- 1 - HC-KAR NC: 2025:KHC:43031 WP No. 13288 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. 13288 OF 2025 (GM-RES) BETWEEN: SATCHMO HOLDINGS LIMITED., FORMERLY KNOWN AS NITESH ESTATES PVT. LIMITED., A COMPANY REGISTERED UNDER THE PROVISIONS OF THE COMPANIES ACT, 1956, HAVING ITS REGISTERED OFFICE AT NO.110, A WING, LEVEL 1, ANDREWS BUILDING, M.G.ROAD, BENGALURU-560 001. REP. BY ITS AUTHORIZED SIGNATORY SRI. K.B. SWAMY. EMAIL: INFO@SATCHMOHOLDINGS.IN, PHONE 91-080-22272220. …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, DEPARTMENT OF SUPERVISION, RESERVE BANK OF INDIA CENTRE I, WORLD TRADE CENTRE, CUFFE PARADE COLABA, MUMBAI 400 005. REP. BY ITS CHIEF GENERAL MANAGER-IN-CHARGE. 3. YES BANK LTD. YES BANK HOUSE, Digitally signed by SHWETHA RAGHAVENDRA Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2025:KHC:43031 WP No. 13288 of 2025 OFF WESTERN EXPRESS HIGHWAY, SANATACRUZ (EAST), MUMBAI -400 055, REP. BY ITS MANAGING DIRECTOR. 4. J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., COMPANY REGISTERED UNDER COMPANIES ACT, 1956, 12TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030. REP. BY ITS AUTHORISED REPRESENTATIVE, MR. RAHUL RANA. …RESPONDENTS (BY SRI PINAZ MEHTA, ADVOCATE FOR R-1; SRI FRANCIS XAVIER, ADVOCATE FOR R-3) THIS WP IS FILED UNDER ARTICLE 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO A) QUASH THE SHOW CAUSE NOTICE DATED 27/03/2025 BEARING NO. NEL/VIG/2024-25/NEL- 001 ISSUED BY R-3 TO THE PETITIONER (ANNEXURE-Q) 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: a. "Quashing the show cause notice dated 27/03/2025 bearing no. NEL/VIG/2024-25/NEL-001 issued by Respondent No.3 to the Petitioner (Annexure-Q); b. Declaring the actions of Respondent NO.3 in seeking to proceed de novo against the Petitioner as illegal and wholly without jurisdiction; c. Quash proceedings in CP (IB) No. 176/2024 filed by Respondent No.4 against the Petitioner, before the National Company Law Tribunal, Bangalore Bench (Annexure-N); - 3 - HC-KAR NC: 2025:KHC:43031 WP No. 13288 of 2025 d. To pass such other appropriate 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 27.10.2025 has been filed, signed by the 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 to quash the show cause Issue notice to the respondent returnable by dated 27.03.2025 issued by Respondent No.3 to the Petitioner, seeking to proceed de novo against the Petitioner to classify the loan account of the Petitioner as fraudulent. 2. During the pendency of the above writ petition, Respondent No.3 has issued letter dated 19.09.2025 stating that the case of the Petitioner was put up to the Competent Committee which examined the facts of the case and concluded that the account of the Petitioner to be classified as “no fraud”. Copy of the letter dated 19.09.2025 issued by respondent No.3 is produced herewith as Document No.1. 3. The Respondent No.3 vide its letter dated 19.09.2025, having declared the loan account of the Petitioner to be classified as “no fraud”, the present writ petition does not survive for consideration. Wherefore, it is respectfully prayed that this Hon'ble Court may be pleased to take this memo along with letter of the Respondent No.3 dated 19.09.2025 on record, and dispose of the writ petition as infructuous , in the interest of the justice and equity.” - 4 - HC-KAR NC: 2025:KHC:43031 WP No. 13288 of 2025 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.: 19