Full Judgment Text
- 1 -
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
TH
DATED THIS THE 10 DAY OF FEBRUARY, 2026
BEFORE
THE HON'BLE MRS. JUSTICE M G UMA
WRIT PETITION NO. 9877 OF 2022 (GM-RES)
C/W
WRIT PETITION NO. 9654 OF 2022 (GM-RES)
IN WP NO. 9877/2022
BETWEEN:
GREENS FARM TECH PVT. LTD.,
A COMPANY INCORPORATED
UNDER THE COMPANIES ACT, 1956,
HAVING ITS REGISTERED OFFICE AT,
NO.325/1, RMV EXTENSION,
TH TH
5 CROSS, 14 MAIN,
SADASHIVA NAGAR
BENGALURU - 560 080
REPRESENTED BY RESOLUTION
PROFESSIONAL, MR. JUGRAJ SINGH BEDI,
REG NO. IBBI/IPA-01/IP-P00731/2017-18/11208
APPOINTED VIDE ORDER DATED 20.02.2020
BY THE HONBLE NATIONAL COMPANY
LAW TRIBUNAL, BENGALURU
…PETITIONER
(BY SRI. SRINANDAN K., ADVOCATE)
Digitally signed
by PRASHANTH
N V
Location: High
Court of
Karnataka
AND:
1. THE COMPETENT AUTHORITY
THE ASSISTANT COMMISSIONER
OF POLICE, BENGALURU SOUTH
SUB DIVISION, KANDAYA BHAVAN
K G ROAD, BENGALURU - 560 009
2.
THE DEPUTY COMMISSIONER OF POLICE
BENGALURU SOUTH JAYANAGAR SUB DIVISION
SOUTH END ROAD, NEAR SREE CHARAN BANK
GUPTA LAYOUT, JAYANAGAR, BENGALURU
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KARNATAKA - 560 070
3. INSPECTOR OF POLICE
BASAVANAGUDI POLICE STATION,
BENGALURU CITY, K.R. ROAD
NEAR KRISHNA RAO PARK,
BASAVANAGUDI, BENGALURU-560004
4. KARNATAKA BANK LTD,
H-59, BLOCK H, KIRTI
NAGAR, NEW DELHI - 110 015
…RESPONDENTS
(BY SMT. SOWMYA R., HCGP FOR R1-3
R4 SD AND UNREPRESENTED)
THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227
OF THE CONSTITUTION OF INDIA, 1950 READ WITH SECTION 482
OF THE CODE OF CRIMINAL PROCEDURE, 1973 PRAYING TO QUASH
ONLY THE CONDITIONS GIVEN IN THE ORDER DTD 23.02.2022
PASSED IN CR.NO.90/2019 BY THE HONBLE PRINCIPAL DISTRICT
AND SESSIONS JUDGE VIDE ANNX-A AND CONSEQUENTLY DIRECT
THE RESPONDENTS TO DE-FREEZE THE BANK ACCOUNT BEARING
NO.9082000100017501, MAINTAINED AT KARNATAKA BANK,
MANASAROVAR GARDEN BRANCH, DELHI WITHOUT ANY
CONDITIONS. AND ETC.,
IN WP NO. 9654/2022
BETWEEN:
KASATA HOMETECH (INDIA) PVT LTD
A COMPANY INCORPORATED UNDER
THE COMPANIES ACT, 1956,
HAVING ITS REGISTERED OFFICE
AT NO.5, CASE BLENCHE,
DESTINATION ARCHITECTURE,
PLOT NO.45, SECTOR 11,
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
CBD BELAPUR, NAVI MUMBAI
THANE - 400 614, REPRESENTED
BY RESOLUTION PROFESSIONAL
MR. JUGRAJ SINGH BEDI
REG.NO.IBBI/IPA-01/IP-P00731/2017-18/11208
APPOINTED VIDE ORDER DATED 11-08-2021
BY THE HONBLE NATIONAL COMPANY
LAW TRIBUNAL, MUMBAI.
