IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23^RD DAY OF OCTOBER, 2025 BEFORE THE HON'BLE MR. JUSTICE SURAJ GOVINDARAJ WRIT PETITION NO. 26428 OF 2024 (GM-RES)

BETWEEN:

NITESH RESIDENCY HOTELS PRIVATE LIMITED, A COMPANY REGISTERED UNDER THE COMPANIES ACT, 1956, HAVING ITS REGISTERED OFFICE AT LEVEL 4, B WING, THE RITZ CARLTON HOTEL, 99 RESIDENCY ROAD, BENGALURU-560 025.

REP. HEREIN BY ITS AUTHORIZED SIGNATORY, SRI. K.B. SWAMY.

…PETITIONER (BY SRI SUMANA NAGANAND, ADVOCATE)

AND:

1. RESERVE BANK OF INDIA, 4^TH FLOOR, RBI BYCULLA OFFICE BUILDING, OPP. MUMBAI CENTRAL RAILWAY STATION, Digitally signed BYCULLA, MUMBAI-400 008.

by SHWETHA REP. BY ITS GOVERNOR.

RAGHAVEN DRA Location: HIGH

2. RESERVE BANK OF INDIA, COURT OF HAVING ITS REGIONAL OFFICE AT:

KARNATAKA

10/3/8, NRUPUTHUNGA ROAD, P.B 5467, BENGALURU-560 001. REP. BY ITS GENERAL MANAGER.

3. CHIEF GENERAL MANAGER-IN-CHARGE, DEPARTMENT OF REGULATION, RESERVE BANK OF INDIA, 12^TH FLOOR, CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH ROAD, MUMBAI-400 001.

4. CHIEF GENERAL MANAGER-IN-CHARGE, DEPARTMENT OF SUPERVISION, RESERVE BANK OF INDIA, 3^RD FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI-400 005.

5. J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., A COMPANY REGISTERED UNDER THE COMPANIES ACT, 2013 HAVING ITS REGISTERED OFFICE AT:

12^TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030.

REP. BY ITS MANAGING DIRECTOR.

6. SRI RAHUL GUPTA, AGED MAJOR, MANAGING DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12^TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAL-400 030.

7. SRI RAJESH NARAIN GUPTA, AGED MAJOR, INDEPENDENT DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12^TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030.

8. SRI VIKRAM MITTAL, AGED MAJOR, INDEPENDENT DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12^TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030.

9. SRI SANJAY PURI, AGED MAJOR, INDEPENDENT DIRECTOR, J.C. FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12^TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030.

10. SMT. DEEPA KAPOOR, AGED MAJOR, INDEPENDENT DIRECTOR, J.C FLOWERS ASSET RECONSTRUCTION PVT. LTD., 12^TH FLOOR, CROMPTON GREAVES HOUSE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400 030.

…RESPONDENTS (BY SRI RAJESH VELLAKATT, ADVOCATE FOR R-1 TO R-4;

SRI MRINAL SHANKAR, ADVOCATE FOR R-5 TO R-8;

SRI DHARMATEJ, ADVOCATE FOR R-6 TO R-10 [VK NOT FILED]) THIS WP IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT R-5 TO SHARE A COPY OF THE RESOLUTION PLAN PREPARED PURSUANT TO PARA 10 OF THE MASTER DIRECTION- RBI (ASSET RECONSTRUCTION COMPANIES) DIRECTIONS, 2024 BEARING REF. NO. RBI/DOR/2024-

25/116 DATED 24.04.2024 (ANNEXURE-U) ETC.

THIS PETITION, COMING ON FOR PRELIMINARY HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

CORAM: HON'BLE MR. JUSTICE SURAJ GOVINDARAJ

ORAL ORDER

1. The Petitioner is before this Court seeking for the following reliefs:

1) "Directing Respondent No.5 to share a copy of the Resolution Plan prepared pursuant to Para 10 of the Master Direction- Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 bearing Ref. No. RBI/DOR/2024-25/116 dated 24.04.2024 (Annexure-U);

2) Directing Respondent No.5 to issue no objection certificates for facilitation of refinancing the debt of the Petitioner;

3) Directing Respondent No.5 to issue no objection certificate for the existing shareholders (Apollo Global Management/CPI India (I) Ltd.) to exit the Petitioner company, in favour of the M/s Blackstone Singapore Pte Ltd.;

4) Directing Respondent No.1 to initiate appropriate action against Respondent No.5 for violating the Master Directions dated 24.04.2024 issued by Respondent No.1 as well as the Fair Practices Code for Asset Reconstruction Companies issued by Respondent No.1 (Annexure-U);

5) To pass such other order/s or directions as this Hon'ble Court deems fit to grant in the facts and circumstances of t