Securities and Exchange Board of India vs Rajkumar Nagpal

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(Bom) 241

S.J.KATHAWALLA, MILIND N.JADHAV
Securities and Exchange Board of India – Appellant
Versus
Rajkumar Nagpal – Respondent

Advocate Appeared:
Mr. Arvind Datar, Senior Advocate alongwith Mr. Mustafa Doctor, Mr. Suraj Choudhary, Mr. Mihir Mody, Mr. Dhaval Patil and Mr. Arnav Misra instructed by K. Ashar & Co., Mr. Rohan Mathur, Mr. D.J. Khambatta, Senior Advocate alongwith Mr. Prateek Sekseria, Mr. Subir Kumar, Ms. Disha Shah, Mr. Karan Rukhana, Mr. Nishant Chotani and Mr. Yash Chheda instructed by SDS Advocates, Mr. Ravi Kadam, Senior Advocate alongwith Mr. Yohaann Limathwalla and Mr. Shahbaz Malbari instructed by J. Sagar Associates, Dr. Birendra Saraf, Senior Advocate alongwith Ms. Tine Abraham, Mr. Siddharth Ranade, Ms. Varuna Bhanrale, Ms. Samrudhi Chothani and Mr. Raghav Bhargava instructed by Trilegal, Vistra ITCL (India) Ltd., Mr. Janak Dwarkadas, Senior Advocate alongwith Mr. Tushad Kakalia, Ms. Anaisha Zachariah and Ms. Vidhi Dhanuka instructed by Crawford Bayley & Co.

JUDGMENT :

S.J. KATHAWALLA & MILIND N. JADHAV, JJ.

INTRODUCTION :

1. This Appeal filed by the Securities & Exchange Board of India (“SEBI”) challenges an order dated 28th October, 2021 read with an order dated 15th November, 20211, both passed by the Ld. Single Judge (“Impugned Orders”).

FACTS

2. Prior to proceeding further, it would be necessary to set-out the following facts:

2.1 On 3rd May, 2017, a Debenture Trust Deed was executed between Reliance Commercial Finance Limited/Respondent No.11 (“RCFL”) as ‘Issuer’ and Vistra ITCL (India) Limited/Respondent No.13 (“Vistra”) as ‘Debenture Trustee’ for the issuance of Non-Convertible Debentures (“NCDs”) in the sum of Rs.2,000 Crores.

2.2 Two further Debenture Trust Deeds were also executed on 23rd May, 2017 and 5th February, 2018 respectively between RCFL as ‘Issuer’ and Vistra as ‘Debenture Trustee’.

2.3 The aforesaid Debenture Trust Deeds are hereinafter collectively referred to as the “DTDs”.

2.4 On 7th June, 2019, the Reserve Bank of India/Respondent No.14 (“RBI”) issued its Prudential Framework for Resolution of Stressed Assets Circu

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2022 Supreme(Bom) 241

S.J.KATHAWALLA, MILIND N.JADHAVSecurities and Exchange Board of India – AppellantVersusRajkumar Nagpal – Respondent

Cases Referred (5)

S.J.KATHAWALLA, MILIND N.JADHAV
Securities and Exchange Board of India – Appellant
Versus
Rajkumar Nagpal – Respondent