…PETITIONER
(BY SRI. SRINANDAN K., ADVOCATE)
AND:
1. THE COMPETENT AUTHORITY
THE ASSISTANT COMMISSIONER
OF POLICE, BENGALURU SOUTH
SUB DIVISION, KANDAYA BHAVAN
K G ROAD, BENGALURU - 560 009
2. THE DEPUTY COMMISSIONER OF POLICE
BENGALURU SOUTH JAYANAGAR SUB DIVISION
SOUTH END ROAD, NEAR SREE CHARAN BANK
GUPTA LAYOUT, JAYANAGAR, BENGALURU
KARNATAKA - 560 070
3. INSPECTOR OF POLICE
BASAVANAGUDI POLICE STATION,
BENGALURU CITY, K.R. ROAD
NEAR KRISHNA RAO PARK,
BASAVANAGUDI, BENGALURU-560004
4. ICICI BANK, VADODRA
#42, HARIBHAKTI SOCIETY
NEAR CHAKLI CIRCLE,
'OLD PATRA ROAD,
VADODRA, GUJARAT-390 007.
…RESPONDENTS
(BY SMT. SOWMYA R., HCGP FOR R1-3
R4 SD AND UNREPRESENTED)
THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227
OF THE CONSTITUTION OF INDIA, 1950 READ WITH SECTION 482
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NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
OF THE CODE OF CRIMINAL PROCEDURE, 1973 PRAYING TO QUASH
ONLY THE CONDITIONS GIVEN IN THE ORDER DTD 23.02.2022
PASSED IN CR.NO.90/2019 BY THE HONBLE PRINCIPAL DISTRICT
AND SESSIONS JUDGE VIDE ANNX-A AND CONSEQUENTLY DIRECT
THE RESPONDENTS TO DE-FREEZE THE BANK ACCOUNT BEARING
NO. 184105000026, MAINTAINED AT ICICI BANK AND GOTRI
BRANCH, VADODARA WITHOUT ANY CONDITIONS AND ETC.,
THESE WRIT PETITIONS, COMING ON FOR PRELIMINARY
HEARING - B GROUP, THIS DAY, ORDER WAS MADE THEREIN AS
UNDER:
CORAM: HON'BLE MRS. JUSTICE M G UMA
COMMON ORAL ORDER
The petitioners - Greens Farm Tech Pvt. Ltd. in
W.P.No.9877 of 2022 and Kasata Hometech (India) Pvt. Ltd. in
W.P.No.9654 of 2022 represented by Resolution Professional-
Mr. Jugraj Singh Bedi filed these petitions, seeking issuance of
Writ in the nature of Certiorari to set aside condition Nos.2 and
3 imposed in the order dated 23.02.2022, in Crime No.90/2019
of Basavanagudi Police Station by the learned Principal City
Civil and Sessions Judge at Bangalore, registered for the
offences punishable under Sections 406 and 420 of Indian
Penal Code (for short, 'IPC') while defreezing bank account
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maintained at Karnataka Bank, Manasarovar Garden Branch,
Delhi.
2. Heard Sri Srinandan K., learned counsel for the
petitioners and Smt. Sowmya R. learned HCGP for respondent
Nos.1 to 3. Respondent No.4 though he was served with notice,
has remained unrepresented. Perused the materials on record.
3. Learned counsel for the petitioner contended that
there were several complaints against the petitioners' company
and few of the complainants have approached National
Company Law Tribunal, Bengaluru (for short, 'NCLT') alleging
various fraudulent acts. Considering the contentions taken by
the complainants before NCLT, it has passed an order dated
20.02.2020 appointing Mr.Jugraj Singh Bedi-the petitioner
herein as 'Resolution Professional'. It is the duty of the
Resolution Professional to consider revival of the company by
any possible ways and to report to NCLT about any fraudulent
activities that was undertaken by the company in the light of
the allegations made by the complainants and also to
recommend liquidation of the company, if the same could not
be revived. Therefore, it is the contention of the petitioner that
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C/W WP No. 9654 of 2022
HC-KAR
the Resolution Professional appointed by NCLT who is
representing the petitioner company is a Court Commissioner,
to take care of the Company against which several allegations
are made. As part of his effort to revive the company, the
Resolution Professional opened an interim account with
Karnataka Bank Manasarovar Garden Branch, Delhi to have the
transactions during the pendency of the matter before NCLT.
