- 1 - NC: 2025:KHC:11690 CA No. 412 of 2024 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 20TH DAY OF MARCH, 2025 BEFORE THE HON'BLE MR JUSTICE M.G.S. KAMAL COMPANY APPLICATION NO. 412 OF 2024 BETWEEN: OMKARA ASSETS RECONSTRUCTION PVT LTD., 9 MP NAGAR, FIRST STREET, KONGU NAGAR EXTN., TIRUPUR TAMIL NADU-641 607 REPRESENTED BY ITS CHIEF MANAGER RITESH SAWANT …APPLICANT (BY SRI. ARJUN RAO., ADVOCATE FOR MS. NATASHA N. MURTHY AND SRI. VIGNESH SHETTY.,ADVOCATE) AND: 1. UMESH CHANDRA DALAI RAVIKUMAR, DIV. MANAGER SAI KUMAR, MANAGER RAMESH HARIT, AGM. 2. M/S TAURUS NOVELTIES LTD., HAVING ITS REGISTERED OFFICE AT NO.2, 1 CROSS, SUDHAMANAGAR, LAL BAGH ROAD, BANGALORE-560 027. …RESPONDENTS (BY SRI. JAGADEESHGOUD PATIL FOR OFFICIAL LIQUIDATOR) THIS COMPANY APPLICATION IS FILED UNDER SECTION 5(5) OF THE SARFAESI ACT 2002 R/W SECTION 9 OF THE COMPANY (COURT) RULES 1959, PRAYING THIS HON'BLE COURT TO (i) ALLOW THE PRESENT APPLICATION AND SUBSTITUTE THE NEW LENDER I.E., APPLICATION OMKARA ASSET RECONSTRUCTION PVT., LTD., AND ETC. Digitally signed by SUMA B N Location: HIGH COURT OF KARNATAKA - 2 - NC: 2025:KHC:11690 CA No. 412 of 2024 THIS COMPANY APPLICATION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE M.G.S. KAMAL ORAL ORDER The application in C.A. No.412/2024 is filed under Section 5(5) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act' for short) seeking substitution of the applicant with that of the erstwhile lender. Applicant is an asset reconstruction private limited, company constituted under the provisions of the SARFAESI Act, which has taken over the liabilities with right to recover the dues on behalf of the erstwhile lender namely Stressed Assets Stabilization Funds, with its office at IDBI Towers, 3rd Floor, WTC Complex, Cuffe Parade, Mumbai. 2. It is contended that by letter dated 30.10.2024, the applicant had intimated the official liquidator that in terms of assignment agreement dated 31.08.2024, the aforesaid erstwhile lender had assigned all the financial assets/outstanding debts of the respondent No.2-Company (which is in liquidation), in favour of the applicant herein along - 3 - NC: 2025:KHC:11690 CA No. 412 of 2024 with all underlying securities, rights, titles and interest in respect thereof in terms of Section 5 of the SARFAESI Act. Hence, the application. 3. There is no objection for the said application. Accordingly, same is allowed. 4. Petitioner is permitted to be substituted with the erstwhile lender as sought for. Application in C.A. No.412/2024 is allowed. SD/- (M.G.S. KAMAL) JUDGE RL List No.: 1 Sl No.: 50