9911796707
TMI Blog2019 (1) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... ions put by the petitioner – is plainly not maintainable. This Court cannot issue a mandamus directing the respondent banks to restructure the financial assistance granted by them to the petitioner. Direction to the respondent banks to provide necessary guidelines and/or resolution plans for continuing of daily business of the petitioner - Held that:- The same is also unmerited - This is so as the respondent banks have already examined the petitioner’s case within the framework of the circulars issued by the Reserve Bank of India. It is also relevant to note that the CAP, as envisaged in the RBI’s circular dated 26.02.2014, also includes the option for recovery of dues. The decision as to whether the respondent banks require to support a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... daily business of the Petitioner Company, in case the resolution plan provided by the Petitioner Company is unacceptable to the Respondent Banks; 2. The petitioner had availed of financial assistance from various banks, which are arrayed as respondents in the present petition. Admittedly, the petitioner has been unable to repay its debts due to various reasons, which the petitioner claims are beyond its control and/or occasioned by publication of false statements at the instance of two of its competitors. 3. Since the financial assistance extended to the petitioner exceeded 100 crores (thousand million), the respondent banks formed a Joint Lenders Forum (JLF) with respondent no.1 (Canara Bank) being the lead banker. 4. The peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ock audit report despite various reminders. Thus, its claim of holding stocks in excess of 1400 crores remains unsubstantiated. He further submitted that the petitioner s account has been classified as a Red Flag Account (RFA) and it is not possible for the lenders to consider any further rehabilitation proposals. 8. Mr Ateev Mathur, learned counsel appearing for respondent no.4 (ICICI Bank Limited) handed over a compilation of the Minutes of the Meetings of the JLF held on 16.01.2018, 28.03.2018 and 15.05.2018. He submitted that the respondents had held discussions to ascertain whether a restructuring plan was feasible and had concluded that the petitioner has been unable to present any concrete action plan despite sufficient opportuni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... convincing. It is also felt that company is just coming with proposals for the sake of proposals without tangible/concrete details. * Lenders have decided to go with M/s Haribhakti CO LLP having quoted Fee of ₹ 14 lacs pluas taxes for assignment of forensic audit. * Company to submit PBS by June 1st week * Company to comply all the pending matters * Recovery process like DRT/NCLT etc will continue, * Cost of the forensic audit will be shared in proportion of the lenders liability. 12. In the aforesaid view, the contention that the respondent banks have not explored the possibility of a restructuring plan, is unmerited. The relief as sought by the petitioner to direct the respondent banks to con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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