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TMI Blog2023 (7) TMI 1367X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial institutions/lenders and their officers, representatives and managers, to somehow restrain them from pursuing recovery proceedings of their enforceable debts, and/or to compel them to make settlement of their dues - HELD THAT:- It is not deemed appropriate to permit the petitioners to approach the respective jurisdictional High Courts to challenge all four FIRs and the ECIR within two weeks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Digvijay Dam, Adv., Dr. N. Visakamurthy, Adv., Mr. Zeeshan Diwan, AOR, Mr. Rajender Wali, Adv., Mr. B. K. Satija, AOR, Dr. Abhishek Manu Singhvi, Sr. Adv., Mr. Ravi Prakash Mehrotra, Sr. Adv., Mr. L. Zafeer Ahmed, Adv., Mr. Rudra Pratap, Adv., Mr. Amit Bhandari, Adv., Ms. Deepti R. Mehrotra, Adv., Mr. M. Shaz Khan, Adv., Mr. Prasenjit K. Chakarvarti, Adv., Mr. Apoorv Srivastava, Adv., Ms. Gayatri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 SCC 287, this Court had noticed that taking recourse to criminal law by bypassing statutory remedies to bring the financial institutions on their knees, has the inherent potentiality to affect the marrows of economic health of the nation. Further, in "Vijay Kumar Ghai & Anr. Vs. State of W.B. & Ors." (2022) 7 SCC 124, this Court quashed the criminal proceedings being abuse of law in a purely ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FIR No. 427/2023 and 197/2023, now the ED has registered ECIR bearing No. ECIR/HIU-I/06/2023 in Delhi. The petitioners have now challenged the said FIRs and ECIR. 6. In the circumstances, as it may also involve adjudication on facts, we deem it appropriate to permit the petitioners to approach the respective jurisdictional High Courts to challenge all four FIRs and the ECIR within two weeks from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ves and managers till final disposal of such petitions by the High court, and it would be open for the petitioners to seek stay of proceedings which would be considered by the High Court on its own merits. It is clarified that this interim protection would only be applicable to the petitioner financial institution and its officers, representatives and managers, and not to any other person. 10. Al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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