- 1 - HC-KAR NC: 2025:KHC:44828 CA No. 216 of 2019 In COP No. 9 of 2010 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 6TH DAY OF NOVEMBER, 2025 BEFORE THE HON'BLE MS. JUSTICE JYOTI M COMPANY APPLICATION NO. 216 OF 2019 IN COMPANY PETITION NO. 9 OF 2010 BETWEEN: J.M.FINANCIAL ASSET RECONSTRUCTION COMPANY LTD., (FORMERLY J.M.FINANCIAL ASSET RECONSTRUCTION COMPANY PVT. LTD.,) 7TH FLOOR, CNERGY, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400 025. …APPLICANT (BY SRI.DEEPAK, ADVOCATE) AND: THE OFFICIAL LIQUIDATOR OF M/S. SHAKAMBARI FASHIONS PVT. LTD., (IN LIQN.) ATTACHED TO HIGH COURT OF KARNATAKA 12TH FLOOR, RAHEJA TOWERS, NEAR KIDS KAMP, M.G.ROAD, BENGALURU - 560 001. …RESPONDENT (BY SRI. SHRISHIL NAVALGUND, ADVOCATE FOR OL) THIS COMPANY APPLICATION IS FILED UNDER RULE 6 AND 9 OF THE COMPANIES (COURT) RULES, 1959. THIS COMPANY APPLICATION IS LISTED FOR ORDERS, THIS DAY AN ORDER IS MADE AS UNDER: Digitally signed by THEJAS KUMAR N Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2025:KHC:44828 CA No. 216 of 2019 In COP No. 9 of 2010 ORAL ORDER Sri.Deepak., counsel for the applicant and Sri.Shrishail Navalgund., counsel for the Official Liquidator have appeared in person. 2. The captioned application is filed seeking following relief: Direct the Official Liquidator to release the interim 50% of the balance sale proceeds retained by the Official Liquidator towards the value of the building. 3. Counsel for the respective parties urged several contentions. Heard the arguments and perused the application papers with care. 4. Counsel for the Official Liquidator submits that a memo has been filed stating that the final payment of Rs.20,14,61,393/- has been made. Hence, the prayer of the applicant has become infructuous. Counsel, therefore, submits that the memo may be placed on record. Submission is noted. Memo is placed on record. - 3 - HC-KAR NC: 2025:KHC:44828 CA No. 216 of 2019 In COP No. 9 of 2010 As the amount has already been paid, the prayer seeking release of 50% of the balance sale proceeds has become infructuous. 5. Resultantly, the Company Application is disposed of as having become infructuous. SD/- (JYOTI M) JUDGE MRP,KMV List No.: 1 Sl No.: 10