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TMI Blog2024 (2) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... late a framework for revival and rehabilitation of Medical Research Institutions which are in, incipient stress to secure public interest under Section 21 of the Banking Regulation Act, 1949 - direction to Respondent No. 6 to constitute a Committee to examine the irregularities in the conduct of the Corporate Insolvency Resolution Proceedings pertaining to Frontier Lifeline Private Limited initiated pursuant to the order of the Ld. National Company Law Tribunal, Chennai Bench. HELD THAT:- The Special Leave Petition, which suffered from a delay of 1615 days, was dismissed when it came up before the Court today - The narration will clearly indicate that what is now preferred as a petition, which was purportedly filed in the public inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Writ of Mandamus or any other appropriate writ, order or direction directing the Respondent No. 4 to formulate a framework for revival and rehabilitation of Medical Research Institutions which are in, incipient stress to secure public interest under Section 21 of the Banking Regulation Act, 1949; D. a Writ of Mandamus or any other appropriate writ, order or direction directing the Respondent No. 6 to constitute a Committee to examine the irregularities in the conduct of the Corporate Insolvency Resolution Proceedings pertaining to Frontier Lifeline Private Limited initiated pursuant to the order of the Ld. National Company Law Tribunal, Chennai Bench dated 2.08.2018 in CP/698/1B/CB/2017. 2. In the Synopsis which has been fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Frontier Mediville Project, the Petitioner on the one hand aimed to bridge the gaps in affordable healthcare and research and on the other he sought to generate employment and skilled training amongst the village population of Tamil Nadu. The Petitioner undertook a series of impactful medical research projects at Frontier Mediville. Cardiac care innovations were carried out and MoUs were entered with institutes such as Indian Space Research Organization ( ISRO ), Georgia Tech and Georgia University of Technology, USA and IIT Madras to manufacture indigenous advanced medical devices such as artificial blood and artificial heart. Further, the Frontier Mediville Project was the state-of-the art institution for perpetuation of advance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disburse the loan under the real estate project terms but also started overburdening the facility by adding the interest dues to the principal amounts and escalating the liability of the Petitioner to INR 154 crores within a very short time. On one occasion, Respondent No. 2 and 3 demanded payment of about INR 1 crore from the Petitioner within a few hours to save FLPL from being declared a Non-Performing Asset ( NPA ). Despite the deposit of this amount, Respondent No. 2 and 3 went ahead and declared FLPL as an NPA in 2013. It is pertinent to note that the same was in violation of the RBI master circular bearing no. UBD BPD (PCB) MC No.3/09.14.000/2013-14 dated 01.07.2013 that directed against considering temporary failure of payment of lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Research activities could commence only in 2014 as the SEZ approvals from Committee for the Purpose of Control and Supervision of Experiments on Animals ( CPCSEA ) under the Department of Animal Welfare, Government of India were still under process. It was indeed shocking for the Petitioner when he realized that renowned institutes of the likes of PGI, Chandigarh did not even have an Institutional Ethics Committee, a significant body for getting approvals for research. Owing to the abovementioned reasons, the Petitioner was prevented from pursuing advanced medical research and working towards advanced affordable healthcare as neither the resources, nor the technical know-how could be found anywhere else in India. The Frontier Mediville f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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