4. It is contended by the learned counsel for the
petitioner that, one of the complainants before NCLT has filed
the criminal complaint with Basavanagudi Police alleging
commission of the offences punishable under Sections 406 and
420 of IPC. Accordingly, the FIR in Crime No.90/2019 came to
be registered. The Investigating Officer during investigation,
freezed the bank account opened by the Resolution Professional
held with Karnataka Bank, Manasarovar Garden Branch, Delhi.
The Resolution Professional representing the company moved
an application under Sections 451 and 457 of Cr.PC seeking
defreezing of the bank account. The learned Sessions Judge
allowed the said application, defreezed the account, but
imposed the conditions to execute the Indemnity Bond and
Surety Bond for the amount standing in the account as on the
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
date when the account was freezed and to offer bank
guarantee. It also directed the applicant who is the Resolution
Professional to undertake to make good the amount in the
event of the applicant being found liable to pay the said amount
and to abide by the order of the Court. Being aggrieved by the
condition Nos.2 and 3 imposed by the learned Sessions Judge,
the petitioner is before this Court.
5. According to the learned counsel for the petitioner,
since the Resolution Professional is appointed by NCLT to take
care of the Company, the petitioner has opened the interim
bank account with Karnataka Bank, Manasarovar Garden
Branch, Delhi, which was freezed by the Investigating Officer.
The Court has rightly defreezed the account, but imposed
condition Nos.2 and 3 which are not possible to be complied
with since the Resolution Professional is the Court
Commissioner for all practical purposes and he will act as per
the directions of NCLT. Hence, prays for setting aside condition
Nos.2 and 3.
6. Learned High Court Government Pleader, on
instructions submits that condition No.1 imposed by the learned
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C/W WP No. 9654 of 2022
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Sessions Judge could be complied by the petitioner without any
difficulty. However, she fairly concedes that condition Nos.2
and 3 could be relaxed as the application was moved on behalf
of the Company by the Resolution Professional who acts as a
Commissioner, as per the directions of the NCLT. Hence, prays
for passing appropriate orders.
7. In view of the rival contentions urged by the learned
counsel for both the parties, the point that would arise for my
consideration is:
"Whether the petitioners have made out any
grounds to allow the petitions as prayed in these
petitions?"
My answer to the above point is in the 'Affirmative' for
the following:
REASONS
8. It is not disputed that the petitioner Company moved
these petitions represented by Resolution Professional
Mr.Jugraj Singh Bedi who is appointed as per the order dated
20.02.2022 passed by the NCLT, Bengaluru Branch. The order
states that Mr.Jugraj Singh Bedi is appointed as the Interim
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
Resolution Professional (IRP) to conduct the Corporate
Insolvency Resolution Process (CIRP) in respect of Corporate
Debtor namely M/s. Greens Farm Tech Private Limited and
Kasata Hometech (India) Pvt. Ltd., to carry out the functions as
mentioned under the I & B Code, 2016 and the Rules framed by
the IBBI from time to time. Therefore, I do find considerable
force in the contentions taken by the learned counsel for the
petitioner that he acts as a Commissioner appointed by NCLT in
the form of Resolution Professional.
