Writ Petition No. 10355 of 2024 · The High Court
Case Details
- 1 - NC: 2025:KHC:18145 WP No. 10355 of 2024 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 29TH DAY OF APRIL, 2025 BEFORE THE HON'BLE MR JUSTICE M.NAGAPRASANNA WRIT PETITION NO. 10355 OF 2024 (GM-RES) BETWEEN: ASSETS CARE AND RECONSTRUCTION ENTERPRISE LIMITED (ACTING IN ITS CAPACITY AS TRUSTEE OF ACRE-133-TRUST) HAVING ITS REGISTERED OFFICE AT 14TH FLOOR, EROS CORPORATE TOWERS, NEHRU PLACE, NEW DELHI - 110019 ALSO CORPORATE OFFICE AT: UNIT NO.502, C WING, ONE BKC, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI - 400051 REP. BY ITS AUTHORIZED REPRESENTATIVE MR SHUBHANKAR SHARMA …PETITIONER
Legal Reasoning
(BY SMT. PRIYA KALE, ADV. FOR SRI. TEJAS S R., ADVOCATE) AND: 1. LGCL NEW LIFE BUYERS WELFARE ASSOCIATION AND ORS WELFARE ASSOCIATION REGISTERED UNDER THE KARNATAKA SOCIETIES REGISTRATION ACT 1960 HAVING ITS OFFICE AT PRESTIGE FERNS RESIDENCY APARTMENTS HARLUR ROAD, BENGALURU ZONE, MAHADEVAPURA, BELLANDURU, BENGALURU - 560102 REP. BY MR BINOJ B 2. LGCL URBAN HOMES (INDIA) LLP A LIMITED LIABILITY PARTNERSHIP HAVING ITS REGISTERED OFFICE AT NO.12/1, REST HOUSE ROAD, Digitally signed by NAGAVENI Location: High Court of Karnataka - 2 - NC: 2025:KHC:18145 WP No. 10355 of 2024 BENGALURU - 560001 3. SV VIJAYA W/O LATE S V VENKATESH, AGED ABOUT 69 YEARS, RESIDING AT NO.2, VISHWANATHA RAO ROAD, MAHADEVNAGAR, BENGALURU - 560001 4. DR PRIYA VENKATESH D/O LATE S V VENKATESH, AGED ABOUT 43 YEARS, RESIDING AT NO.12/1, REST HOUSE ROAD, BENGALURU - 560001 5. ATUL KISHEN S/O LATE S V VENKATESH, AGED ABOUT 43 YEARS, RESIDING AT NO.12/1, REST HOUSE ROAD, BENGALURU - 560001 6. ASHOK ABRAHAM KURIAKOSE S/O LATE C T KURIAKOSE, AGED ABOUT 41 YEARS, R/AT KELACHANDRA HOUSE, 80/10 HULIMAVU, BANNERGHATTA ROAD, BENGALURU - 560076 7. LGCL URBAN HOMES PRIVATE LIMITED HAVING ITS REGISTERED OFFICE AT NO.12/1, REST HOUSE ROAD, BENGALURU - 560001 8. KARNATAKA REAL ESTATE REGULATORY AUTHORITY 2ND FLOOR, SILVER JUBILEE BLOCK, 3RD CROSS ROAD, CSI COMPOUND, MISSION ROAD, SAMPANGI RAMA NAGARA, BENGALURU - 560027 REPRESENTED BY ITS CHAIRMAN 9. IDBI TRUSTEESHIP SERVICES GR FLR, UNIVERSAL INSURANCE BLDG, - 3 - NC: 2025:KHC:18145 WP No. 10355 of 2024 SIR PHIROZSHAH MEHTA RD FORT, BAZARGATE, MUMBAI, MUMBAI, MAHARASHTRA INDIA - 400001 10. PIRAMAL ENTERPRISES LIMITED PIRAMAL ANANTA, AGASTYA CORPORATE PARK, OPP. FIRE BRIDAGE, KAMANI JUNCTION, LBS MARG, KURL, A (WEST), MUMBAI CITY, MUMBAI, MAHARASHTRA INDIA 400070 11 LGCL NEW LIFE VILLA OWNERS CO-OPERATIVE SOCIETY LTD., A CO-OPERATIVE SOCIETY REG. UNDER THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1956, HAVING ITS REG.OFFICE AT LGCL NEW LIFE SY.NO.11, 12, 13/1, CHOODASANDRA VILLAGE, SARJAPURA HOBLI, ANEKAL TALUK, BENGALURU – 562 125. (AMENDED CAUSE TITLE VIDE COURT ORDER DATED 29.04.2025.) …RESPONDENTS (BY SRI. KASHYAP N NAIK., ADV. FOR C/R1; SRI. I.S. DEVAIAH, ADV. FOR R8) THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO QUASHING THE IMPUGNED ORDER DTD FEB 22,2024 PASSED BY THE R-8 IN COMPLAINT NO. 10536/2022 ANNX-A AND /OR AND ETC. THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE M.NAGAPRASANNA ORAL ORDER The parties to the lis submit that settlement is arrived at between them by drawing up certain terms of settlement. The terms of settlement is drawn on a joint memo. It reads as follows: “JOINT MEMO FILED BY THE PETITIONER, RESPONDENT NO.11 The Petitioner, the Respondent No.1 and the Respondent No.11 have agreed to amicably