Allowed

Reserve Bank of India v. Kirloskar Investments and Finance Ltd.

Karnataka HC21 Feb 2024CA/24/2024

Case brief

AI extract

What is this about?

In a company application filed under Section 151 of CPC, the High Court of Karnataka allowed the proposed applicant to be impleaded as a confirmed auction purchaser to come on record in the underlying winding up petition.

What did the court decide?

Application allowed; auction purchaser permitted to come on record in the company petition as confirmed auction purchaser.

Reserve Bank of India Vs Kirloskar Investments and… — Company and Corporate | Karnataka HC (2024)

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NC: 2024:KHC:7304 CA No. 24 of 2024 IN COP.No.2/2000

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 21^ST DAY OF FEBRUARY, 2024 BEFORE

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THE HON'BLE MR JUSTICE ANANT RAMANATH HEGDE COMPANY APPLICATION NO. 24 OF 2024

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COMPANY PETITION NO.2/2000

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BETWEEN:

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RESERVE BANK OF INDIA

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A STATUTORY CORPORATION ESTABLISHED UNDER RBI ACT 1934 HAVING ITS CENTRAL OFFICE AT CENTRAL OFFICE BLDG. SHAHID BHAGAT SINGH MARG,

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MUMBAI-400001,

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BRANCHES, NRUPATHUNGA ROAD

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BANGALORE-560001

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…APPLICANT

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(BY SRI.MOHANA CHANDRA P., ADVOCATE)

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AND:

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Digitally signed by A K CHANDRIKA Location: HIGH COURT OF KARNATAKA

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KIRLOSKAR INVESTMENTS AND FINANCE LTD A COMPANY INCORPORATED UNDER THE PROVISIONS OF THE COMPANIES ACT 1956, HAVING ITS REGISTERED OFFICE AT 2^ND FLOOR, C-BLOCK UNITY BUILDING, J.C.ROAD

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BANGALORE-560002

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…RESPONDENT

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(BY SMT.KRUTHIKA RAGHAVAN., ADVOCATE)

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AND:

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VASUDEVA RAO YANDURI AGED ABOUT 66 YEARS

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NC: 2024:KHC:7304 CA No. 24 of 2024 IN COP.No.2/2000

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S/O LATE VENKATAMADHUSUDAN RAO R/AT FLAT NO.A-419, MAHAVEER TUSCAN APARTMENT HOODY BASAVANAGAR ROD NEAR HOODY CIRCLE, HOODY BENGALURU-560048.

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…PROPOSED APPLICANT

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(BY SRI.MOHANA CHANDRA P., ADVOCATE)

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THIS APPLICATION IS FILED BY THE PROPOSED APPLICANT UNDER SECTION 151 OF CPC PRAYING TO IMPLEAD HIM IN THE ABOVE CASE AS PROPOSED RESPONDENT NO.2/CONFIRMED AUCTION PURCHSER IN THE ABOVE CASE IN THE INTREST OF JUSTICE AND EQUITY.

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THIS APPLICATION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:

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ORDER

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It is submitted that vide order dated 31.01.2024, OLR.No.12/2024 is already allowed. Registry to take note of it.

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C.A.No.24/2024 is filed to implead the applicant as party to COP.No.2/2000.

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In terms of the order dated 24.12.2010, the

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company in liquidation is ordered to be wound up. The Official Liquidator has sold some of the assets of the

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NC: 2024:KHC:7304 CA No. 24 of 2024 IN COP.No.2/2000

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company in liquidation. The applicant in C.A.No.24/2024 claims to have purchased some property in question. It is stated that in terms of auction held on 24.11.2023 the sale was confirmed vide order dated 10.01.2024, subject to purchaser depositing the amount within 30 days. The purchaser has moved an application to come on record seeking extension of time to pay the balance consideration amount.

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Under these circumstances, C.A.No.24/2024 is

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allowed . The auction purchaser is permitted to come on record.

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Sd/JUDGE

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NC. List No.: Sl No.:

Reserve Bank of India v. Kirloskar Investments and Finance Ltd.

Case brief

What is this about?

What did the court decide?

Reserve Bank of India v. Kirloskar Investments and Finance Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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