Dismissed¶51

M/S. Ncdex E Markets Limited (Neml) v. Canara Bank

Karnataka HC6 Aug 2025WP/23232/2025

Case brief

AI extract

What is this about?

Withdrawal of writ petition under Article 227 Constitution of India; challenge to DRT-I Bengaluru order dated 10.07.2025 in IA No. 1526 of 2025 in OA No. 497 of 2019; Section 22(h) Recovery of Debts and Bankruptcy Act 1993; Rule 12(9) DRT (Procedure) Rules 1993; disposal of thirty-nine Original Applications; OA allowed in favour of Canara Bank (Respondent No. 1) against NCDEX E Markets Ltd. as Defendant No. 2; writ rendered infructuous; petition dismissed as withdrawn subject to all just exceptions in law; Justice B M Shyam Prasad; decided 06.08.2025.

What did the court decide?

Withdrawal of the writ petition permitted; petition dismissed as withdrawn, subject to all just exceptions in law, pursuant to the petitioner's memo. ¶51

M/S. Ncdex E Markets Limited (Neml) Vs Canara Bank — Banking and Recovery | Karnataka HC (2025)

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NC: 2025:KHC:31187 WP No. 23232 of 2025

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HC-KAR

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 6^TH DAY OF AUGUST, 2025

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BEFORE

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THE HON'BLE MR. JUSTICE B M SHYAM PRASAD WRIT PETITION NO. 23232 OF 2025 (GM-DRT)

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BETWEEN:

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M/S. NCDEX E MARKETS LIMITED (NEML) HAVING ITS OFFICES AT ACKRUTI CORPORATE PARK, 1ST FLOOR, LBS MARG, KANJURMARG (W) MUMBAI - 400078 MAHARASHTRA REPRESENTED BY ITS AUTHORISED SIGNATORY MR. MANJUNATH P V

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…PETITIONER

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(BY SRI. ABHINAG S.,ADVOCATE)

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AND:

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Digitally signed by VANAMALA N

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Location: High Court of Karnataka

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CANARA BANK

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HAVING ITS HEAD OFFICE AT

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NO.112, J.C.ROAD, BENGALURU - 560002

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AND ITS BRANCH OFFICE AMONG OTHER PLACES ACT

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KOPPAL DISTRICT, KARATAGI - 583229 KARNATAKA

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NC: 2025:KHC:31187 WP No. 23232 of 2025

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HC-KAR

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M/S CNX CORPORATION LIMITED A COMPANY INCORPORATED UNDER THE PROVISIONS OF THE COMPANIES ACT, 1956 HAVING ITS OFFICE AT 12-A, HAJI KASAM BUILDING, 3RD FLOOR, 66, TAMARIND LANE FORT, MUMBAI - 400 001

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AND ITS REGISTERED OFFICE AT 144, 14TH FLOOR, ATLANTA BUILDING, PLOT NO.209, JAMNALAL BAJAJ MARG NARIMAN POINT, MUMBAI - 400 021

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REPRESENTED BY ITS DIRECTOR, MS. NIRUPAMA DATTATRAYA PENDURKAR

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SRI VEERESH SON OF SRI MUDAKAPPA, AGED ABOUT 52 YEARS, RESIDING AT MAILAPUR, GANGAVATHI TQ., KOPPAL DISTRICT - 583229 KARNATAKA

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…RESPONDENTS

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(BY SRI. T. P. MUTHANNA, ADVOCATE FOR C/R1)

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THIS WP IS FILED UNDER ARTICLE 227 OF THE CONSTITUTION OF INDIA PRAYING TO ISSUE A WRIT OF CERTIORARI OR ANY OTHER APPROPRIATE WRIT AS THIS HONBLE COURT MAY DEEM FIT, SETTING ASIDE THE ORDER DATED JULY 10, 2025, PASSED BY THE HONBLE DRT-I, KARNATAKA AT BENGALURU IN INTERLOCUTORY APPLICATION NO. 1526 OF 2025 IN ORIGINAL APPLICATION NO. 497 OF 2019 (AT ANNEXURE-A).

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NC: 2025:KHC:31187 WP No. 23232 of 2025

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HC-KAR

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THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

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CORAM: HON'BLE MR. JUSTICE B M SHYAM PRASAD

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ORAL ORDER

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The learned counsel for the petitioner files a memo seeking withdrawal of the petition, which reads as under:

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"The petitioner most respectfully submits as follows:

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1. The Petitioner had preferred the captioned matter before this Hon'ble Court challenging the Order dated 10.07.2025 passed by the Debts Recovery Tribunal - I, Bengaluru Interlocutory Application No. 1526 of 2025, filed by the Petitioner under Section 22(h) of the Recovery of Debts and Bankruptcy Act, 1993, read with Rule 12(9) of the Hon'ble DRT (Procedure) Rules, 1993, in Original Application No. 497 of 2019, and seeking, inter alia, quashing of the said order and consequential reliefs.

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NC: 2025:KHC:31187 WP No. 23232 of 2025

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HC-KAR

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2. The Writ Petition was filed on 31.07.2025 and was mentioned on Thursday, i.e., 31.07.2025, whereby, this Hon'ble Court was pleased to grant circulation on 04.08.2025.

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3. It was informed to the Ld. Debts Recovery Tribunal - I, Bengaluru that the captioned Writ Petition along with 3 other Writ Petitions had been filed before this Hon'ble Court and that the Petitioner had sought urgent listing thereof. The Petitioner had further requested the Ld. Debts Recovery Tribunal to defer the hearings in thirty-nine Original Applications, including the abovementioned Original Application No. 497 of 2019, pending the outcome of the proceedings before this Hon'ble Court.

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4. The Ld. Debts Recovery Tribunal - I, Bengaluru has since pronounced final orders and has disposed of all thirty-nine Original Applications, including the abovementioned Original Application No. 497 of 2019. The said Original Application was allowed in favour of the Plaintiff therein, i.e., Respondent No. 1 herein, and, inter alia, against Defendant No.

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NC: 2025:KHC:31187 WP No. 23232 of 2025

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HC-KAR

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2 (being the present Petitioner herein), thereby rendering the relief sought in the present Writ Petition infructuous.

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5. In view of the aforesaid developments, the present Writ Petition has been rendered infructuous.

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6. The Petitioner, therefore, respectfully prays that this Hon'ble Court may be pleased to allow the present Writ Petition (FR) No. 23232 of 2025 to be withdrawn, with liberty to the Petitioner to seek appropriate reliefs under law before the appropriate forum(s)."

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In view of the memo filed, the petition stands dismissed as withdrawn subject to all just exceptions

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in law.

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Sd/(B M SHYAM PRASAD) JUDGE

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M/S. Ncdex E Markets Limited (Neml) v. Canara Bank

Case brief

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M/S. Ncdex E Markets Limited (Neml) v. Canara Bank

Case brief

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