- 1 - HC-KAR NC: 2026:KHC:26722-DB COMAP No. 195 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 5TH DAY OF JUNE, 2026 PRESENT THE HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE AND THE HON'BLE MRS. JUSTICE K.S. HEMALEKHA COMMERCIAL APPEAL NO.195 OF 2025 BETWEEN: PHOENIX ARC PRIVATE LTD., ACTING IN ITS CAPACITY AS TRUSTEE OF THE PHOENIX TRUST FY 24-5 REPRESENTED BY ITS AUTHORIZED REPRESENTATIVE PRIYANKA POL D/O. PANDURANG POL, AGED ABOUT 34 YEARS, HAVING OFFICE AT 3RD FLOOR, WALLACE TOWERS 139/140/B/1, CROSSING OF SAHAR ROAD AND WESTERN EXPRESS HIGHWAY, VILE PARLE EAST, MUMBAI, MAHARASHTRA-400057, INDIA. …APPELLANT (BY MS. ANUPARNA BORDOLOI, ADVOCATE (ABSENT)) AND: 1. BHORUKA POWER INVESTMENTS INDIA PRIVATE LTD., A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING REGISTERED OFFICE AT Digitally signed by MAHALAKSHMI B M Location: High Court of Karnataka - 2 - HC-KAR NC: 2026:KHC:26722-DB COMAP No. 195 of 2025 812, TULSIANI CHAMBERS, NARIMAN POINT MUMBAI MH IN 400021 REPRESENTED BY ITS PROMOTER AND AUTHORIZED SIGNATORY MR. SATYANARAYAN AGARWAL. 2. BHORUKA POWER CORPORATION LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING REGISTERED OFFICE AT NO.48, HITANANDA-II LAVELLE ROAD, BANGALORE-560 001. REPRESENTED BY ITS AUTHORIZED SIGNATORY. MR. SATYANARAYAN AGARWAL 3. PRABHU STRUCTURES PVT. LTD., A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING ITS REGISTERED OFFICE AT WHITEFIELD ROAD, MAHADEVAPURA POST, BANGALORE, KARNATAKA. PIN-560048. REPRESENTED BY ITS DIRECTOR SATYANARAYAN AGARWAL. 4. SAGAR POWER (DANDELA) LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING REGISTERED OFFICE AT NO.48, HITANANDA-II LAVELLE ROAD, BANGALORE- 560 001. REPRESENTED BY ITS AUTHORIZED SIGNATORY. 5. SATYANARAYAN AGARWAL S/O NOT KNOWN AGED ABOUT MAJOR - 3 - HC-KAR NC: 2026:KHC:26722-DB COMAP No. 195 of 2025 6. UMAH AGARWAL S/O NOT KNOWN AGED ABOUT MAJOR 7. SIDHARTHA AGARWAL S/O SATYANARAYAN AGARWAL AGED ABOUT MAJOR 8. VIVEK AGARWAL S/O SATYANARAYAN AGARWAL AGED ABOUT MAJOR 9. KANIKA AGARWAL W/O SIDHARTHA AGARWAL AGED ABOUT MAJOR 10. NIDHI AGARWAL W/O VIVEK AGARWAL AGED ABOUT MAJOR RESPONDENT NOS.5 TO 10 ARE RESIDING AT NO.11/3, NANDIDURGA ROAD, BENGALURU - 560 046 ALSO AT NO.48, LAVELLE ROAD BENGALURU - 560 001 ALSO AT: WHITEFIELD ROAD, MAHADEVAPURA POST BANGALORE, KARNATAKA, PIN-560048. 11. PRABHU STRUCTURES INVESTMENT INDIA PVT. LTD., A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING ITS REGISTERED OFFICE AT WHITEFIELD ROAD, MAHADEVAPURA POST, BANGALORE, KARNATAKA. PIN-560048. REPRESENTED BY ITS DIRECTOR MR. S.N. AGARWAL. - 4 - HC-KAR NC: 2026:KHC:26722-DB COMAP No. 195 of 2025 12. PIRAMAL TRUSTEESHIP SERVICES PRIVATE LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 2013 HAVING ITS REGISTERED OFFICE AT 4TH FLOOR, PIRAMAL TOWER ANNEXE, GANPATRAO KADAM MARG, LOWER PAREL, MUMBAI, INDIA, 400013. 13. PHL FININVEST PRIVATE LIMITED HAVING ITS REGISTERED OFFICE AT 4TH FLOOR, PIRAMAL TOWER ANNEXE, GANPATRAO KADAM MARG, LOWER PAREL, MUMBAI, INDIA, 400013. …RESPONDENTS (BY SRI PRADEEP DARAK, ADVOCATE FOR R-1; RESPONDENT Nos.2, 4, 5, 6 & 9 ARE SERVED & UNREPRESENTED; SRI HARIKRISHNA PRAMOD, ADVOCATE FOR C/R-3; SRI PRASHANTH V.G., ADVOCATE FOR R-12) THIS COMAP IS FILED UNDER SECTION 13 1A OF THE COMMERCIAL COURTS ACT, 2015 PRAYING TO SET ASIDE THE IMPUGNED ORDER PASSED BY THE HON'BLE LXXXVII ADDITIONAL CITY CIVIL AND SESSIONS JUDGE (COMMERCIAL COURT) (CCH-88), IN THE COMMON ORDERS IN I.A.NO.2/2025 AND I.A.NO.7/2025 IN COM. O.S. NO.1250/2024 DATED 29.01.2025 (ANNEXURE-A). THIS APPEAL COMING ON FOR ORDERS, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE and HON'BLE MRS. JUSTICE K.S. HEMALEKHA - 5 - HC-KAR NC: 2026:KHC:26722-DB COMAP No. 195 of 2025 ORAL JUDGMENT (PER: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE) None appears for the appellant. However, the learned counsel appearing for the appellant has filed a memo seeking withdrawal of the present appeal. The appeal is dismissed as withdrawn. Sd/- (VIBHU BAKHRU) CHIEF JUSTICE Sd/- (K.S. HEMALEKHA) JUDGE MBM List No.: 2 Sl No.: 4