- 1 - HC-KAR NC: 2025:KHC:43032 WP No. 20205 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF OCTOBER, 2025 BEFORE THE HON'BLE MR. JUSTICE SURAJ GOVINDARAJ WRIT PETITION NO. 20205 OF 2025 (GM-RES) BETWEEN: M/S. 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 GENERAL MANAGER-LEGAL, SRI K.B. SWAMY …PETITIONER (BY SMT. SUMANA NAGANAND & SRI SIDDHARTH SRIKANTH, ADVOCATES) 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:43032 WP No. 20205 of 2025 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. DEPUTY GENERAL MANAGER, DEPARTMENT OF SUPERVISION, RESERVE BANK OF INDIA, 3RD FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400 005. 6. J.C. FLOWERS ASSET RECONSTRUCTION PVT. LTD., A COMPANY REGISTERED UNDER THE COMPANIES ACT, 1956 AND AN ASSET RECONSTRUCTION COMPANY REGISTERED UNDER SECTION 3 OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTERESTS ACT, 2002, HAVING ITS REGISTERED OFFICE AT: 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030, REP. BY ITS MANAGING DIRECTOR. …RESPONDENTS THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO A. QUASHING ORDER DATED 09.04.2025 BEARING NO. CO.DOS.SED.NO.S299/13-35-006/2025- 26 ISSUED ISSUED BY RESPONDENT NO. 5 TO THE PETITIONER (ANNEXURE- R) ETC. THIS PETITION, COMING ON FOR ORDERS, 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: - 3 - HC-KAR NC: 2025:KHC:43032 WP No. 20205 of 2025 a. "Quashing order bearing 09.04.2025 bearing No. CO.DOS.SED.No.S299/13-35-006/2025-26 issued by Respondent No. 5 to the Petitioner (Annexure R); b. Directing the Respondents to share a copy of the Resolution Plan pertaining to the Petitioner 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 L); c. Directing Respondents to issue appropriate directions to JC Flowers (Respondent No. 6) with respect to issuance of no-objection certificates for facilitation of refinancing the debt of the Petitioner; d. Directing Respondent No. 6 to issue no-objection certificate existing shareholders (Apollo Management/CPI India (I) Ltd.) to exit the Petitioner company, and for the new investor (Blackstone Singapore Pte Ltd.) to enter the Petitioner company; OR Alternatively, direct Respondent No. 1 to 5 to issue appropriate directions to Respondent No. 6 for the issuance of no-objection certificates for the existing shareholders (Apollo Global Management/CPI India (I) Ltd.) to exit the Petitioner and for the new investor (Blackstone Singapore Pte Ltd.) to enter the Petitioner company; e. Directing Respondent No.1 to 5 to initiate appropriate action against Respondent No. 6 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 Bearing Ref No.RBI/DOR/2024-25/116 dated 24.04.2024 (Annexure-L); f. To pass such other order/s or directions as this Hon'ble Court deems fit to grant in the facts and - 4 - HC-KAR NC: 2025:KHC:43032 WP No. 20205 of 2025 circumstances of the case including awarding the costs, in the interest of justice". 2. A memo dated 27.10.2025 has been filed, signed by the learned counsel for the Petitioner, which reads as under: “MEMO FOR WITHDRAWAL 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 to quash order dated 09.04.2025 bearing No. CO.DOS.SED.No.S299/13-35- 006/2025-26 issued by Respondent No.5 to the Petitioner, and has sought various reliefs against Respondent No.6. 2. During the pendency of the above writ petition, the Petitioner and the contesting Respondent i.e. Respondent No.6, 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 the letter dated 04.08.2025 Issued by Respondent No. 3 is produced herewith as Document No. 1. 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 Petitioner seeks leave of this Hon'ble Court to withdraw the petition, leaving all questions kept open. - 5 - HC-KAR NC: 2025:KHC:43032 WP No. 20205 of 2025 Wherefore, it is respectfully prayed that this Hon'ble Court may be pleased to take this memo on record, and permit the Petitioner to withdraw the petition leaving all question open, in the interest of the justice and equity.” 3. Accepting the said memo and submission of learned counsel for the Petitioner, the petition is dismissed as withdrawn. 4. In view of dismissal of the main petition, pending applications, if any, do not survive for consideration. Hence, the same are disposed. SD/- (SURAJ GOVINDARAJ) JUDGE KTY List No.: 2 Sl No.: 20