Dismissed¶48

M/S Opto Circuit India Limited v. Central Bureau of Investigation

Karnataka HC15 Apr 2026WP/22836/2022

Case brief

AI extract

What is this about?

Opto Circuit India Ltd.; Karnataka HC Bengaluru; Lalitha Kanneganti J.; WP No.22836/2022 (GM-RES) c/w WP No.7/2023 (GM-RES); Article 226; prayer to direct SBI to permit operation/new bank account; respondents CBI (ACB), State Bank of India, ICICI Bank Ltd., Pankaj Srivastava (Interim Resolution Professional); C.P.(IB) No.199/BB/2018; impugned order dated 16.11.2022 (Annexure-A); rejuvenation of company; memos for withdrawal taken on record; writ petitions dismissed as withdrawn on 15.04.2026; pending I.As. closed; no merits decided; no precedent cited.

What did the court decide?

Permission to withdraw both writ petitions; petitions dismissed as withdrawn; all pending interlocutory applications, if any, stand closed. No relief granted on merits. ¶48

M/S Opto Circuit India Limited Vs Central Bureau… — Writ and Judicial Review | Karnataka HC (2026)

What the court decided

AI extract

Outcome

Permission to withdraw both writ petitions; petitions dismissed as withdrawn; all pending interlocutory applications, if any, stand closed. No relief granted on merits.

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Issue for consideration

In WP No.22836/2022: whether the State Bank of India (R2) could be directed to permit operation of the petitioner company's bank account or to permit the petitioner to open and operate a new bank account (petition joined by CBI (ACB) as R1); never adjudicated, as the petition was withdrawn. +1 more

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Ratio / Principle

Memos having been filed in both writ petitions seeking permission to withdraw them, the memos were taken on record; accordingly, the writ petitions were dismissed as withdrawn, and all pending interlocutory applications, if any, in the petitions shall stand closed. No substantive issue, including the validity of the impugned order in C.P.(IB) No.199/BB/2018 or the bank-account restrictions, was addressed.

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Detailed headnote1 paragraphs

M/s Opto Circuit India Limited — described as undergoing an insolvency-related process (Sri Pankaj Srivastava arrayed as its Interim Resolution Professional; underlying proceeding C.P.(IB) No.199/BB/2018) — had filed two writ petitions under Article 226 of the Constitution of India before the High Court of Karnataka: (i) WP No.22836/2022 (GM-RES), praying that the State Bank of India be directed to permit operation of the company's bank account or permit opening and operation of a new account (respondents: CBI (ACB) and SBI); and (ii) WP No.7/2023 (GM-RES), praying to quash the impugned order dated 16.11.2022 passed in C.P.(IB) No.199/BB/2018 (Annexure-A) and to direct the respondents not to cause hindrance for rejuvenation of the petitioner company (respondents: ICICI Bank Ltd. and the Interim Resolution Professional). Memos were subsequently filed in both petitions seeking permission to withdraw them. Lalitha Kanneganti, J., took the memos on record and, by order dated 15.04.2026, dismissed both writ petitions as withdrawn, directing that all pending interlocutory applications, if any, stand closed. No substantive issue — neither the legality of the impugned insolvency-order nor the bank-account restrictions — was adjudicated, and no precedent was considered or applied. The order carries no precedential value on the merits; it is citable, if at all, only as showing the fate of these particular petitions.

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1 - NC: 2026:KHC:20346 WP No. 22836 of 2022 C/W WP No. 7 of 2023

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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 15^TH DAY OF APRIL, 2026

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BEFORE

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THE HON'BLE SMT. JUSTICE LALITHA KANNEGANTI

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WRIT PETITION NO.22836 OF 2022 (GM-RES) C/W WRIT PETITION NO.7 OF 2023 (GM-RES)

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IN WP No.22836/2022:

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BETWEEN:

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Digitally signed by DEVIKA M Location: HIGH COURT OF KARNATAKA

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M/S. OPTO CIRCUIT INDIA LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT HAVING ITS OFFICE AT NO.118 KASAVANAHALLI, SARJAPUR ROAD CARMELRAM POST, VARTHUR HOBLI BANGALORE - 562125 REPRESENTED BY ITS MANAGING DIRECTOR SRI SOMADAS G.C.

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…PETITIONER

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(BY SRI. MOHAMMED MUJASSIM, ADVOCATE)

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AND:

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CENTRAL BUREAU OF INVESTIGATION (ACB) BY SUPERINTENDENT OF POLICE NO.36, BELLARY ROAD, GANGANAGAR BANGALORE – 560 032.

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2 - NC: 2026:KHC:20346 WP No. 22836 of 2022 C/W WP No. 7 of 2023

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HC-KAR

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STATE BANK OF INDIA ELECTRONIC CITY PHASE-II OFF HOSUR ROAD, BANGALORE-560 100 BY ITS BRANCH MANAGER.

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…RESPONDENTS

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(BY SRI. PRASANNA KUMAR P., ADVOCATE FOR R1; SRI. C.S.RAVISHANKAR, ADVOCATE FOR R2)

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THIS WRIT PETITON IS FILED UNDER ARTICLE 226 OF

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THE CONSTITUTION OF INDIA PRAYING TO DIRECT THE R2 TO PERMIT OPERATION OF PETITIONER COMPANY BANK ACCOUNT OR PERMIT THE PETITIONER TO OPEN AND OPERATE A NEW

BANK ACCOUNT.

IN WP NO.7/2023:

BETWEEN:

M/S OPTO CIRCUIT INDIA LIMITED A PUBLIC LIMITED COMPANY REGISTERED UNDER ] THE COMPANIES ACT, 1956 HAVING ITS OFFICE AT No.118 KASAVANAHALLI, SARJAPUR ROAD CARMELRAM POST, VARTHUR HOBLI BANGALORE-562 125 REPRESENTED BY ITS MANAGING DIRECTOR SRI. SOMADAS G.C.

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...PETITIONER

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(BY SRI. MOHAMMED MUJASSIM, ADVOCATE)

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3 - NC: 2026:KHC:20346 WP No. 22836 of 2022 C/W WP No. 7 of 2023

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HC-KAR

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AND:

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M/S. ICICI BANK LIMITED HAVING ITS REGISTERED OFFICE AT NEAR CHAKLI CIRCLE

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OLD PADRA ROAD VADODARA-390 097 RESPRESENTED BY ITS LEGAL MANAGER SRI. VED BANSOD.

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SRI. PANKAJ SRIVASTAVA INTERIM RESOLUTION PROFESSIONAL M/S. OPTO CIRCUIT INDIA LIMITED NO.5, 5^TH CROSS, NAVYA NAGAR, JAKKUR BANGALORE-560 064.

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...RESPONDENTS

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(BY SRI.FRANCIS XAVIER, ADVOCATE FOR R1; SMT. P.CHITHRA NIRMALA, ADVOCATE FOR R2)

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THIS WRIT PETITION IS FILED UNDER ARTICLE 226

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OF THE CONSTITUTION OF INDIA PRAYING TO QUASH IMPUGNED ORDER 16.11.2022 PASSED IN C.P.(IB) NO.199/BB/2018 VIDE ANNEXURE-A AND TO DIRECT THE RESPONDENTS OR ANYONE ON THEIR BEHALF NOT TO CAUSE HINDERANCE FOR REJUVENATION OF PETITIONER COMPANY.

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

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NC: 2026:KHC:20346 WP No. 22836 of 2022 C/W WP No. 7 of 2023

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HC-KAR

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CORAM: HON'BLE SMT. JUSTICE LALITHA KANNEGANTI

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ORAL ORDER

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