9911796707
TMI Blog2024 (9) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... ropriate writ, order or direction, directing the Respondent No. 1, Reserve Bank of India, to appropriately include guidelines and instructions for enforcement of Corporate and Personal Guarantees in the Circular bearing No. RBI/2024-25/03, DOR. STR.REC.2/13.07.010/2024-25 titled as Master Circular on Guarantees & Co-acceptances dated 01.04.2024 in exercise of its powers under the Banking Regulation Act, 1949; (ii) Grant an appropriate writ, order or direction, directing the Reserve Bank of India to issue appropriate directions to conduct an enquiry into the affairs of the Respondent No. 2 Bank in relation to the facts of the instant case and to take appropriate penal and remedial actions against Respondent No. 2, in exercise of its powers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2022. 7. In the meanwhile, respondent No.2/ICICI Bank, also initiated CIRP against the petitioner vide CP (IB) No. 119/2021, based on the failure of the petitioner to honour the Guarantee Deed dated 10.08.2016 and, thereby claiming an amount of Rs. 34.66 crores, which was admitted by the NCLT vide order dated 26.04.2023 for hearing. 8. Aggrieved thereof, the petitioner preferred an appeal, which came to be decided by the NCLAT National Company Law Appellate Tribunal vide order dated 02.07.2023, but was unsuccessful, and therefore, CA No. 7953/2024 was filed before the Supreme Court, which was dismissed. However, it was clarified as under:- " We, however, clarify that the issues and contentions available to the appellant, Seeta Shah, ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest, making a claim over and above the aforesaid clause in the Guarantee Deed to the tune of Rs.60 crores. 11. Alluding to the Clause 2.2.9(D) of the "Master Circular on Guarantees and Co-acceptance" in the exercise of powers under Banking Regulation Act, 1949 Banks may also obtain guarantees at their discretion from the parent/holding company when credit facilities are extending to borrowing units in the same group, it is submitted that the aforesaid guidelines leave much scope for manipulation on the part of the banks and financial institutions, thereby giving them unfettered powers to inflate their claims, which makes the settlement process almost impossible if not complicated. 12. Learned counsel for respondents No.2/ICIC Bank has u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appears that there is no question of provision for interest, while calculating the aforesaid Corporate Guarantee except to the extent of the amount provided therein. 15. Be that as it may, the NCLT is only seized of the matter and it is competent to decide upon the quantum of the claims that would impact the entire CIRP proceedings, including but not limited to the valuation of the Resolution Plans and the ability of the petitioner to settle the proceedings under Section 12-A of the IBC. 16. Learned counsel for the petitioner pointed out that the proceedings are listed for hearing before the NCLT on 22.08.2024. 17. In view of the above, the present writ petition is disposed of with direction to the NCLT to decide the preliminary issue as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