9. The Court while defreezing the account directed the
Resolution Professional who is representing the Company to
execute the Indemnity Bond, to offer bank guarantee and also
to undertake to make good the amount in the event he is found
liable to pay the same. Since the Interim Resolution
Professional is appointed by NCLT and it is stated that as part
of his duty, he has opened the bank account with Karnataka
Bank, Manasarovar Garden Branch, Delhi, and that the
Resolution Professional is duty bound to comply with the
directions issued by NCLT to revive the company, to report
regarding any fraud that is committed by the company or to
suggest to liquidate the company if the same could not be
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
revived, I am of the opinion that condition Nos.2 and 3 imposed
by the Court below is not be relevant to the present case.
10. Under given facts and circumstances, I deem it
appropriate to direct the Resolution Professional representing
the petitioner companies to give an undertaking before the
learned Sessions Judge that he will abide by the directions
given by NCLT and discharge his duties strictly in accordance
with law in maintaining and operating the bank account
concerned, which will definitely take care of the interest of the
Investigating Officer / Prosecution.
11. In view of the above, I answer the above point in
the 'affirmative' and proceed to pass the following:
ORDER
i) The Writ Petitions are allowed .
ii) Condition Nos.2 and 3 imposed vide order dated
23.02.2022 passed in Crime No.90/2019 of
Basavanagudi Police Station, Bengaluru by the
learned Principal District and Sessions Judge,
Bengaluru, is set aside.
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iii) Instead the applicant who is representing the
petitioners in these petitions shall file an
undertaking before the Sessions Court, declaring
that he is acting as per the directions of the
National Company Law Tribunal, Bengaluru, as
per its order dated 20.02.2020 and that he will
abide by the directions and the conditions that
will be passed by the NCLT and that he will
discharge his duties strictly in accordance with
law in the matter of maintaining and operating
the bank account concerned.
The moment the applicant representing the petitioners
submits such an undertaking before the learned Sessions
Judge, the bank account concerned shall be defreezed,
forthwith.
SD/-
(M G UMA)
JUDGE
MKM
CT:VS
List No.: 1 Sl No.: 11
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
TH
DATED THIS THE 10 DAY OF FEBRUARY, 2026
BEFORE
THE HON'BLE MRS. JUSTICE M G UMA
WRIT PETITION NO. 9877 OF 2022 (GM-RES)
C/W
WRIT PETITION NO. 9654 OF 2022 (GM-RES)
IN WP NO. 9877/2022
BETWEEN:
GREENS FARM TECH PVT. LTD.,
A COMPANY INCORPORATED
UNDER THE COMPANIES ACT, 1956,
HAVING ITS REGISTERED OFFICE AT,
NO.325/1, RMV EXTENSION,
TH TH
5 CROSS, 14 MAIN,
SADASHIVA NAGAR
BENGALURU - 560 080
REPRESENTED BY RESOLUTION
PROFESSIONAL, MR. JUGRAJ SINGH BEDI,
REG NO. IBBI/IPA-01/IP-P00731/2017-18/11208
APPOINTED VIDE ORDER DATED 20.02.2020
BY THE HONBLE NATIONAL COMPANY
LAW TRIBUNAL, BENGALURU
…PETITIONER
(BY SRI. SRINANDAN K., ADVOCATE)
Digitally signed
by PRASHANTH
N V
Location: High
Court of
Karnataka
AND:
1. THE COMPETENT AUTHORITY
THE ASSISTANT COMMISSIONER
OF POLICE, BENGALURU SOUTH
SUB DIVISION, KANDAYA BHAVAN
K G ROAD, BENGALURU - 560 009
2.
