[Cites 1, Cited by 0]
Karnataka High Court
Gulam Mustafa Enterprises Pvt Ltd vs India Housing Fund on 23 February, 2026
Author: B M Shyam Prasad
Bench: B M Shyam Prasad
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NC: 2026:KHC:11067
WP No. 6071 of 2026
HC-KAR
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
Digitally
signed by AUTHORIZED SIGNATORY
VANAMALA SRI GULAM MUSTAFA
N
Location:
HIGH ...PETITIONER
COURT OF
KARNATAKA (BY SRI.G.L.VISHWANATH, SENIOR ADVOCATE FOR
SRI.ARJUN RAO., ADVOCATE)
AND:
1. INDIA HOUSING FUND
A CATEGORY II ALTERNATIVE
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WP No. 6071 of 2026
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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
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WP No. 6071 of 2026
HC-KAR
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:
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WP No. 6071 of 2026
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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
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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
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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
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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
