- 1 - HC-KAR NC: 2025:KHC:31113-DB OSA No. 1 of 2024 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 12TH DAY OF AUGUST, 2025 PRESENT THE HON'BLE MR. JUSTICE D K SINGH AND THE HON'BLE MR. JUSTICE VENKATESH NAIK T ORIGINAL SIDE APPEAL NO.1 OF 2024 IN COMPANY PETITION NO.85 OF 2015 BETWEEN: M/S. SRI SAI SAPTHAGIRI SPONGE PVT. LTD. HAVING ITS REGISTERED OFFICE AT NO.83/A, TUMTI ROAD BELAGAL VILLAGE, BELLARY TALUK AND DISTRICT REPRESENTED BY ITS DIRECTOR SMT. P. SAILEELA. …APPELLANT (BY SRI VISHWANATH R. HEGDE, ADVOCATE) AND: M/S. MAGINIFICO MINERALS PVT. LTD. HAVING ITS REGISTERED OFFICE AT 75, KHIRKHI VILLAGE MALVIYA NAGAR, NEW DELHI REPRESENTED BY ITS CHIEF GENERAL MANAGER FINANCE, SRI RADHEY SHYAM AGGARWAL S/O. KALYAN CHAND AGGARWAL. …RESPONDENT (BY SRI SHIVARUDRAPPA SHETKAR, ADVOCATE) * * * Digitally signed by MOUNESHWARAPPA NAGARATHNA Location: High Court of Karnataka - 2 - HC-KAR NC: 2025:KHC:31113-DB OSA No. 1 of 2024 THIS ORIGINAL SIDE APPEAL IS FILED UNDER SECTION 483 OF THE COMPANIES ACT, 1956, PRAYING TO SET ASIDE THE ORDER DATED 10-1-2024 IN COMPANY PETITION NO.85 OF 2015 PASSED BY THE LEARNED COMPANY JUDGE ADMITTING THE COMPANY PETITION. THIS ORIGINAL SIDE APPEAL IS COMING ON FOR REPORTING SETTLEMENT, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE D K SINGH AND HON'BLE MR. JUSTICE VENKATESH NAIK T ORAL JUDGMENT (PER: HON'BLE MR. JUSTICE D K SINGH) This original side appeal has been filed by the appellant- Company (respondent in Company Petition No.85 of 2015) against the order dated 10-1-2024 passed by the learned Company Judge in Company Petition No.85 of 2015 filed under Section 433(e) & (f) read with Section 434(1)(a) and Section 439(1)(a)(b) of the Companies Act, 1956, for winding up of the appellant-Company on the ground that the appellant-Company had failed to discharge its liability of Rs.1,91,72,159/- and the Company's financial health was not sound. Considering the facts and circumstances of the case, the learned Company Judge admitted the company petition by the impugned order. - 3 - HC-KAR NC: 2025:KHC:31113-DB OSA No. 1 of 2024 2. Now, the respondent-Company, which was the petitioner in Company Petition No.85 of 2015 before the learned Single Judge, is before the National Company Law Tribunal, in which, the National Company Law Tribunal has appointed an Interim Resolution Professional and the management of the respondent-Company has been taken over by the Interim Resolution Professional. 3. Learned counsel for the appellant submits that he would like to move an application before the Company Court for transferring the proceedings of Company Petition No.85 of 2015 to the National Company Law Tribunal, Delhi, and this appeal may be disposed off with said liberty to the appellant. 4. Considering the said submission and liberty sought by the learned counsel for the appellant, the present appeal is disposed off giving liberty to the appellant to move an appropriate application before the learned Company Court for transferring the proceedings of Company Petition No.85 of 2015 to the National Company Law Tribunal, Delhi. - 4 - HC-KAR NC: 2025:KHC:31113-DB OSA No. 1 of 2024 In view of the disposal of the appeal, I.A. No.1 of 2024 does not survive and it is, accordingly, dismissed. Sd/- (D K SINGH) JUDGE Sd/- (VENKATESH NAIK T) JUDGE KVK List No.: 1 Sl No.: 26