resolve their disputes in order and have further decided to reduce the terms of their in writing by way of this Joint Memo: settlement Page no.3 is retyped and replaced vide court order dated 09.06.2025 - 4 - NC: 2025:KHC:18145 WP No. 10355 of 2024 I. TERMS OF SETTLEMENT 1. The Respondent Nos.1 and 11 give their unconditional consent for the Petitioner to retain its right, title and interest on the 12 unsold row houses in LGCL New Life project ("Project") that are morefully described in Schedule A hereunder and hereinafter referred to as "Schedule A Units". The Petitioner confirms that its right is limited to Schedule A Units only. 2. The Petitioner categorically confirms that it has no right, title, or interest in respect of any row houses in the Project other than the Schedule A Units. The Petitioner further affirms that any rights, whether vested, implied, or otherwise, in respect of row houses other than Schedule A Units are unconditionally waived by it. 3. The Petitioner undertakes to issue a Charge Release Letter and No Due Certificate in respect of row houses other than Schedule A Units, if required by the Respondent No.1 and Respondent No.11. 4. The Parties to the joint memo undertake to report the present settlement in the Commercial Suit bearing No. Com. O.S No. 1920/2022 pending on the file of the City Civil Court, Commercial Division, that is filed by the Petitioner and the Respondent No.10 herein. Accordingly, the Petitioner undertakes to file necessary application to amend the plaint to the effect that the Petitioner's claim is only with respect to Schedule A Units. 5. The Parties have agreed that in terms of this settlement, the Respondent No.11 unconditionally releases the rights over the Schedule A units and to this extent the order dated 22.02.2024 passed by the Ld. KRERA would stand modified upon acceptance of terms of this Joint Memo by this Hon'ble Court. 6. The Parties further agree that the Petitioner is free to dispose the Schedule A Units to third parties and shall be entitled to all the receivables from the sale of the Schedule A Units. - 5 - NC: 2025:KHC:18145 WP No. 10355 of 2024 7. In so far as the Petitioner is concerned, all its rights, entitlements and obligations inter se the parties to the present Joint Memo are covered solely and exclusively herein. In terms thereof, the parties hereby unequivocally agree that the KRERA order dated 22.02.2024 shall in no manner whatsoever, affect the rights, title, interest and entitlements of the Petitioner in respect of the Schedule A Units and the Petitioner expressly confirms that its right is in respect of the Schedule A Units and receivables arising out of and in connection of Schedule A Units alone. In other words, the Petitioner confirms that it shall not have rights in respect of units other than Schedule A Units and any other receivables from the units other than Schedule A Units... II. It is mutually agreed between the parties that each party shall co-operate with each other in terms of this Joint Memo. WHEREFORE, the afore-named Parties to the above case pray that this Hon'ble Court may be pleased receive the instant joint memo on record and permit the Petitioner to withdraw the present case, in the interests of justice and equity.” In the light of the aforesaid settlement, the petition stands disposed, in terms of the settlement. Sd/- (M.NAGAPRASANNA) JUDGE KG List No.: 5 Sl No.: 24 Page no.5 is corrected and replaced vide court order dated 09.06.2025