- 1 - HC-KAR NC: 2025:KHC:41841 WP No. 26428 of 2024 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23RD DAY OF OCTOBER, 2025 BEFORE THE HON'BLE MR. JUSTICE SURAJ GOVINDARAJ WRIT PETITION NO. 26428 OF 2024 (GM-RES) BETWEEN: NITESH RESIDENCY HOTELS PRIVATE LIMITED, A COMPANY REGISTERED UNDER THE COMPANIES ACT, 1956, HAVING ITS REGISTERED OFFICE AT LEVEL 4, B WING, THE RITZ CARLTON HOTEL, 99 RESIDENCY ROAD, BENGALURU-560 025. REP. HEREIN BY ITS AUTHORIZED SIGNATORY, SRI. K.B. SWAMY. …PETITIONER (BY SRI SUMANA NAGANAND, ADVOCATE) AND: 1. RESERVE BANK OF INDIA, 4TH FLOOR, RBI BYCULLA OFFICE BUILDING, OPP. MUMBAI CENTRAL RAILWAY STATION, BYCULLA, MUMBAI-400 008. REP. BY ITS GOVERNOR. 2. RESERVE BANK OF INDIA, HAVING ITS REGIONAL OFFICE AT: 10/3/8, NRUPUTHUNGA ROAD, P.B 5467, BENGALURU-560 001. REP. BY ITS GENERAL MANAGER. 3. CHIEF GENERAL MANAGER-IN-CHARGE, DEPARTMENT OF REGULATION, RESERVE BANK OF INDIA, 12TH FLOOR, CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH ROAD, MUMBAI-400 001. Digitally signed by SHWETHA RAGHAVENDRA Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2025:KHC:41841 WP No. 26428 of 2024 4. CHIEF GENERAL MANAGER-IN-CHARGE, DEPARTMENT OF SUPERVISION, RESERVE BANK OF INDIA, 3RD FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI-400 005. 5. J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., A COMPANY REGISTERED UNDER THE COMPANIES ACT, 2013 HAVING ITS REGISTERED OFFICE AT: 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030. REP. BY ITS MANAGING DIRECTOR. 6. SRI RAHUL GUPTA, AGED MAJOR, MANAGING DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAL-400 030. 7. SRI RAJESH NARAIN GUPTA, AGED MAJOR, INDEPENDENT DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030. 8. SRI VIKRAM MITTAL, AGED MAJOR, INDEPENDENT DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030. 9. SRI SANJAY PURI, AGED MAJOR, INDEPENDENT DIRECTOR, J.C. FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, - 3 - HC-KAR NC: 2025:KHC:41841 WP No. 26428 of 2024 MUMBAI-400 030. 10. SMT. DEEPA KAPOOR, AGED MAJOR, INDEPENDENT DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030. …RESPONDENTS (BY SRI RAJESH VELLAKATT, ADVOCATE FOR R-1 TO R-4; SRI MRINAL SHANKAR, ADVOCATE FOR R-5 TO R-8; SRI DHARMATEJ, ADVOCATE FOR R-6 TO R-10 [VK NOT FILED]) THIS WP IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT R-5 TO SHARE A COPY OF THE RESOLUTION PLAN PREPARED PURSUANT TO PARA 10 OF THE MASTER DIRECTION- RBI (ASSET RECONSTRUCTION COMPANIES) DIRECTIONS, 2024 BEARING REF. NO. RBI/DOR/2024- 25/116 DATED 24.04.2024 (ANNEXURE-U) ETC. THIS PETITION, COMING ON FOR PRELIMINARY HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE SURAJ GOVINDARAJ ORAL ORDER 1. The Petitioner is before this Court seeking for the following reliefs: 1) "Directing Respondent No.5 to share a copy of the Resolution Plan prepared pursuant to Para 10 of the Master Direction- Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 bearing Ref. No. RBI/DOR/2024-25/116 dated 24.04.2024 (Annexure-U); - 4 - HC-KAR NC: 2025:KHC:41841 WP No. 26428 of 2024 2) Directing Respondent No.5 to issue no objection certificates for facilitation of refinancing the debt of the Petitioner; 3) Directing Respondent No.5 to issue no objection certificate for the existing shareholders (Apollo Global Management/CPI India (I) Ltd.) to exit the Petitioner company, in favour of the M/s Blackstone Singapore Pte Ltd.; 4) Directing Respondent No.1 to initiate appropriate action against Respondent No.5 for violating the Master Directions dated 24.04.2024 issued by Respondent No.1 as well as the Fair Practices Code for Asset Reconstruction Companies issued by Respondent No.1 (Annexure-U); 5) To pass such other order/s or directions as this Hon'ble Court deems fit to grant in the facts and circumstances of the case including awarding the costs, in the interest of justice.' 2. A memo dated 23.10.2025 has been filed by learned counsel for the petitioner which reads as under. “MEMO FILED ON BEHALF OF THE PETITIONER The Petitioner herein respectfully submits as under: 1. The present writ petition has been filed by the Petitioner seeking, inter alia for the issuance of no- objection certificates from Respondent No.5, for a copy of the resolution plan prepared by Respondent No.5 to be provided to the Petitioner, and for Respondent No.1-RBI to take action against Respondent No.5 for their illegal actions in harassing the Petitioner. 2. During the pendency of the above writ petition, the Petitioner and the contesting Respondent i.e. Respondent No.5, have entered into terms of settlement and have agreed upon terms of repayment, in full and final settlement of all alleged dues payable by the Petitioner. Copy of letter dated 04.08.25 is produced herewith as Document No.1. - 5 - HC-KAR NC: 2025:KHC:41841 WP No. 26428 of 2024 3. The said settlement has also been reported to this Hon'ble Court in Commercial Appeal No.509/2022 and connected matters, and this Hon'ble Court vide order dated 15.10.2025,closed the said proceedings, in terms of the settlement. Hence, it is submitted that, in light of the settlement reached between the parties, the present writ petition does not survive for consideration, and as such, the same may be closed in light of the settlement so reached. Wherefore, it is respectfully prayed that this Hon'ble Court may be pleased to take this memo on record, and dispose of the writ petition, in the interest of the justice and equity.” 3. Learned counsel for Respondents No.1 to 4 and Respondents No.5 to 8 submit that the dispute between the parties has been settled. 4. Accepting the said memo and placing the said submission on record, petition is dismissed as settled out of Court. Sd/- (SURAJ GOVINDARAJ) JUDGE KTY List No.: 1 Sl No.: 49