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NC: 2026:KHC:12901-DB

MFA No. 6049 of 2025

C/W MFA No. 4951 of 2025

MFA No. 5484 of 2025

HC-KAR

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 3^RD DAY OF MARCH, 2026

PRESENT

THE HON'BLE MRS. JUSTICE ANU SIVARAMAN

AND

THE HON'BLE MS. JUSTICE TARA VITASTA GANJU

MISCELLANEOUS FIRST APPEAL NO. 6049 OF 2025

(KPIDFA-)

C/W

MISCELLANEOUS FIRST APPEAL NO. 4951 OF 2025

MISCELLANEOUS FIRST APPEAL NO. 5484 OF 2025

IN MFA No. 6049/2025

BETWEEN:

JYOTHI PRASAD

S/O B. KRISHNIAHA CHETTY,

AGED ABOUT 52 YEARS,

RESIDING AT NO.8, 1^ST FLOOR,

Digitally signed by II MAIN, J.P.NAGAR, III PHASE,

SUMATHY KANNANBANGALORE-560 178.

Location: HIGH

…APPELLANT

COURT OF

KARNATAKA (BY SRI. RAVI.R.S., SENIOR COUNSEL FOR

SRI. VASANTH RAJ., ADVOCATE)

AND:

1. THE COMPETENT AUTHORITY,

FOR M/S. SRI. VASISTA CREDIT

SOUHARDHA CO-OPERATIVE LTD.,

OFFICE OF THE SPECIAL OFFICER

AND COMPETENT AUTHORITY, IMA

AND OTHER SCAM CASES, V.V.TOWERS,

3^RD FLOOR, PODIUM BLOCK,

- 2 -

NC: 2026:KHC:12901-DB

MFA No. 6049 of 2025

C/W MFA No. 4951 of 2025

MFA No. 5484 of 2025

HC-KAR

BENGALURU-560 001.

REPRESENTED BY ITS COMPETENT AUTHORITY,

SRI.SUDARSHAN.B.K.

ASSISTANT COMMISSIONER AND

COMPETENT AUTHORITY,

AGED ABOUT 33 YEARS,

REPRESENTED BY

LEARNED SPECIAL PUBLIC PROSECUTOR.

2. M/S. SRI.VASISTA CREDIT SOUHARDA

CO-OPERATIVE LTD.,

REPRESENTED BY ITS

CHIEF EXECUTIVE OFFICER, (C.E.O),

VENKATANARAYANA K.V.

AGED MAJOR,

NO 01, FIRST FLOOR, RAMANJANEYA ROAD,

HANUMANTHA NAGAR, BENGALURU-560 019.

3. SRI. GIRISH KANDAKUR VISWANTH

S/O K.V.VISWANATH,

AGED MAJOR,

RESIDING AT NO. 1624/7, 5^TH ‘B’ CROSS,

17^TH MAIN, BSK 1^ST STAGE,

BENGALURU-560 050.

4. M/S.PIONEER DEVELOPERS,

REPRESENTED BY ITS MANAGING PARTNER,

SMT.SUJATHA W/O V.RAGHAVENDRA,

MAJOR, RESIDING AT NO.241/A,

1^ST CROSS, 2^ND BLOCK, 3^RD PHASE,

BSK 3^RD STAGE, BENGALURU-550 085.

5. SRI. V.RAGHAVENDRA

S/O VASUDEVACHAR,

MAJOR,

RESIDING AT NO.241/A,

1^ST CROSS, 2^ND BLOCK, 3^RD PHASE,

BSK III STAGE, BENGALURU-560 085.

…RESPONDENTS

(BY SRI. VEERESH.R.BUDIHAL., ADVOCATE FOR C/R1)

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NC: 2026:KHC:12901-DB

MFA No. 6049 of 2025

C/W MFA No. 4951 of 2025

MFA No. 5484 of 2025

HC-KAR

THIS MFA IS FILED U/S.16 OF THE KARNATAKA

PROTECTION OF INTEREST OF DEPOSITORS IN FINANCIAL

ESTABLISHMENTS ACT, AGAINST THE ORDER DT. 27.02.2025

PASSED IN MISC.NO.1190/2024 ON THE FILE OF THE XCI

ADDITIONAL CITY CIVIL AND SESSIONS JUDGE AND SPECIAL

JUDGE FOR KPIDFE CASES, BENGALURU CCH-92, ALLOWING

THE PETITIONS FILED U/S.5(2) OF THE KPIDFE ACT,2004.

IN MFA NO. 4951/2025

BETWEEN:

1. B.KISHORE KUMAR

S/O B.JYOTHI PRASAD,

AGED ABOUT 47 YEARS,

R/AT NO.8, I FLOOR, II MAIN,

J.P.NAGAR, III PHASE,

BANGALORE-560 078.

2. B.J.KIRAN KUMAR

S/O B.JYOTHI PRASAD,

AGED ABOUT 42 YEARS,

R/AT NO.8, I FLOOR, II MAIN,

J.P.NAGAR, III PHASE,

BANGALORE-560 078.

...APPELLANTS

(BY SRI. R.S.RAVI., SENIOR COUNSEL FOR

SRI. VASANTH RAJ., ADVOCATE)

AND:

1. THE COMPETENT AUTHORITY,

FOR M/S. SRI. VASISTA CREDIT

SOUHARDHA CO-OPERATIVE LTD.,

OFFICE OF THE SPECIAL OFFICER

AND COMPETENT AUTHORITY, IMA

AND OTHER SCAM CASES, V.V.TOWERS,

3^RD FLOOR, PODIUM BLOCK,

BENGALURU-560 001.

REPRESENTED BY ITS COMPETENT AUTHORITY,

SRI.SUDARSHAN.B.K.

- 4 -

NC: 2026:KHC:12901-DB

MFA No. 6049 of 2025

C/W MFA No. 4951 of 2025

MFA No. 5484 of 2025

HC-KAR

ASSISTANT COMMISSIONER AND

COMPETENT AUTHORITY,

AGED ABOUT 33 YEARS,

REPRESENTED BY LEARNED

SPECIAL PUBLIC PROSECUTOR.

2. M/S. SRI.VASISTA CREDIT SOUHARDA

CO-OPERATIVE LTD.,

REPRESENTED BY ITS

CHIEF EXECUTIVE OFFICER, (C.E.O),

VENKATANARAYANA K.V.

AGED MAJOR,

NO 01, FIRST FLOOR, RAMANJANEYA ROAD,

HANUMANTHA NAGAR, BENGALURU-560 019.

3. SRI. GIRISH KANDAKUR VISWANTH

S/O K.V.VISWANATH,

AGED MAJOR,

RESIDING AT NO. 1624/7, 5^TH ‘B’ CROSS,

17^TH MAIN, BSK 1^ST STAGE,

BENGALURU-560 050.

4. M/S.PIONEER DEVELOPERS,

REPRESENTED BY ITS MANAGING PARTNER,

SMT.SUJATHA W/O V.RAGHAVENDRA,

MAJOR, RESIDING AT NO.241/A,

1^ST CROSS, 2^ND BLOCK, 3^RD PHASE,

BSK 3^RD STAGE, BENGALURU-550 085.

5. SRI. V.RAGHAVENDRA

S/O VASUDEVACHAR,

MAJOR,

RESIDING AT NO.241/A,

1^ST CROSS, 2^ND BLOCK, 3^RD PHASE,

BSK III STAGE, BENGALURU-560 085.

...RESPONDENTS

(BY SMT. VEERESH.R.BUDIHAL., ADVOCATE FOR C/R1)

THIS MFA FILED IS U/S.16