JUDGMENT :

AMIT BANSAL, J.

I.A. No. 15745/2022 (O-XXXIX R-1 & 2 of CPC) and I.A. No. 16168/2022 (of the defendant no. 1 u/O-XXXIX R-4 of CPC)

1. Brief facts relevant for deciding the present applications are set out below:

1.1 The plaintiff is the promoter and managing director of the defendant no. 2 company.

1.2 The defendant bank extended a cash credit facility to the defendant no. 2 company, for which the plaintiff pledged 30% promoters’ holding in the defendant no. 2 company with the defendant bank, and also assigned LIC policies bearing No. 115836269 and 115836270 in the name of the plaintiff to the defendant bank. A share pledge agreement dated 7th July, 2021 was executed by the plaintiff in favour of the defendant bank pledging 19,79,549 equity shares of the defendant no. 2 company with the defendant bank.

1.3 Business of the defendant no. 2 company was hit during COVID-19 Pandemic and meetings were held with the defendant bank for restructuring of the cash credit facility. The cash credit facility of the defendant no. 2 company was declared as a non-performing asset (NPA) by the defendant bank on 18th October, 2021, and on 20th October, 2021, the defendant bank sent a loan recall