- 1 - HC-KAR NC: 2026:KHC:18068 WP No. 846 of 2022 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 2ND DAY OF APRIL, 2026 BEFORE THE HON'BLE SMT. JUSTICE LALITHA KANNEGANTI WRIT PETITION NO.846 OF 2022 (GM-DRT) BETWEEN: M/S VINNZI INFRA SOLUTIONS A PROPRIETORSHIP CONCERN OF MR. PRAKASH S S/O MR SREEMAN HAVING ITS REGISTERED OFFICE AT NO.79, 3RD FLOOR, 4TH CROSS, K.K.LAYOUT, NAGARBHAVI 2ND STAGE, BENGALURU 3 560 072. &PETITIONER (BY SRI. M MOHAMED IBRAHIM, ADVOCATE) AND: ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED REGISTERED OFFICE THE RUBY 10TH FLOOR 29, SENAPATI BAPAT MARG, DADAR (W), MUMBAI-400 028. CONTACT OFFICE UNIT NO.305 3RD FLOOR KEDIA ARCADE NO.92 INFANTRY ROAD BENGALURU - 560 001. REP. BY ITS AUTHORIZED OFFICER &RESPONDENT (BY SRI. MAHABALESHWAR CHITRIGEMATH, ADVOCATE) Digitally signed by SUVARNA T Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2026:KHC:18068 WP No. 846 of 2022 THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT THE RESPONDENT NOT TO FORFEIT THE ENTIRE 25 PERCENT OF TOTAL PURCHASE CONSIDERATION AMOUNT DEPOSITED IN TERMS OF RULE 9(3) OF THE SECURITY INTEREST (ENFORCEMENT) RULES AND DIRECT THE RESPONDENT TO EXTEND THE TIME TO PAY THE BALANCE 75 PERCENT OF THE AUCTION SALE PRICE/TOTAL PURCHASE CONSIDERATION BY ANOTHER EIGHT WEEKS AND ETC., THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE SMT. JUSTICE LALITHA KANNEGANTI ORAL ORDER The present writ petition is filed seeking the following prayer: <WHEREFORE, the petitioner pray that this Hon9ble Court be pleased to issue the writ of Mandamus, Certiorari or any other writ or a direction in the nature of writ, and: a. Direct the Respondent not to forfeit the entire 25% of total purchase consideration amount deposited I terms of Rule 9 (3) of the Security Interest (Enforcement) Rules. b. Direct the Respondent to extend the time to pay the balance 75% of auction sale price/total purchase consideration by another eight weeks. c. Pass any such other order as this Hon9ble court may deemed fir and proper in the interest of equity and justice.= - 3 - HC-KAR NC: 2026:KHC:18068 WP No. 846 of 2022 2. In the light of the judgment passed by the Hon9ble Apex Court in Civil Appeal Nos.257-259/2022 between Phoenix ARC Private Limited Vs. Vishwa Bharathi Vidya Mandir and others arising out of WP.Nos.35564-35566/2015 dated 27.03.2018, the present writ petition is not maintainable against Asset Reconstruction Company (India) Limited. 3. In that view of the matter, this Court is passing the following: ORDER i. Accordingly, the writ petition is disposed of giving liberty to the petitioner to avail the appropriate remedy. ii. The petitioner shall have the benefit of Section 14 of the Limitation Act. iii. All pending I.As., in the writ petition shall stand closed. PB List No.: 1 Sl No.: 14 SD/- (LALITHA KANNEGANTI) JUDGE