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Karnataka High Court
Asset Reconstruction Company (India) ... vs Cornerstone Properties Private ... on 8 April, 2026
-1-
NC: 2026:KHC:19379-DB
COMAP No. 601 of 2025
C/W COMAP No. 562 of 2025
HC-KAR
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 8TH DAY OF APRIL, 2026
PRESENT
THE HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE
AND
THE HON'BLE MR. JUSTICE C.M. POONACHA
COMMERCIAL APPEAL NO. 601 OF 2025
C/W
COMMERCIAL APPEAL NO. 562 OF 2025
IN COMAP No. 601/2025
BETWEEN:
L AND T FINANCE LIMITED
A COMPANY WITHIN THE MEANING OF
COMPANIES ACT, 2013
HAVING ITS REGISTERED
Digitally
OFFICE AT BRINDAVAN,
signed by PLOT NO. 117, CST ROAD,
NIRMALA KALINA, SANTACRUZ (EAST),
DEVI MUMBAI-400098
Location: REPRESENTED BY ITS AUTHORIZED SIGNATORY
HIGH
COURT OF MR. FAYAZ AHAMED
KARNATAKA
...APPELLANT
(BY MR. ANURAAG IYER, ADVOCATE FOR
SRI. MOHAMMED SHAMEER, ADVOCATE)
AND:
1. CORNERSTONE PROPERTIES
PRIVATE LIMITED
-2-
NC: 2026:KHC:19379-DB
COMAP No. 601 of 2025
C/W COMAP No. 562 of 2025
HC-KAR
A COMPANY WITHIN THE
MEANING OF THE COMPANIES ACT, 2013
HAVING ITS REGISTERED
OFFICE AT CORNERSTONE HOUSE, 583,
1ST CROSS, 9TH MAIN, OFF CMH ROAD,
1ST STAGE, INDIRANAGAR,
BENGALURU-560 038.
REP BY ITS AUTHORIZED REPRESENTATIVE
MR. KIRAN POONACHA.
2. CORNERSTONE BAY EAST
PRIVATE DEVELOPERS LIMITED.,
A COMPANY WITHIN THE MEANING OF THE
COMPANIES ACT, 2013
HAVING ITS REGISTERED OFFICE AT
CORNERSTONE HOUSE, 583,
1ST CROSS, 9TH MAIN, OFF CMH ROAD,
1ST STAGE, INDIRANAGAR,
BENGALURU-560 038.
REP BY ITS AUTHORIZED SIGNATORY
MR. KIRAN POONACHA.
3. CHRYSOLITE PROPERTY
DEVELOPMENTS PVT LTD.,
(FORMERLY KNOWN AS MAVERICK PROPERTY
INVESTMENTS PRIVATE LIMITED),
A COMPANY WITHIN THE MEANING OF THE
COMPANIES ACT, 2013
HAVING ITS REGISTERED OFFICE AT
CORNERSTONE HOUSE, 583,
1ST CROSS, 9TH MAIN,
OFF CMH ROAD, 1ST STAGE,
INDIRANAGAR, BENGALURU-560 038
REP BY ITS AUTHORIZED SIGNATORY.
MR. KIRAN POONACHA
4. ASSET RECONSTRUCTION
COMPANY (INDIA) LIMITED,
A COMPANY WITHIN THE MEANING OF THE
COMPANIES ACT, 2013
-3-
NC: 2026:KHC:19379-DB
COMAP No. 601 of 2025
C/W COMAP No. 562 of 2025
HC-KAR
HAVING ITS REGISTERED
OFFICE AT THE RUBY, 10TH FLOOR,
29 SENAPATI BAPAT MARG,
DADAR (WEST), MUMBAI-400 028.
REP BY ITS AUTHORIZED SIGNATORY.
...RESPONDENTS
THIS COMAP IS FILED UNDER SECTION 13 (1A) OF THE
COMMERCIAL COURTS ACT, 2015 R/W SECTION 104(1)(i) AND
ORDER XLIII RULE 1(r) OF THE CODE OF CIVIL PROCEDURE,
1908 PRAYING TO SET ASIDE THE COMMON ORDER DATED
12.09.2025 ON IA NO. 1 TO 3 PASSED BY THE HONBLE
LXXXIV ADDITIONAL CITY CIVIL AND SESSIONS JUDGE,
COMMERCIAL COURT, BENGALURU (CCH 85), IN
COMMERCIAL ORIGINAL SUIT NO. 918/2025.
