RAJENDRA MENON, V.KAMESWAR RAO
Lakshmi Energy & Food Ltd. – Appellant
Versus
Reserve Bank of India – Respondent
V. Kameswar Rao, J.—Present appeal has been filed challenging the judgment dated 24th September, 2018 passed by the learned Single Judge dismissing the petition being W.P.(C) 5555/2018 filed by the appellant herein (Lakshmi Energy).
2. The case of the appellant in the writ petition was primarily for appropriate writ / order / direction directing the Reserve Bank of India to ensure compliance / implementation of its Guidelines / Circulars dated 30th January, 2014, 26th February, 2014 and 5th May, 2017, vis-à-vis the Joint Lenders Restructuring Agreement (JLRA) dated 27th June, 2015.
Facts
3. The facts as averred in the appeal are that the appellant Lakshmi Energy, a Company incorporated under Companies Act, 1956 is involved in the business of processing paddy and exporting rice. In the year 2010, it had availed of certain financial assistance from a Consortium of Banks comprising of respondent nos. 2 to 5 herein with respondent no.2 (Punjab National Bank, hereinafter referred to as PNB) being the lead banker. Sometime in 2014 on account of non-conducive market conditions in th
Sardar Associates and Others vs. Punjab & Sind Bank (2009) 8 SCC 257. (Para 34)—Referred.
Innoventive Industries Ltd. v. ICICI Bank and Anr. 2018 1 SCC 407. (Para 41)—Referred.
Ajoy Kumar Banerjee v. Union of India and Ors. (1984) 3 SCC 127. (Para 58)—Referred.
Mardia Chemicals v. Union of India 2004 (4) SCC 311.(Para 59)—Referred.
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