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TMI Blog2021 (12) TMI 1513X X X X Extracts X X X X X X X X Extracts X X X X ..... Elvin Joshy, Adv. Mr.Kirtika Chhatwal, Adv. Mr.Ishtiaq Ali, Adv. Ms.Vinita Hombalkar, Adv. Mr.Zaman Ali, Adv. Mr.Sarvesh Singh, AOR(R-7) Mr. Atul Sharma, Adv Mr. Abhinav Sharma, Adv Mr. Gautam Talukdar, AOR Mr.A.P. Singh, Advocate Mr. Akanksha Das, Advocate M/S. M. V. Kini & Associates, AOR Mr. Sumit Gupta, Advocate Mr. Harish Salve, Senior Advocate Mr. Amit Sibal, Senior Advocate, Ms. Misha, Advocate, Mr. Siddhant Kant, Advocate Ms. Mahima Sareen, Advocate, Ms. Moulshree Shukla, Advocate Mr. Daksh Kadian, Advocate Mr. S. S. Shroff, AOR Mr. Vinay P. Tripathi, Adv. Mr. Vinamra Kopariha, Adv. Mr. Kaustubh Prakash Mr. Rishabh Sharma Mr. S. S. Shroff, AOR Mr. Neeraj Kishan Kaul, Senior Advocate Ms. Misha, Advocate Mr. Siddhant Kant, Advocate Ms. Mahima Sareen, Advocate Ms. Moulshree Shukla, Advocate Mr. Daksh Kadian, Advocate Mr. S. S. Shroff, AOR(R-7) Mr. P.V. Dinesh, AOR (R-5) Mr. Ashwini Kumar Singh, Adv Mr. Bineesh K., Adv ORDER Leave granted in SLP(C) No.5256 of 2020. This appeal arises out of Special Leave Petition (C) No.5256 of 2020 preferred by GTL Infrastructure Limited challenging the judgment and order dated 03.02.2020 passed by the High Court of Judicature at Bombay i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licy approved by the Board. The Board shall lay down policies and guidelines covering, inter alia, i. Financial assets to be sold; ii. Norms and procedure for sale of such financial assets; iii. Valuation procedure to be followed to ensure that the realizable value of financial assets is reasonably estimated; iv. Delegation of powers of various functionaries for taking decision on the sale of the financial assets; etc. (c) Banks/FIs should ensure that subsequent to sale of the financial assets to SC/RC, they do not assume any operational, legal or any other type of risks relating to the financial assets sold. (d) (i) Each bank/FI will make its own assessment of the value offered by the SC/RC for the financial asset and decide whether to accept or reject the offer. (ii)In the case of consortium/multiple banking arrangements, if 75% (by value) of the banks/FIs decide to accept the offer, the remaining banks/FIs will be obligated to accept the offer. (iii) Under no circumstances can a transfer to the SC/RC be made at a contingent price whereby in the event of shortfall in the realization by the SC/RC, the banks/FIs would have to bear a part of the shortfall. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as filed by the appellant praying for following reliefs: "a) Issue a writ of mandamus or other appropriate writ order or direction from this Hon'ble Court calling upon Respondent No.1 to cease its violations of the applicable laws including but not limited to the SARFEASI Act, ARC Guidelines, Change in Management Guidelines, Master Circular -Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances ("IRAC Guidelines") dated July 1, 2015, Stressed Asset Guidelines and Fair Practices Code: b) Issue a writ of mandamus or other appropriate writ order or direction from this Hon'ble Court directing Respondent No.1 to comply with its obligations under applicable laws including but not limited to the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. ARC Guidelines, Change in Management Guidelines, Master Circular -Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances ("IRAC Guidelines") dated July 1, 2015, Stressed Asset Guidelines and Fair Practices Code to restructure the debt to sustainable levels in accordance with the said applicable laws ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e judgment and order dated 03.02.2020 passed by the High Court of Judicature at Bombay dismissing Writ Petition (L) No.223 of 2020. The aforestated writ petition had sought following reliefs: "i. Restraining Respondent No.7 by itself, its servants, agents, officers and subordinates from in any manner whatsoever taking, or proceeding with, any steps or actions, that would prejudice the consideration by the domestic lenders of the Resolution Plan propounded by the petitioner pursuant to the domestic lenders having entered into the Inter-Creditor Agreement (ICA); ii. Taking any action against the Petitioner pursuant to and/or in furtherance of and/or in implementation of the Recall Notice dated 10/7/2018 (at Exhibit-R), Letter dated 4/6/2019 (at ExhibitBB), Letter dated 27/6/2019 (at Exhibit-II) and the Letter dated 12/12/2019 (at Exhibit-VV) hereto. iii. Restrain Respondent No.7, by itself, its servants, agents, officers and subordinates from in any manner proceeding with the Petition being CP(IB)-4535(MB)/2019 filed by it against the Petitioner under Section 7 of IBC before NCLT, Mumbai. e) For ad-interim reliefs in terms of prayer clause (c) above;" The petition was p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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