possession notice dated 10^th November 2025 and/or taking of possession of the properties mentioned in the said possession notice till the disposal of the present Writ Petition. The statement is accepted.

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In view of the above statements, the grievance of the Petitioner in the present Interim Application has been addressed. The Interim Application is accordingly disposed of.

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Mr. Siganporia has submitted that the issue involved in the present Writ Petition is covered by the decision of this Bench in M/s. Ray Projects Pvt. Ltd. & Anr. Vs. The Board of Directors of Canara Bank and Ors. - order pronounced on 7^th October 2025. He has accordingly sought for the Writ Petition to be placed for hearing at the admission stage.

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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Order dated 28Page 3 of 4^th November 2025

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Satiate Engineering v. SATIATE ENG v. Axis Bank (BOD). IA(L) No.37578/2025 in WP No.561/2024

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