IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 6^TH DAY OF MARCH, 2026 BEFORE THE HON'BLE MR. JUSTICE SACHIN SHANKAR MAGADUM WRIT PETITION NO. 4520 OF 2026 (GM-RES)

BETWEEN:

1. MR. MURALI MOHAN SB S/O S.M BYYANNA AGED ABOUT 38 YEARS R/AT NO. 47/1, 4^TH CROSS L.G FOOD ROAD, THAVAREKERE BENGALURU 560 029 EMAIL- MURALIMOHANSB@GMAIL.COM

2. MR. RAVI KUMAR .C S/O MR. CHANDRAPPA .C AGED ABOUT 37 YEARS R/AT NO.270, 6^TH A CROSS JAKKUR LAYOUT, BENGALURU - 560 064 EMAIL- RAVI.SONU2128@GMAIL.COM

3. MR. RAJU .N Digitally signed by S/O MR. NAGRAJ NAGARAJA B M Location: HIGH AGED ABOUT 35 YEARS COURT OF KARNATAKA R/AT NO.29, 9^TH MAIN NEAR CHOWDESHWARI BUS STOP AKKIYAPPA GARDEN, MOHANKUMARNAGAR YESHWANTHPUR, BENGALURU-560 022.

EMAIL- JOSPHRAJU820@GMAIL.COM

4. MR. SHIVRAJ C S/O MR. CHANDRASHEKHAR .P AGED ABOUT 33 YEARS R/AT NO.14/1, 1^ST CROSS PAPIAH LAYOUT V. NAGENAHALLI BENGALURU-560 032.

EMAIL- SHIVRAJSHEKAR@GMAIL.COM

5. MR. R. ARUN S/O MR. G RAVI AGED ABOUT 34 YEARS R/AT GUDDADAHALLI MAIN ROAD

2^ND CROSS, ANANDGIRI EXTENSION HEBBAL, BENGALURU - 560 032 ARUNARUU1991@GMAIL.COM

6. MR. M. DIWAKAR S/O R. MURUGESH AGED ABOUT 28 YEARS R/AT NO. 279, 3^RD CROSS

3^RD MAIN ROAD, AKBARI MASJID ROAD CHAMUNDINAGAR MAIN ROAD BENGALURU - 560 032 EMAIL- DIWAKAR.M243@GMAIL.COM

7. MR. PURUSHOTHAM S.B.

S/O BYANNA AGED ABOUT 32 YEARS R/AT NO. 47/1, 4^TH CROSS L.G FOOD ROAD, THAVAREKERE BENGALURU - 560 029 EMAIL-

PURUSHOTHAM@BHARATVIKASNETWORKS.COM

8. MR. FAHAD .R.M S/O MUSTHAFA AGED ABOUT 34 YEARS R/AT. RAYAMMARAKKARVEETIL ALOOR, ALOOR MATOM THRISSUR- 680 602 EMAIL- FIDUFAHE@GMAIL.COM

9. MR. SHAMSHEER ANJAM PILAKKEEL S/O UMMAR KP AGED ABOUT 48 YEARS R/AT AL HIMMATH KANNUR MOWANCHERI, KERALA-670 613 EMAIL- SHAMSHEERANJAM@GMAIL.COM

10. MR. AJAY KUMAR S/O MOHAN RATHOD AGED 31 YEARS R/AT NO. 11-86 NEAR RAILWAY STATION BANJARA NAGAR, CHITTAPUR SHAHABAD, KALBURGO - 585 228 EMAIL- RATHODAJAY0915@GMAIL.COM …PETITIONERS (BY SRI. UDAYA HOLLA, SENIOR ADVOCATE FOR SRI. SWAROOP .S, ADVOCATE)

AND:

1. INDIA HOUSING FUND A CATEGORY II ALTERNATIVE INVESTMENT FUND INCORPORATED UNDER THE PROVISIONS OF SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUND)

REGULATIONS 2012 HAVING ITS REGISTERED OFFICE AT

360 ONE CENTRE, KAMALA MILLS COMPOUND SENAPATI BAPAT MARG, LOWER PAREL MUMBAI - 400 013.

REPRESENTED HEREIN BY INVESTMENT MANAGER

360 ONE ALTERNATES ASSET MANAGEMENT LTD.

EMAIL- SANDEEP.JOSHI@360.ONE

2. INDIA HOUSING FUND SERIUS-2 A CATEGORY II ALTERNATIVE INVESTMENT FUND, INCORPORATED UNDER THE PROVISIONS OF SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUND) REGULATIONS 2012 HAVING ITS REGISTERED OFFICE AT

360 ONE CENTRE, KAMALA MILLS COMPOUND SENAPATI BAPAT MARG, LOWER PAREL MUMBAI - 400 013.

REPRESENTED HEREIN BY INVESTMENT MANAGER

360 ONE ALTERNATES ASSET MANAGEMENT LTD.

EMAIL- SANDEEP.JOSHI@360.ONE

3. GULAM MUSTAFA ENTERPRISES PVT. LTD.

A COMPANY INCORPORATED UNDER THE PROVISION OF THE COMPANIES ACT, 2013 HAVING REGISTERED OFFICE AT NO.6, GM PEARL, I STAGE I PHASE, BTM LAYOUT BENGALURU - 560 068.

REPRESENTED BY ITS DIRECTOR AND AUTHORIZED SIGNATORY SRI. GULAM MUSTAFA EMAIL- LEGAL@GMINFINITE.COM …RESPONDENTS (BY SRI. DHYAN CHINNAPPA, SENIOR ADVOCATE FOR SRI. PINAZ MEHTA, ADVOCATE FOR C/RESPONDENT)

THIS WP IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA, PRAYING TO SET ASIDE THE ORDER DATED 02.02.2026 PASSED BY THE NCLT IN CP (IB) NO. 90 OF

2026 AT ANNEXURE P AND ETC.

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

CORAM: HON'BLE MR. JUSTICE SACHIN SHANKAR MAGADUM

ORAL ORDER

The petitioners have approached this Court calling in question the order dated 02.02.2026 passed by the National Company Law Tribunal (for short, “NCLT”) produced at Annexure–P and have also sought a direction to the NCLT to consider the intervening application filed by the petitioners.

2. The brief facts leading to the present petition indicate that respondent No.3 is a builder who undertook a residential project by name “GM Global Techies Town”. The projec