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TMI Blog2020 (2) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... ormed that there are nearly one lakh depositors who have invested their life time earnings with Respondent No.1. Some of the deposits have matured and some of the depositors are critically ill. We have no doubt that the concerns of the depositors and their rights shall be considered in accordance with law. Appeal disposed off. - Civil Appeal No. 654 -660 of 2020 (Arising out of SLP (C) No.30372-30378 of 2019) - - - Dated:- 31-1-2020 - L. Nageswara Rao And Deepak Gupta, JJ. For the Appellant : Mr. Ashish Virmani, AORMr. Gollamuni Sri Harsha Datta, Adv.Mr. Akshay Abrol, Adv.Mr. Saksham Grover, Adv.Mr. Himanshu Dhuper, Adv For the Respondent : Mr. Ramji Srinivasan, Sr. Adv Mr. Sunil Fernandes, AOR Mr. Anindita Roy Chowdhury, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... early redemption of private placement NCDs in March, 2019 due to the down grading in ratings of the NCDs issued by Respondent No.1. Respondent No.1 failed to pay the entire amount towards the early redemption. 2. By an order dated 30.09.2019, the High Court of Judicature at Bombay restrained Respondent No.1 from making further payments disbursements to any unsecured creditors and secured creditors except in cases where payments are to be made on a pro-rata basis to all secured creditors out of its current and future receivables in preference to the payments owed to Respondent No.4. 3. By an order dated 10.10.2019, the High Court directed the continuance of the order passed on 30.09.2019 till the disposal of the motion. Similar orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy and Liquidation Proceedings of Financial Service Providers and Application to Adjudicatory Authority), Rules, 2019 (hereinafter referred to as the FSP Rules ) before the National Company Law Tribunal (hereinafter referred to as, NCLT), Mumbai to initiate the Corporate Insolvency Resolution Process (CIRP) against Respondent No.1. Mr. Vishwanathan also informed this Court that an order was passed by the NCLT on 03.12.2019, imposing moratorium under Section 14 of the IBC prohibiting the institution of any suit or continuation of proceedings or execution of any decree against the Financial Service provider i.e. DHFL and transferring, alienating or disposing of any asset of DHFL and any action to foreclose, recover or enforce any security i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or execution of any decree against the Financial Service Provider i.e. the Respondent No.1 herein shall be prohibited. The transfer alienation or disposal of any asset of the FSP were forbidden. Any action to foreclose, recover or enforce any security credit by the FSP in respect of a property was also debarred. However, the supply of essential goods or services to the FSP was permitted to be continued in an un-interrupted manner and not to be terminated or suspended by the supplier during the moratorium. 9. The Administrator was permitted to cause a public announcement intimating the initiation of corporate insolvency resolution process and calling for admission of claims as prescribed in Section 15 of the IBC. The NCLT referred to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts expressed his apprehension that the interim orders dated 10.10.2019 as modified by the order dated 13.11.2019 might come in the way of consideration of the claims that are made by the depositors before the Committee of Creditors and the Administrator. After hearing the learned counsel for the Administrator and the RBI on this point, we are of the opinion that the claims that are made by the depositors shall be considered by the Committee of Creditors and the Administrator without being influenced by the orders passed by the High Court on 10.10.2019 as modified by order dated 13.11.2019, as well as the order passed by the Debts Recovery Tribunal-I, Mumbai on 08.11.2019. 14. Mr. Bhushan further submitted that the decision taken by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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