- 1 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23RD DAY OF FEBRUARY, 2026 BEFORE THE HON'BLE MR. JUSTICE B M SHYAM PRASAD WRIT PETITION NO. 6071 OF 2026 (GM-RES) BETWEEN: GULAM MUSTAFA ENTERPRISES PVT. LTD., A COMPANY INCORPORATED UNDER THE PROVISION OF THE COMPANIES ACT HAVING REGISTERED OFFICE AT NO.6, G M PEARL, I STAGE, I PHASE, BTM LAYOUT BENGALURU - 560 068 REP. BY ITS DIRECTOR AND AUTHORIZED SIGNATORY SRI GULAM MUSTAFA …PETITIONER (BY SRI.G.L.VISHWANATH, SENIOR ADVOCATE FOR SRI.ARJUN RAO., ADVOCATE) AND: 1. INDIA HOUSING FUND A CATEGORY II ALTERNATIVE Digitally signed by VANAMALA N Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 INVESTMENT FUND INCORPORATED UNDER THE PROVISIONS OF SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUND) REGULATIONS 2012 HAVING ITS REGISTERED OFFICE AT 360 ONE CENTRE, KAMALA MILLS COMPOUND SENAPATI BAPAT MARG LOWER PAREL, MUMBAI-400 013 REPRESENTED HEREIN BY INVESTMENT MANGER 360 ONE ALTERNATES ASSET MANAGEMENT LTD. 2. INDIA HOUSING FUND SERIES II A CATEGORY II ALTERNATIVE INVESTMENT FUND INCORPORATED UNDER THE PROVISIONS OF SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUND) REGULATIONS 2012 HAVING ITS REGISTERED OFFICE AT 360 ONE CENTRE, KAMALA MILLS COMPOUND - 3 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400 013 REPRESENTED HEREIN BY INVESTMENT MANAGER 360 ONE ALTERNATES ASSET MANAGEMENT LTD. …RESPONDENTS (BY SRI.DHYAN CHINNAPPA, SENIOR ADVOCATE; SRI.PINAZ MEHTA, ADVOCATE FOR R1 & R2) THIS WRIT PETITION IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO SET ASIDE THE ORDER DATED 02.02.2026 PASSED BY THE NCLT IN CP(IB) NO. 90/BB/2025 AT ANNEX-Q AND DIRECT THE LD. NCLT TO DISPOSE THE I.A.NO. 1088 OF 2025 FILED BY THE PETITIONER AT ANNEX-H BEFORE PASSING ANY ORDERS ON ADMISSION IN CP(IB) NO.90 OF 2025 AND ETC. THIS PETITION, COMING ON FOR PRELIMINARY HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: - 4 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 CORAM: HON'BLE MR. JUSTICE B M SHYAM PRASAD ORAL ORDER The petitioner is a respondent with the National Company Law Tribunal, Bengaluru [for short, 'the Tribunal'] in CP(IB) No.90/BB/2025, and the petitioner's grievance is with the Tribunal observing that two pass overs are not permissible on the same day and the petition must be listed for orders. The Tribunal has listed the petition for orders tomorrow [24.02.2026]. 2. Mr.G.L.Vishwanath, the learned Senior Counsel for the petitioner, while inviting this Court's attention to the circumstances that precede the Tribunal's order as aforesaid, submits that the petitioner, who has negotiated settlement with another financial creditor in W.P.No.10869/2023, has pursued with the respondents for a settlement and as such filed an application in CP(IB) No.90/BB/2025 for directions by the Tribunal to the - 5 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 respondents to issue NOC without prejudice to their rights. The learned Senior Counsel submits that if the respondents could relent to issue NOC without prejudice, the consequences that could befall if at all there is an admission of the application could be avoided and that there could be a quicker settlement. 3. Sri Dyan Chinnappa, the learned Senior Counsel for the respondents, submits that his instructions are to place on record that the respondents are not convinced that there would be a negotiated settlement for issuance of NOC and that there must be just orders on the petitioner's request for such directions to issue NOC. This submission, in this Court's considered view, forecloses the possibilities of an order by this Court in the present proceedings and that any further orders in this regard must be by the Tribunal. 4. The next question is should the petitioner have another opportunity to argue in support of the - 6 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 application filed for NOC and as against the admission of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016. When queried, Mr.Dhyan Chinnappa, without entering into a debate on whether there was due opportunity for the petitioner's representative on 02.02.2026, submits that this Court could dispose of the petition observing that the Tribunal could hear the learned counsel for the petitioner tomorrow [24.02.2026] and then proceed to pass orders. 5. Mr.G.L. Vishwanath is heard on this aspect. This Court is of the view that ends of justice will be served if the Tribunal's orders on the pending application are with another opportunity to the petitioner without giving room for the assertions to the contrary. As such, the petition stands disposed of requesting the Tribunal to extend an opportunity to the learned counsel for the petitioner to make submissions on the pending application and on - 7 - HC-KAR NC: 2026:KHC:11067 WP No. 6071 of 2026 admission over the next fifteen [15] days and then proceed to pass orders. It is needless to observe that this Court has not entered into the merits of any contentions that are pending with the Tribunal. Sd/- (B M SHYAM PRASAD) JUDGE SA List No.: 2 Sl No.: 22