- 1 - NC: 2025:KHC:8858 WP No. 612 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 28TH DAY OF FEBRUARY, 2025 BEFORE THE HON'BLE MR JUSTICE R DEVDAS WRIT PETITION NO. 612 OF 2025 (GM-RES) BETWEEN: M/S. SRI ANGHA REFINERIES PVT. LTD., A COMPANY REGISTERED UNDER COMPANIES ACT BY ITS DIRECTOR SRI. VENKATA PHANI NADELLA, S/O MR. N.V. SAMBASIVA RAO, AGED 44 YEARS INDUSTRIAL AREA, SY NO.10/1P, 11/8AP 12/3P 12/4P, BYKAMPADY, MANGALORE - 575 011. …PETITIONER (BY SMT. SANDHYA U. PRABHU, ADVOCATE) AND: THE AUTHORIZED OFFICER / MANAGER, HDFC BANK LIMITED, KAYARGANJ, M G ROAD, BALLA BAGH, MANGALORE - 575 003. …RESPONDENT (BY SRI. JAI M PATIL, ADVOCATE) THIS W.P. IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO QUASH THE ORDER DATED 28.11.2024 PASSED BY RESPONDENT BEARING REFERENCE NO. 99638535 PRODUCED AT ANNX-C AND ETC., Digitally signed by KAVYA R Location: High Court of Karnataka - 2 - NC: 2025:KHC:8858 WP No. 612 of 2025 THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE R DEVDAS ORAL ORDER Learned counsel for the petitioner submits that the respondent bank, which had commenced the measures for recovery of the loan amount along with interest had approached the Debts Recovery Tribunal in D.No.3089/2024 and on 07.01.2025, the respondent-Bank filed a memo for withdrawal stating that the parties have amicably resolved the matter and arrived at a settlement where the petitioner herein agreed to pay Rs.85,86,92,843.31/- on 30.12.2024. Thereafter, a no due certificate was also issued by the respondents as found at Annexure-F dated 30.12.2024, clearly certifying that the petitioner has cleared the entire dues without any concession. Accordingly, no due certificate is also issued to the petitioner. However, since the respondent-bank did not inform the Reserve Bank of India and the competent authority regarding the clearance of the loan at the hands - 3 - NC: 2025:KHC:8858 WP No. 612 of 2025 of the petitioner, the red alter put up in terms of Annexure-C is causing lot of difficulties for the petitioner. The prayer therefore, is to quash the order dated 28.11.2024. 2. Having regard to the grievance made out by the learned counsel for the petitioner, this Court is of the considered opinion that appropriate directions will have to be issued to the respondent-bank to inform the RBI and all concerned authorities regarding the clearance of the loan at the hands of the petitioner and remove all restrictions that were placed on the petitioner when measures were taken for recovery of the loan amount. Accordingly, while quashing Annexure-C dated 28.11.2024, the respondent bank is also directed to inform the Reserve Bank of India and all other competent authorities regarding the clearance of the loan at the hands of the petitioner and remove all restrictions to enable the petitioner to proceed to do its business without any hindrance. Accordingly, the writ petition stands disposed of. - 4 - NC: 2025:KHC:8858 WP No. 612 of 2025 3. The entire exercise shall be completed as expeditiously as possible and at any rate within a period of two weeks from the date of receipt of a copy of this order. Sd/- (R DEVDAS) JUDGE rv List No.: 1 Sl No.: 27 CT: BHK