IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 18^TH DAY OF FEBRUARY, 2026 BEFORE THE HON'BLE MR. JUSTICE ASHOK S.KINAGI CIVIL MISC. PETITION NO.703 OF 2025 BETWEEN:

SATCHMO HOLDINGS LIMITED (FORMERLY NEL HOLDINGS SOUTH LIMITED)

A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956.

HAVING ITS REGISTERED OFFICE AT NO. 110, ANDREWS BUILDING, LEVEL 1, MG ROAD, BENGALURU-560 001.

THROUGH ITS AUTHORISED REPRESENTATIVE MS. VASUMATI H.K.

…PETITIONER (BY MISS. KRUTIKA RAGHAVAN.,ADVOCATE)

AND:

Digita lly signed

1. B ABHAYRAJ SHETTY by KIRAN KUMAR R AGED ABOUT 54 YEARS, Location: HIGH S/O LATE B RAMANATH COURT OF R/AT NO.24, KARNATAKA MN KRISHNA ROAD, BASAVANAGUDI, BENGALURU-560 004.

2. BHARATHI SHETTY, AGED ABOUT 53 YEARS, D/O LATE B RAMANATH R/AT FLAT NO. 301, SALAPURIA ARISTOCRACY, NO. 76, 14^TH CROSS, JP NAGAR 1^ST PHASE, BENGALURU- 560 004.

3. GURU AND JANA, CHARTERED ACCOUNTANTS, HAVING OFFICE AT NO.41, PATALAMMA TEMPLE STREET, BASAVANGUDI, BENGALURU-560004. REPRESENTED BY ITS MANAGING PARTNER, MR. GURU PRASAD MAKAM.

…RESPONDENTS (BY SRI. RAVINDRA PRASAD B.,ADVOCATE FOR R1, R2 & R3 (VK NOT FILED IN R/O R3))

THIS CMP IS FILED UNDER SECTION 11(5) OF ARBITRATION AND CONCILIATION ACT, 1996, PRAYING TO APPOINT AN ARBITRAL TRIBUNAL TO ADJUDICATE AND RESOLVE THE DISPUTES THAT HAVE ARISEN UNDER SETTLEMENT AGREEMENT DATED 28.10.2020 (ANNEXURE F) PAGE NO. 171 CLAUSE 17 AND ESCROW AGREEMENT DATED 16.02.2022 (ANNEXURE J) CLAUSE 6.7 BETWEEN THE PETITIONER AND RESPONDENTS BY EXERCISING JURISDICTION AND POWER UNDER SEC. 11(6) OF THE ARBITRATION AND CONCILIATION ACT 1996.

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

CORAM: HON'BLE MR. JUSTICE ASHOK S.KINAGI

ORAL ORDER

This civil miscellaneous petition is filed under Section

11(5) of the Arbitration and Conciliation Act, 1996 (for short, ‘the Act’) seeking an appointment of the Arbitrator to resolve the dispute between the parties to the petition in terms of clause 17 of the Escrow Agreement dated 16.02.2022, as per the provisions of the Act and the Rules.

2. Brief facts, leading rise to the filing of this Petition are as follows:

2.1. On 17.06.2029, respondent Nos.1 and 2, along with their father, Late B.Ramnath Shetty, executed the JDA and GPA with the petitioner for the development of the schedule property into a residents commercial complex. After the death of Ramnath Shetty on 03.10.2020, the property devolved upon respondent Nos.1 and 2 in pursuance of the Will dated 09.03.2020. The parties entered into a settlement agreement dated 28.10.2020. The petitioner executed deeds of cancellation of the JDA and GPA under the bona fide belief that respondent Nos.1 and 2 would discharge their obligations under the settlement agreement. Further, respondent No.3 came to be appointed as the Escrow agent vide escrow agreement. On 07.03.2022, respondent Nos.1 and 2 issued a consent letter, affirming the arrangement arrived at between the parties and Escrow Agent. Respondent Nos.1 and 2 withdrew the proceedings before the NCDRC and paid Rs.50 Lakhs to the petitioner. Respondent Nos.1 and 2 also executed an affidavit for withdrawal of WP No. 2272 – 2275 of 2018. Petitioner issued various communications to respondent Nos.1 and 2 to come forward to finally get the proceedings allowed in WP 2272 - 2275 of 2018. Further, the petitioner filed a suit in OS No. 1642 of 2024 seeking specific performance of a contract with application for interim protection. The Trial Court refused to grant ad interim protection to the petitioner. The petitioner filed a writ petition in WP No. 26432 of 2024. On 27.09.2024, this Court, in terms of IA No.2, restrained the respondents from alienating or creating any third party interest over the schedule property. Further, this Court vide order dated 13.12.2024, disposed of the said writ petition by recalling the order dated 27.09.2024 and with a direction to the Trial Court to consider the said interim applications. Further, respondent Nos.1 and 2 also file