THE DEPUTY COMMISSIONER OF POLICE
BENGALURU SOUTH JAYANAGAR SUB DIVISION
SOUTH END ROAD, NEAR SREE CHARAN BANK
GUPTA LAYOUT, JAYANAGAR, BENGALURU
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
KARNATAKA - 560 070
3. INSPECTOR OF POLICE
BASAVANAGUDI POLICE STATION,
BENGALURU CITY, K.R. ROAD
NEAR KRISHNA RAO PARK,
BASAVANAGUDI, BENGALURU-560004
4. KARNATAKA BANK LTD,
H-59, BLOCK H, KIRTI
NAGAR, NEW DELHI - 110 015
…RESPONDENTS
(BY SMT. SOWMYA R., HCGP FOR R1-3
R4 SD AND UNREPRESENTED)
THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227
OF THE CONSTITUTION OF INDIA, 1950 READ WITH SECTION 482
OF THE CODE OF CRIMINAL PROCEDURE, 1973 PRAYING TO QUASH
ONLY THE CONDITIONS GIVEN IN THE ORDER DTD 23.02.2022
PASSED IN CR.NO.90/2019 BY THE HONBLE PRINCIPAL DISTRICT
AND SESSIONS JUDGE VIDE ANNX-A AND CONSEQUENTLY DIRECT
THE RESPONDENTS TO DE-FREEZE THE BANK ACCOUNT BEARING
NO.9082000100017501, MAINTAINED AT KARNATAKA BANK,
MANASAROVAR GARDEN BRANCH, DELHI WITHOUT ANY
CONDITIONS. AND ETC.,
IN WP NO. 9654/2022
BETWEEN:
KASATA HOMETECH (INDIA) PVT LTD
A COMPANY INCORPORATED UNDER
THE COMPANIES ACT, 1956,
HAVING ITS REGISTERED OFFICE
AT NO.5, CASE BLENCHE,
DESTINATION ARCHITECTURE,
PLOT NO.45, SECTOR 11,
- 3 -
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
CBD BELAPUR, NAVI MUMBAI
THANE - 400 614, REPRESENTED
BY RESOLUTION PROFESSIONAL
MR. JUGRAJ SINGH BEDI
REG.NO.IBBI/IPA-01/IP-P00731/2017-18/11208
APPOINTED VIDE ORDER DATED 11-08-2021
BY THE HONBLE NATIONAL COMPANY
LAW TRIBUNAL, MUMBAI.
…PETITIONER
(BY SRI. SRINANDAN K., ADVOCATE)
AND:
1. THE COMPETENT AUTHORITY
THE ASSISTANT COMMISSIONER
OF POLICE, BENGALURU SOUTH
SUB DIVISION, KANDAYA BHAVAN
K G ROAD, BENGALURU - 560 009
2. THE DEPUTY COMMISSIONER OF POLICE
BENGALURU SOUTH JAYANAGAR SUB DIVISION
SOUTH END ROAD, NEAR SREE CHARAN BANK
GUPTA LAYOUT, JAYANAGAR, BENGALURU
KARNATAKA - 560 070
3. INSPECTOR OF POLICE
BASAVANAGUDI POLICE STATION,
BENGALURU CITY, K.R. ROAD
NEAR KRISHNA RAO PARK,
BASAVANAGUDI, BENGALURU-560004
4. ICICI BANK, VADODRA
#42, HARIBHAKTI SOCIETY
NEAR CHAKLI CIRCLE,
'OLD PATRA ROAD,
VADODRA, GUJARAT-390 007.
