Asset Reconstruction Company (India) Limited vs Manyata Developers Private Limited on 5 August 2026

IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI

Dated this 5th Day of August, 2026

PRESENT: SHRI A.S.JAYACHANDRA

Presiding Officer

TA 112 of 2022

Asset Reconstruction Company (India) Limited having registered Office at The Ruby, 10th Floor, No.29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028.

represented herein by it Chief Manager/

Authorized Officer Mr. Ragothaman V

A company incorporated under the Companies Act, 1956 and registered with the Reserve Bank of India as an Asset Reconstruction Company under Section 3 of the SARFASI

Act, 2002,

……Applicant

Vs

1. Manyata Developers Private Limited

A company registered under the Companies Act, 1956 Having it office at No. 9/1, 2nd Floor, Classic Court, Richmond Road, Bangalore – 560 025

2. Mr. Reddy Veeranna

S/o. Late. Shri. Sanjeeva Reedy,

Aged major, residing at No. 109/21,

10th main, 7th cross, R.M. V. Extension, Bangalore – 560 080.

3. Smt. Suguna Reddy,

W/o. Mr. Reddy Veeranna,

Aged major, residing at No. 109/21,

10th main, 7th cross, R.M.V. Extension,

Bangalore – 560 080.

4. Smt. Sangeetha Reddy,

D/o. Mr. Reddy Veeranna,

Aged major, residing at No. 109/21,

10th main, 7th cross, R.M. V. Extension, Bangalore – 560 080.

5. Mr. A. Venkataramana,

Aged major, Residing at No. 475,

Balaji Orchid, Flat no.301,

12th Cross, Wilson Garden,

Bangalore.

6. Mr. K. Venkateswara Rao,

S/o. Mr. Gopalkrishna Rao,

Aged Major, Residing at 58/1,

2nd cross, Lakshmi Road,

Shanti Nagar, Bangalore – 560 027.

7. Smt. R. Pushpavathi,

Aged major, residing at No.130,

Agara Village, Begur Hobi,

Bangalore South.

8. Sapphire Infrastructure Development Private limited, A company incorporated under the companies Act 1956

Having registered officer at

1st Floor, Classic Court, 9/1,

Richmond Road, Bangalore – 560 025.

9. Navya infrastructure Private limited, A company incorporated under the companies Act 1956

Having registered officer at 1st Floor, Classic Court, 9/1

Richmond Road, Bangalore – 560 025.

10. Smt. Parvathaneni Abhiram,

Aged major, at 2nd Floor,

Classic Court, 9/1

Richmond Road,

Bangalore – 560 025.

11. Mr. Ajay Kumar Sarnaik,

Aged major, Residing at S-401, 2 & 3

Shalini and Meghana Apartments,

100 feet Ring Road, Banashankari,

2nd stage, Bangalore – 560 070.

12. Mr. Hari Prasad,

Aged major, Residing at No.303,

Patel Nest Apartments, No. 33/2,

1st cross, Kempegowda circle, Near Maruti Layout, Dasarahalli, Bangalore North – 560 024.

13. Mr. Siddarth Sarnaik,

Aged major, Residing at No.217,

Sterling Orchards, Flat No.101,

5th Cross, CV Raman Road,

RMV 1st stage, Bangalore – 560 025.

14. Mr. R. Prabhakar

Aged major, at 2nd Floor,

Classic Court, 9/1

Richmond Road,

Bangalore – 560 025.

15. Vistra ITCL (India Limited)

A company incorporated under the Companies Act, 1956 Having Registered office at IL & FS Financial Center, Plot C- 22, G-Block,Bandra –Kurla Complex, Bandra (East), Mumbai – 400 051

and a branch office

A1-Lataj, 1st Floor, No.2, Union Street, Off Infantry Road, Bangalore – 560 001.

16. New Okhla industrial Development Authority, Through its Chairman –cum-CEO, Main Administrative Building, Section -6, Noida, Gautam Budh Nagar, Lucknow, Gautam Budda Nagar, Uttar Pradesh.

…..Respondents.

ORDERS on the MEMO dated 13.04.2026 & IA 82/2026

1. The OA filed before the Ld. DRT, Bangalore now transferred to this Tribunal bearing no. TA 112/2022 is for the recovery of sum of Rs. 1150,37,76,400/- against defendants 1 to 14 jointly and severally.

2. The matter was pending before the Hon’ble Supreme Court of India in C.A. No. 16129 – 16130/2023.

3. Ld. Counsel on both the sides submit that the matter before the Hon’ble Supreme Court of India came to be disposed of by a note that matter would be settled and therefore it is submitted that there is no impediment to consider the memo and the IA

filed by the parties.

4. The memo dated 13.04.2026 is filed by the applicant – ARC.

5. The IA 82/2026 is a joint application filed Section Under 19 (25)

of RDB Act duly signed by the applicant and D1 to D8, D10 &

D15.

6. Perused both the memo and the IA filed jointly by the parties.

7. It is seen from the memo dated 13.04.2026, the applicant submits that the defendants 1, 2, 5, 6, 8 & 9 had entered into a memorandum of entry dated 12.10.2017 depositing the original title deeds with the D15. It is also reported that upon the requisite payment of consideration by D9 only a discharge deed dated 23.09.2024 is entered between D9 & D15 and schedule –

B properties were released. Likewise, schedule – D properties which were mortgaged by D4 for which the amounts were paid by D1, a discharge deed is entered between defendants 1, 3, 11, 12, 13, 14 & 15 and the discharge deed dated 25.09.2024 is executed.

8. It is submitted in the memo filed by the applicant that consequent to the above discharge deeds dated 23.09.2024 and 25.09.2024, the claims of the applicant as against defendants 9, 11, 12, 13 & 14 are not pressed and the claim against them is sought to be withdrawn. The Ld. Counsel appearing for D5 to D9

submits that she has no objection to allow the memo. Likewise, The Ld. Counsel appearing through VC have also no objection to allow the memo.

9. In the joint application in IA 82/2026, the prayer is to pass a consent decree in terms of the MRA as against defendants 1 to 8 & 10. Defendant no.15 is the security trustee.

10.

In view of the parties, having no objection to pass the final orders which covers the entire parties arrayed, the TA stands disposed of by the following,