IN COMAP NO. 562/2025
BETWEEN:
ASSET RECONSTRUCTION COMPANY (INDIA)
LIMITED (ACTING IN ITS CAPACITY
AS TRUSTEE OF ARCIL-TRUST-2025-009)
A COMPANY UNDER THE COMPANIES ACT 2013,
HAVING ITS REGISTERED
OFFICE AT THE RUBY 10TH FLOOR,
29 SENAPATI BAPAT MARG DADAR
(W) MUMBAI-400028
REPRESENTED BY ITS MANAGER (LEGAL)
AND AUTHORIZED REPRESENTATIVE
MS VRINDA TANNA
...APPELLANT
(BY MS. ADITI GURJER, ADVOCATE FOR
SRI. TEJAS S R, ADVOCATE)
-4-
NC: 2026:KHC:19379-DB
COMAP No. 601 of 2025
C/W COMAP No. 562 of 2025
HC-KAR
AND:
1. CORNERSTONE PROPERTIES PRIVATE LIMITED
A COMPANY WITHIN THE MEANING
OF THE COMPANIES ACT 2013,
HAVING ITS REGISTERED
ADDRESS AT NO.583, 1ST CROSS,
9TH MAIN, OFF CMH ROAD
1ST STAGE, INDIRANAGAR,
BENGALURU-560038
REPRESENTED BY ITS AUTHORISED
REPRESENTATIVE MR KIRAN POONACHA
2. CORNERSTONE BAY EAST
DEVELOPERS PRIVATE LIMITED
A COMPANY WITHIN THE MEANING
OF THE COMPANIES ACT 2013,
HAVING ITS REGISTERED ADDRESS
AT NO.583, 1ST CROSS, 9TH MAIN,
OFF CMH ROAD, 1ST STAGE,
INDIRANAGAR, BENGALURU-560038
REPRESENTED BY ITS AUTHORISED
REPRESENTATIVE MR KIRAN POONACHA
3. CHRYSOLITE PROPERTY DEVELOPMENTS
PRIVATE LIMITED
(FORMERLY KNOWN AS MAVERICK PROPERTY
INVESTMENTS PRIVATE LIMITED)
A COMPANY WITHIN THE MEANING
OF THE COMPANIES ACT 2013,
HAVING ITS REGISTERED ADDRESS
AT NO.583, 1ST CROSS, 9TH MAIN,
OFF CMH ROAD, 1ST STAGE,
INDIRANAGAR, BENGALURU-560038
REPRESENTED BY ITS AUTHORISED
REPRESENTATIVE MR KIRAN POONACHA
4. L & T FINANCE LIMITED
A COMPANY WITHIN THE MEANING
OF THE COMPANIES ACT 2013,
-5-
NC: 2026:KHC:19379-DB
COMAP No. 601 of 2025
C/W COMAP No. 562 of 2025
HC-KAR
HAVING ITS REGISTERED OFFICE AT
BRINDAVAN PLOT NO.177,
CST ROAD, KALINA SANTRA CRUZ (EAST),
MUMBAI-400098
REPRESENTED BY ITS AUTHORISED
RERPESENTATIVE MR FAYAZ AHAMED
...RESPONDENTS
THIS COMAP IS FILED UNDER SECTION 13(1-A) OF
COMMERCIAL COURTS ACT, 2015 PRAYING TO SET ASIDE
THE ORDER DATED 12.09.2025 PASSED BY THE LEARNED
LXXXIV ADDITIONAL CITY CIVIL AND SESSIONS JUDGE,
COMMERCIAL COURT, BENGALURU (CCH-85), IN COM.OS
NO.918/2025 ON IA NOS.1 TO 3 (ANNEXURE - A) AND
CONSEQUENTLY DISMISS IA NOS.1 TO 3 FILED BY THE
RESPONDENT NOS.1 TO 3 UNDER ORDER XXXIX RULES 1
AND 2 OF THE CODE OF CIVIL PROCEDURE, 1908.
THESE APPEALS, COMING ON FOR FINAL HEARING,
THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER:
CORAM: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE
and
HON'BLE MR. JUSTICE C.M. POONACHA
ORAL JUDGMENT
(PER: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE)
1. The learned counsel appearing for the appellants submits
that the present appeals be disposed of as do not survive, as the
respondent nos.1 to 3 have withdrawn the commercial suit.
NC: 2026:KHC:19379-DB
HC-KAR
2. The above appeals are dismissed as withdrawn.
3. All pending applications are also disposed of.
SD/-
(VIBHU BAKHRU)
CHIEF JUSTICE
SD/-
(C.M. POONACHA)
JUDGE
ND
List No.: 1 Sl No.: 76
