M/S Flora Silks Limited Vs M/S Karnataka State Industrial and

M/S FLORA SILKS LIMITED NO. 376.35, 6^TH CROSS, WILSON GARDEN, BENGALUR – 560 027 A REGISTERED COMPANY REGISTERED UNDER THE COMPANIES ACT, 1956 REP. BY ITS DIRECTOR MR. SYED RIZWAN S/O SYED KAREEM, AGE ABOUT 73 YEARS R/A NO D-12, DUTCH ROSE, 2^ND FLOOR, 2^ND CROSS, AYYAPPA SWAMY TEMPLE ROAD, OPP. LAL BAGH SOUTH GATE, LAL BAGH SIDDAPURA, 1^ST BLOCK JAYANAGAR, BANGALORE – 560 011

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…PETITIONER

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(BY SRI. S.A.H. RAZVI, ADVOCATE)

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AND:

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M/S KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED, REGISTERED COMPANY, REGISTERED UNDER THE COMPANIES ACT, 1956, EARLIER NOWN AS KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORPORATION LIMITED, KHANIJA BHAVAN, NO. 49, 4^TH FLOOR, EAST WING, DEVARAJ URS ROAD, BENALURU – 560 001 REP. BY ITS DEPUTY GENERAL MANAGER, SRI. DR. TANAJI G. RATHOD.

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NC: 2026:KHC:2417 WP No. 35075 of 2025

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HC-KAR

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M/S FLORA INTERNATIONAL LIMITED NO.376/35, 6^TH CROSS, WILSON GARDEN, BENGALURU – 560 027 REGISTERED COMPANY, REP. BY ITS DIRECTOR, SRI. M.S.A. ALEEM

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MRS. ANURADHA, W/O V. R. NAGABHUSHAN, R/A NO.23, ‘MADHURI’, 9^TH CROSS, J.P. NAGAR 1^ST PHASE, ITI LAYOUT, BENGALURU – 560 078

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MR. M. S. C. PASHA S/O SYED ABBAS, NO. 36, 2^ND CROSS, D’ COSTA SQUARE, COOKE TOWN, BENGALURU – 560 087

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MR. M. S. A. ALEEM, S/O M. SYED ABBAS, AGE ABOUT 73 YEARS R/A NO.36, 2^ND CROSS, D’ COSTA SQUARE, COOKE TOWN, BANGALORE – 560 087

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…RESPONDENTS (BY SRI. T.P. VIVEKANANDA, ADVOCATE; V/O DATED 24.11.2025 NOTICE TO R2 TO R5 IS DISPENSED WITH)

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THIS W.P. IS FILED UNDER ARTICLE 227 OF CONSTITUTION OF INDIA PRAYING TO SET ASIDE THE PROCLAMATION FOR SALE OF PROPERTIES ISSUED ON 06-11-2025 AND THE RE-ISSUANCE OF PROCLAMATION ON 14-11-2025 (ANNEXURE – B & C) IN EXECUTION NO. 164/2021 PENDING BEFORE THE X ADDL. DISTRICT AND SESSIONS JUDGE, (DEDICATED COMMERCIAL COURT), BENGALURU RURAL DISTRICT, BENGALURU.

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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 S.R.KRISHNA KUMAR

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NC: 2026:KHC:2417 WP No. 35075 of 2025

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HC-KAR

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ORAL ORDER

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In this petition, the petitioner seeks the following reliefs:

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“a. By a writ of mandamus or any other appropriate writ to set aside the proclamation for sale of properties issued on 06.11.2025 and the re-issuance of proclamation on 14.011.2025 in Execution No.164/2021 pending before the X Addl. District and Sessions Judge, (Dedicated Commercial Court), Bengaluru Rural District, Bengaluru.

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b. Pass any such alternative order as the Court deems fit in the interest of justice and equity.”

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Heard learned counsel for the petitioner and learned counsel for the respondent and perused the material on record.

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Learned counsel for the petitioner – judgment debtor and learned counsel for the respondents – decree holders jointly submit that the dispute has been amicably settled between the petitioner and respondents under the One Time Settlement Scheme (OTS) and that the petitioner had been granted time up to 12.03.2026 to pay the OTS amount towards full and final settlement of the respondent-decree holder in four installments out of which two installments have already been paid by the petitionerjudgment debtor to the respondents – decree holders. It is therefore submitted that the present petition may be disposed of

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NC: 2026:KHC:2417 WP No. 35075 of 2025

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HC-KAR

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directing the Executing Court to adjourn the matter to the last week

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of March, 2026 after expiry of a period stipulated under OTS.

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The aforesaid submissions are placed on record.

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Accordingly, the petition stands disposed of directing the petitioner to pay balance two installments payable to the respondents-decree holders in terms of the OTS on or before 12.03.2026. Further, the Executing Court before whom Ex.No.164/2021 is pending is directed to adjourn/defer the proceedings to the last week of March, 2026. Liberty is also reserved in favour of both parties to seek recalling of this order and revival of this petition, if the occasion so arise.

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Sd/(S.R.KRISHNA KUMAR) JUDGE

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BMC

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List No.: 5 Sl No.: 3

M/S Flora Silks Limited v. M/S Karnataka State Industrial and

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M/S Flora Silks Limited v. M/S Karnataka State Industrial and

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