Avishkar Innovative Pvt. Ltd., Vs Canara Bank — Company and Corporate | Karnataka HC (2025)

Avishkar Innovative Pvt. Ltd., Vs Canara Bank — Company and Corporate | Karnataka HC (2025)

1 - NC: 2025:KHC:5160 WP No. 24466 of 2024

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 5^TH DAY OF FEBRUARY, 2025

BEFORE

THE HON'BLE MR JUSTICE R DEVDAS WRIT PETITION NO. 24466 OF 2024 (GM-RES)

BETWEEN:

AVISHKAR INNOVATIVE PVT. LTD., REGISTERED UNDER THE PROVISIONS OF THE COMPANIES ACT, 1956, HAVING ITS REGISTERED OFFICE AT NO. 970/32-1, I FLOOR, 11TH MAIN ROAD, 50 FEET MAIN ROAD, RAGHAVENDRA BLOCK, SRINAGAR, BENGALURU, KARNATAKA - 560 050, REPRESENTED BY ITS MANAGING DIRECTOR RAKHA KRISHNA MURTHY [email protected]

…PETITIONER

(BY SRI. MAHABALESHWAR G.C, ADVOCATE)

Digitally signed by AND: KAVYA R Location: High 1. CANARA BANK Court of Karnataka A BODY CORPORATE CONSTITUTED UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT 1970, SPECIAL MID CORPORATE BRANCH, BASAVANAGUDI, NO. 69, 9TH MAIN ROAD, JAYANAGAR 3RD BLOCK, BANGALORE - 560 011, REPRESENTED BY ITS BRANCH MANAGER.

THE AUTHORISED OFFICER CANARA BANK,

2 - NC: 2025:KHC:5160 WP No. 24466 of 2024

OFFICE AT ASSET RECOVERY MANAGEMENT BRANCH - I, 2ND BLOCK, CO BLDG NO. 86, SPENCER TO PETITIONER, M.G. ROAD, BENGALURU - 560 001.

…RESPONDENTS

(BY SRI. VIGNESH SHETTY, ADVOCATE)

THIS W.P. IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE CLASSIFICATION OF PETITIONERS LOAN ACCOUNT AS NPA DATED 26.08.2022 AND ETC.,

THIS PETITION, COMING ON FOR PRELIMINARY HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE R DEVDAS

ORAL ORDER

On the previous date of hearing, this Court had passed the following order.

"De-link this matter from W.P.No.24367/2024. Learned Senior Counsel Sri D.R.Ravishankar, appearing for the petitioner submits that in view of the subsequent developments viz., an order being passed by the National Company Law Tribunal, Bengaluru Bench, in C.P.(IB)No.11/BB/2024 dated 01.01.2025, where an Interim Resolution Professional (IRP) is appointed as regards the petitioner and is directed to take steps, it is submitted that the IRP is entitled to come and make submissions before this Court

3 - NC: 2025:KHC:5160 WP No. 24466 of 2024

regarding the continuation of this writ petition or not. Learned Senior Counsel Sri S.S.Naganand, appearing for the respondent-Bank has also filed a memo along with a copy of the said order passed by the National Company Law Tribunal. The learned Senior Counsel would also submit that directions may be issued to the petitioner to convey the orders passed by this Court to the IPR and make appropriate submissions while indicating the next date of hearing. Re-list this matter on 03.02.2025. A copy of this order shall be furnished to the learned Counsel for the petitioner, who shall ensure that the same is placed at the hands of the Interim Resolution Professional to make appropriate submissions on the next date of hearing."

Having regard to the fact that the Interim Resolution Professional (IRP) is appointed as regards the petitioner with further directions at the hands of the National Company Law Tribunal to take steps, any grievance of the petitioner as against the respondent bank is to be pursued by the IRP.

With these observations, the writ petition stands disposed of.

Sd/(R DEVDAS) JUDGE

Rv