- 1 - NC: 2025:KHC:17160 CA No. 41 of 2025 IN CA No.184 of 2015 IN COP No.154 of 2002 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 24TH DAY OF APRIL, 2025 BEFORE THE HON'BLE MR JUSTICE M.I.ARUN COMPANY APPLICATION NO. 41 OF 2025 IN COMPANY APPLICATION NO. 184 OF 2015 IN COMPANY PETITION NO. 154 OF 2002 BETWEEN: 1. NGEF LIMITED 3RD FLOOR, KHANIJA BHAVAN (SOUTH WING), RACE COURSE ROAD, BENGALURU, REPRESENTED BY ITS EXECUTIVE DIRECTOR- HOLEMADLU RAMAIAH GOWDA ARUNKUMAR. 2. STATE OF KARNATAKA REPRESENTED BY NODAL OFFICER NGEF LIMITED DR. S. SELVA KUMAR IAS, PRINCIPAL SECRETARY TO THE GOVERNMENT OF KARNATAKA COMMERCE AND INDUSTRIES DEPARTMENT, GOVT. OF KARNATAKA VIKASASOUDHA, AMBEDKAR VEEDHI, BENGALURU - 560 001. …APPLICANTS (BY SMT. RAJASHREE, ADVOCATE FOR SRI SAJI P. JOHN, ADVOCATE) Digitally signed by H K HEMA Location: HIGH COURT OF KARNATAKA - 2 - NC: 2025:KHC:17160 CA No. 41 of 2025 IN CA No.184 of 2015 IN COP No.154 of 2002 AND: 1. NIL …RESPONDENT THIS APPLICATION IS FILED UNDER RULES 6 AND 9 OF THE COMPANIES (COURT) RULE, 1959, PRAYING TO PERMIT 1st APPLICANT TO EXECUTE SALE DEED IN FAVOR OF GOVERNOR OF KARNATAKA REPRESENTED BY THE COMMISSIONER OF POLICE, DEPARTMENT OF POLICE DULY REPRESENTED BY ASSISTANT COMMISSIONER OF POLICE TRAFFIC EAST SUB-DIVISION, BENGALURU CITY, REGARDING THE SCHEDULE PROPERTY IN TERMS OF THE SALE AGREEMENT DATED 30.03.2001, FOR LARGER PUBLIC INTEREST, IN THE INTEREST OF JUSTICE AND EQUITY. THIS APPLICATION COMING ON FOR ORDERS, THROUGH PHYSICAL HEARING/VIDEO CONFERENCING THIS DAY, THE COURT MADE THE FOLLOWING: CORAM: HON'BLE MR JUSTICE M.I.ARUN - 3 - NC: 2025:KHC:17160 CA No. 41 of 2025 IN CA No.184 of 2015 IN COP No.154 of 2002 ORAL ORDER The aforementioned application is filed by the Company and State of Karnataka with the following prayer:- "The Applicants herein prays that, for the reasons sworn to in the accompanying affidavit, this Hon'ble Court may be pleased to permit 1st Applicant to execute sale deed in favor of Governor of Karnataka represented by the Commissioner of Police, Department of Police duly represented by Assistant Commissioner of police Traffic East Sub Division Bengaluru City regarding the Schedule property in terms of the Sale Agreement dated 30.03.2001, for larger public interest, in the interest of justice and equity." 2. It is seen that applicant No.1 - Company is a State of Karnataka undertaking. The said Company was wound up by order dated 03.08.2004. However, the said winding up order has been stayed by order dated 22.06.2017 by this Court and it was ordered that this Court remained in de jure seisin of the assets of the Company. - 4 - NC: 2025:KHC:17160 CA No. 41 of 2025 IN CA No.184 of 2015 IN COP No.154 of 2002 3. As stated in the affidavit accompanying the application, the property which is sought to be sold in favour of the second applicant - State by the first applicant - Company, has already been utilized by the second applicant - State and that the entire sale consideration is already received by the first applicant - Company pursuant to a sale agreement and what is sought by way of prayer in the instant company application is for execution of the sale deed in respect of the property concerned in favour of second applicant - State by the first applicant - Company. 4. Accepting the cause shown, the company application is allowed as prayed for. Sd/- (M.I.ARUN) JUDGE VMB