- 1 - HC-KAR NC: 2025:KHC:32176 WP No. 19412 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 19TH DAY OF AUGUST, 2025 BEFORE THE HON'BLE MR. JUSTICE B M SHYAM PRASAD WRIT PETITION NO. 19412 OF 2025 (GM-RES) BETWEEN: SHRI DIPAYAN GUPTA, S/O SRI DIPANKAR KUMAR GUPTA, AGED ABOUT 43 YEARS, RESIDING AT GOURI ABASAN, 201 NETAJI SUBHAS ROAD, SUBHAS PALLY, PO - SILIGURI DISTRICT DARJEELING - 734001 WEST BENGAL &PETITIONER (BY SMT. TANYA, ADVOCATE) AND: 1. NATIONAL HOUSING BANK, REP. BY ITS MANAGING DIRECTOR, OFFICE AT CORE-5A, INDIA HABITAT CENTRE, LODHI ROAD, NEW DELHI-110003. 2. RESERVE BANK OF INDIA, REP. BY ITS GOVERNOR, ADDRESS: 6 SANSAD MARG, NEW DELHI-110001 3. UNION OF INDIA, REP. BY THE SECRETARY, MINISTRY OF FINANCE, 3RD FLOOR, JEEVAN DEEP BUILDING, SANSAD MARG, NEW DELHI-110001. Digitally signed by VANAMALA N Location: High Court of Karnataka - 2 - HC-KAR NC: 2025:KHC:32176 WP No. 19412 of 2025 4. M/S TRANS UNION CIBIL LIMITED, PUBLIC COMPANY INCORPORATED UNDER THE COMPANIES ACT REP. BY ITS BOARD OF DIRECTORS, OFFICE AT ONE WORLD CENTRE, 19TH FLOOR, TOWER 2A, SENAPATI BAPAT MARG, FITWALA ROAD, MUMBAI-400013. 5. SAMMAN CAPITAL, FORMERLY KNOWN AS INDIABULLS HOUSING FINANCE LIMITED, PUBLIC COMPANY INCORPORATED, UNDER THE COMPANIES ACT, REP. BY ITS BOARD OF DIRECTORS, HAVING ITS REGISTERED OFFICE AT, 5TH FLOOR, BUILDING NO. 27, KG MARG, CONNAUGHT PLACE NEW DELHI - 110 001. 6. M/ OZONE URBANA INFRA DEVELOPERS PRIVATE LIMITED, REP. BY ITS BOARD OF DIRECTORS, REGD. OFFICER AT 38, ULSOOR ROAD, BENGALURU - 560042. &RESPONDENTS (BY SRI. RAJASHEKAR K., ADVOCATE FOR R3) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO (I) ISSUE AN APPROPRIATE WRIT, ORDER OR DIRECTION IN THE NATURE OF WRIT OF MANDAMUS DIRECTING RESPONDENT NO. 5 FINANCIAL INSTITUTION TO CEASE AND DESIST FROM RECOVERING PRE-EMI AND EMI PAYMENTS FROM THE PETITIONER AGAINST THE FUNDS DISBURSED BY THEM TO THE RESPONDENT DEVELOPER AND ETC. THIS WRIT PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: - 3 - HC-KAR NC: 2025:KHC:32176 WP No. 19412 of 2025 CORAM: HON'BLE MR. JUSTICE B M SHYAM PRASAD ORAL ORDER The petitioner has admittedly entered into a Tripartite Agreement with M/s. Ozone Urbana Infra Developers Private Limited and Financial Institutions who are arrayed as the respondents, and he seeks directions which read as under: "[i] Issue appropriate writ or order or direction in the nature of writ of mandamus directing Respondent No.5 financial institution to cease and desist from recovering Pre-EMI and EMI payments from the Petitioner against the funds disbursed by them to the Respondent Developer; [ii] Issue a writ in the nature of Mandamus or any other writ directing the Respondent No.4 and 5 to correct the CIBIL score of the petitioner; [iii] Issue a writ in the nature of Mandamus/Certiorari or any other writ directing the Respondent financial institution to not to take any coercive action against the petitioner under SARFAESI Act, 2002 and Negotiable Instruments Act, 1881; - 4 - HC-KAR NC: 2025:KHC:32176 WP No. 19412 of 2025 [iv] Issue appropriate writ, direction or order directing the Respondent No.1 and 2 to inquire or appoint a committee to inquire the connivance of Respondent No.5 financial institution with Respondent No.6 Developer in relation to disbursement of Loan amount without verifying the construction work or due diligence of the Respondent Developer. [v] Issue appropriate order or direction against Respondent No.5 financial institution for violating the rules and regulations laid down by the Respondent No.1 and 2 as regulator for the banking sector." Ms. Tanya, the learned counsel for the petitioner, submits that the petitioner was induced to enter into a Tripartite Agreement with assurance of being given completed apartment in the project but today, the petitioner is made a victim because the Builder has abandoned the project and he has to face consequences of the proceedings initiated by the Financial Institutions to recover the amounts due. - 5 - HC-KAR NC: 2025:KHC:32176 WP No. 19412 of 2025 This Court is not inclined to grant any indulgence when it is admitted that the petitioner is a party to a Tripartite Agreement and if consequentially proceedings are initiated, he must defend those proceedings on all grounds that could be available to him. This Court must also state that the petitions of this nature are too frequent to be ignored and the Secretary, Ministry of Finance, Union of India, must take note of the same to see whether Regulations must be in place. While so observing and leaving open all contentions to the petitioner if there is occasion for the same, the petition stands disposed of calling upon Mr. H. Shanti Bhushan, the learned Deputy Solicitor General, to forward a copy of this order to the Secretary, Minister of Finance for due consideration subject to all norms. Sd/- (B M SHYAM PRASAD) JUDGE RB