2019 (5) TMI 2008 - SCH - Indian Laws

Sale of assets of the company in liquidation of the companies debts - petitioners wish to make a representation to the Review Committee of the Axis Bank as to whether, in the light of these subsequent events, they should be continued to be classified as wilful defaulter - HELD THAT - Such representation will be made within two weeks from today. The Review Committee under the Master Circular dated 01.07.2015 of the Reserve Bank of India, will then decide the said representation and give its reasons in accordance with judgment in STATE BANK OF INDIA VERSUS M/S. JAH DEVELOPERS PVT. LTD. ORS. 2019 (5) TMI 862 - SUPREME COURT . SLP disposed off.

Summary

The Supreme Court of India ordered that the petitioners can make a representation to the Review Committee of Axis Bank regarding their classification as wilful defaulters within two weeks. The Review Committee will decide based on the judgment delivered on May 8, 2019, in Civil Appeal No. 4776 of 2019. Special leave petition stands disposed of.