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DELHI HIGH COURT
PRATHIBA M.SINGH
Amit Khaneja – Appellant
Versus
IL & FS Financial Services Ltd. – Respondent
| Table of Content |
|---|
| 1. legalities surrounding ots and impact of npa declaration. (Para 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 2. arguments regarding contractual obligations and rbi circulars. (Para 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 3. analysis of pandemic's relevance to existing defaults. (Para 25 , 26 , 28 , 29 , 30 , 32 , 33 , 34 , 35 , 36 , 37) |
| 4. final dismissal of the writ petition. (Para 38) |
JUDGMENT
Prathiba M. Singh, J. This judgment has been pronounced through video conferencing.
2. The present writ petition has been filed challenging the impugned letter dated 26th May, 2020 sent by Respondent No.1/IL&FS Financial Services Ltd. (hereinafter `IL&FS'), by which it has revoked the in-principle agreement for one-time settlement (hereinafter `OTS') with the Petitioners in relation to repayment of debt. The reliefs prayed for are set out below:
"a) Issue a Writ of mandamus and/or any other appropriate writ/direction/or order setting aside Respondent's letter dated 26.05.2020 and grant all consequential reliefs;
b) Pass any appropriate writ/direction/or order directing the Respondent to extend the time by 3 months for repayment under the terms of Respondent's
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