…RESPONDENTS
(BY SMT. SOWMYA R., HCGP FOR R1-3
R4 SD AND UNREPRESENTED)
THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227
OF THE CONSTITUTION OF INDIA, 1950 READ WITH SECTION 482
- 4 -
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
OF THE CODE OF CRIMINAL PROCEDURE, 1973 PRAYING TO QUASH
ONLY THE CONDITIONS GIVEN IN THE ORDER DTD 23.02.2022
PASSED IN CR.NO.90/2019 BY THE HONBLE PRINCIPAL DISTRICT
AND SESSIONS JUDGE VIDE ANNX-A AND CONSEQUENTLY DIRECT
THE RESPONDENTS TO DE-FREEZE THE BANK ACCOUNT BEARING
NO. 184105000026, MAINTAINED AT ICICI BANK AND GOTRI
BRANCH, VADODARA WITHOUT ANY CONDITIONS AND ETC.,
THESE WRIT PETITIONS, COMING ON FOR PRELIMINARY
HEARING - B GROUP, THIS DAY, ORDER WAS MADE THEREIN AS
UNDER:
CORAM: HON'BLE MRS. JUSTICE M G UMA
COMMON ORAL ORDER
The petitioners - Greens Farm Tech Pvt. Ltd. in
W.P.No.9877 of 2022 and Kasata Hometech (India) Pvt. Ltd. in
W.P.No.9654 of 2022 represented by Resolution Professional-
Mr. Jugraj Singh Bedi filed these petitions, seeking issuance of
Writ in the nature of Certiorari to set aside condition Nos.2 and
3 imposed in the order dated 23.02.2022, in Crime No.90/2019
of Basavanagudi Police Station by the learned Principal City
Civil and Sessions Judge at Bangalore, registered for the
offences punishable under Sections 406 and 420 of Indian
Penal Code (for short, 'IPC') while defreezing bank account
- 5 -
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
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maintained at Karnataka Bank, Manasarovar Garden Branch,
Delhi.
2. Heard Sri Srinandan K., learned counsel for the
petitioners and Smt. Sowmya R. learned HCGP for respondent
Nos.1 to 3. Respondent No.4 though he was served with notice,
has remained unrepresented. Perused the materials on record.
3. Learned counsel for the petitioner contended that
there were several complaints against the petitioners' company
and few of the complainants have approached National
Company Law Tribunal, Bengaluru (for short, 'NCLT') alleging
various fraudulent acts. Considering the contentions taken by
the complainants before NCLT, it has passed an order dated
20.02.2020 appointing Mr.Jugraj Singh Bedi-the petitioner
herein as 'Resolution Professional'. It is the duty of the
Resolution Professional to consider revival of the company by
any possible ways and to report to NCLT about any fraudulent
activities that was undertaken by the company in the light of
the allegations made by the complainants and also to
recommend liquidation of the company, if the same could not
be revived. Therefore, it is the contention of the petitioner that
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
the Resolution Professional appointed by NCLT who is
representing the petitioner company is a Court Commissioner,
to take care of the Company against which several allegations
are made. As part of his effort to revive the company, the
Resolution Professional opened an interim account with
Karnataka Bank Manasarovar Garden Branch, Delhi to have the
transactions during the pendency of the matter before NCLT.
4. It is contended by the learned counsel for the
petitioner that, one of the complainants before NCLT has filed
the criminal complaint with Basavanagudi Police alleging
commission of the offences punishable under Sections 406 and
420 of IPC. Accordingly, the FIR in Crime No.90/2019 came to
be registered. The Investigating Officer during investigation,
freezed the bank account opened by the Resolution Professional
held with Karnataka Bank, Manasarovar Garden Branch, Delhi.
The Resolution Professional representing the company moved
an application under Sections 451 and 457 of Cr.PC seeking
defreezing of the bank account. The learned Sessions Judge
allowed the said application, defreezed the account, but
imposed the conditions to execute the Indemnity Bond and
Surety Bond for the amount standing in the account as on the
- 7 -
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
date when the account was freezed and to offer bank
guarantee. It also directed the applicant who is the Resolution
Professional to undertake to make good the amount in the
event of the applicant being found liable to pay the said amount
and to abide by the order of the Court. Being aggrieved by the
condition Nos.2 and 3 imposed by the learned Sessions Judge,
the petitioner is before this Court.
5. According to the learned counsel for the petitioner,
since the Resolution Professional is appointed by NCLT to take
care of the Company, the petitioner has opened the interim
bank account with Karnataka Bank, Manasarovar Garden
Branch, Delhi, which was freezed by the Investigating Officer.
The Court has rightly defreezed the account, but imposed
condition Nos.2 and 3 which are not possible to be complied
with since the Resolution Professional is the Court
Commissioner for all practical purposes and he will act as per
the directions of NCLT. Hence, prays for setting aside condition
Nos.2 and 3.
