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2020 Supreme(SC) 102

L.NAGESWARA RAO, DEEPAK GUPTA
Vinay Kumar Mittal – Appellant
Versus
Dewan Housing Finance Corporation Ltd. – Respondent


Advocates Appeared:
For the Appellant :Ashish Virmani, Gollamuni Sri Harsha Datta, Akshay Abrol, Saksham Grover, Himanshu Dhuper, Advocates
For the Respondent:Ramji Srinivasan, Sunil Fernandes, Anindita Roy Chowdhury, Vatsala Rai, Raghav Chadha, Nupur Kumar, Zeeshan Diwan, Kuldeep S. Parihar, H. S. Parihar, Paresh Lal, Simran Bhat, Anannya Ghosh, Sayobani Basu, Anshula L. Bakhru, Dunga P. Manda, Advocates

JUDGMENT

L. Nageswara Rao. J.

The above appeals are filed against the interim orders passed by the High Court of Judicature at Bombay on 10.10.2019, 17.10.2019 and 13.11.2019. The order dated 08.11.2019 passed by the Debts Recovery Tribunal-I, Mumbai following the order of the High Court dated 17.10.2019 is also in challenge in the above appeals. For the sake of convenience, the facts in Commercial Suit No.1034 of 2019, filed by Reliance Nippon Life Asset Management Ltd. are referred to in this judgment. Reliance Nippon Life Asset Management Ltd. (hereinafter referred to as, 'Respondent No.4') filed Commercial Suit No.1034 of 2019 for recovery of a sum of Rs.479,31,29,113/- along with interest at the rate of 18 per cent. In a nutshell, the case of Respondent No.4 is that it subscribed to Non-Convertible Debentures (NCDs) of Dewan Housing Finance Corporation Limited (DHFL, hereinafter referred to as, 'Respondent No.T) to the tune of Rs.63,41,72,000/, that were issued through a public offer. In 2017-2018, Respondent No.4 further subscribed to NCDs of Respondent No.1, aggregating to Rs. 365 crores, issued on a private placement basis. Respondent No.4 became entitled to early redemption


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