Lakshmi Energy And Foods Ltd. vs Reserve Bank of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2018 Supreme(Del) 2739

VIBHU BAKHRU
Lakshmi Energy And Foods Ltd. – Appellant
Versus
Reserve Bank of India – Respondent

Advocates Appeared:
For the Petitioner: Mr. Kapil Sibal, Sr. Adv with Mr. Vivek Chib, Mr. Vikramaditya and Mr. Asif Ahmed, Mr. Amrendra Mehta and Mr. Himesh Thakur and Ms Pracheta Kar.
For the Respondents:Mr. H.S. Parihar and Mr. Kuldeep S. Parihar RBI. Mr. Rajesh Kumar Gautam and Mr. Aakash Sehrawat PNB. Mr. Ramji Srinivasan, Senior Advocate with Mr. Diwakar Maheshwar, Mr. Aditya Vikram Singh, Mr. Naveen Hegde and Mr. Bunmeet Singh ICICI Bank. Mr. R.S. Raju, Mr. M. Chandra Sekhar and Ms. Megha Syndicate Bank., Mr. Sumit Nagpal for Axis Bank.

JUDGMENT :

VIBHU BAKHRU, J.

1. The petitioner has filed the present petition, inter alia, praying as under:-

“I. Issue an appropriate writ/order/direction thereby directing Reserve Bank of India/Respondent No. 1 herein to ensure implementation/compliance of RBI Guidelines/Circulars dated 30.01.2014, 26.02.2014 and 05.05.2017 vis-a-vis Joint Lenders Restructuring Agreement dated 27.06.2015 invoked and implemented qua the Petitioner Company herein.”

2. The petitioner also impugns the proceedings of the Joint Lenders Forum (hereafter ‘JLF’) dated 09.02.2018 wherein the minutes of the JLF’s meeting held earlier on 23.01.2018 were confirmed.

3. The petitioner is a company incorporated under the Companies Act, 1956 and is engaged, inter alia, in the business of processing paddy and exporting rice. The petitioner had availed of certain financial assistance from respondent nos. 2 to 5 (hereafter collectively referred to as ‘the respondent banks’). Respondent no.2 (Punjab National Bank – hereafter ‘PNB’) is the lead banker in respect of the said assistance. The petitioner has failed to repay

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2018 Supreme(Del) 2739

VIBHU BAKHRULakshmi Energy And Foods Ltd. – AppellantVersusReserve Bank of India – Respondent

Cases Referred (3)

VIBHU BAKHRU
Lakshmi Energy And Foods Ltd. – Appellant
Versus
Reserve Bank of India – Respondent