6. Learned High Court Government Pleader, on
instructions submits that condition No.1 imposed by the learned
- 8 -
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
Sessions Judge could be complied by the petitioner without any
difficulty. However, she fairly concedes that condition Nos.2
and 3 could be relaxed as the application was moved on behalf
of the Company by the Resolution Professional who acts as a
Commissioner, as per the directions of the NCLT. Hence, prays
for passing appropriate orders.
7. In view of the rival contentions urged by the learned
counsel for both the parties, the point that would arise for my
consideration is:
"Whether the petitioners have made out any
grounds to allow the petitions as prayed in these
petitions?"
My answer to the above point is in the 'Affirmative' for
the following:
REASONS
8. It is not disputed that the petitioner Company moved
these petitions represented by Resolution Professional
Mr.Jugraj Singh Bedi who is appointed as per the order dated
20.02.2022 passed by the NCLT, Bengaluru Branch. The order
states that Mr.Jugraj Singh Bedi is appointed as the Interim
- 9 -
NC: 2026:KHC:7876
WP No. 9877 of 2022
C/W WP No. 9654 of 2022
HC-KAR
Resolution Professional (IRP) to conduct the Corporate
Insolvency Resolution Process (CIRP) in respect of Corporate
Debtor namely M/s. Greens Farm Tech Private Limited and
Kasata Hometech (India) Pvt. Ltd., to carry out the functions as
mentioned under the I & B Code, 2016 and the Rules framed by
the IBBI from time to time. Therefore, I do find considerable
force in the contentions taken by the learned counsel for the
petitioner that he acts as a Commissioner appointed by NCLT in
the form of Resolution Professional.
9. The Court while defreezing the account directed the
Resolution Professional who is representing the Company to
execute the Indemnity Bond, to offer bank guarantee and also
to undertake to make good the amount in the event he is found
liable to pay the same. Since the Interim Resolution
Professional is appointed by NCLT and it is stated that as part
of his duty, he has opened the bank account with Karnataka
Bank, Manasarovar Garden Branch, Delhi, and that the
Resolution Professional is duty bound to comply with the
directions issued by NCLT to revive the company, to report
regarding any fraud that is committed by the company or to
suggest to liquidate the company if the same could not be
- 10 -
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
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revived, I am of the opinion that condition Nos.2 and 3 imposed
by the Court below is not be relevant to the present case.
10. Under given facts and circumstances, I deem it
appropriate to direct the Resolution Professional representing
the petitioner companies to give an undertaking before the
learned Sessions Judge that he will abide by the directions
given by NCLT and discharge his duties strictly in accordance
with law in maintaining and operating the bank account
concerned, which will definitely take care of the interest of the
Investigating Officer / Prosecution.
11. In view of the above, I answer the above point in
the 'affirmative' and proceed to pass the following:
ORDER
i) The Writ Petitions are allowed .
ii) Condition Nos.2 and 3 imposed vide order dated
23.02.2022 passed in Crime No.90/2019 of
Basavanagudi Police Station, Bengaluru by the
learned Principal District and Sessions Judge,
Bengaluru, is set aside.
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WP No. 9877 of 2022
C/W WP No. 9654 of 2022
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iii) Instead the applicant who is representing the
petitioners in these petitions shall file an
undertaking before the Sessions Court, declaring
that he is acting as per the directions of the
National Company Law Tribunal, Bengaluru, as
per its order dated 20.02.2020 and that he will
abide by the directions and the conditions that
will be passed by the NCLT and that he will
discharge his duties strictly in accordance with
law in the matter of maintaining and operating
the bank account concerned.
The moment the applicant representing the petitioners
submits such an undertaking before the learned Sessions
Judge, the bank account concerned shall be defreezed,
forthwith.
SD/-
(M G UMA)
JUDGE
MKM
CT:VS
List No.: 1 Sl No.: 11