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HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR
ANUROOP SINGHI, J.
Lal Chand Morani, S/o Late Shri. N R Morani - Petitioner
Versus
HDFC Bank Limited - Respondent
S.B. Civil Writ Petition No. 4928 of 2026
Decided On : 23-04-2026
| Table of Content |
|---|
| 1. background of financial default and assignment of assets. (Para 1 , 2 , 3 , 4 , 6 , 7 , 8 , 9 , 10) |
| 2. petitioner argues bank acted arbitrarily; claims writ maintainability against private bank. (Para 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24) |
| 3. bank denies maintainability and alleges suppression of material facts. (Para 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41) |
| 4. private bank actions lack public duty element; writ not maintainable. (Para 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54 , 55 , 56 , 57) |
| 5. suppression of material facts bars discretionary relief. (Para 58 , 59 , 60 , 61 , 62 , 63 , 64 , 65) |
| 6. writ dismissed due to lack of maintainability and unclean hands. (Para 66 , 67) |
ORDER :
ANUROOP SINGHI, J.
1. The present writ petition has been filed by the petitioners with the following prayers:-
“Therefore, in view of the facts and circumstances stated hereinabove, it is most respectfully prayed that this Hon’ble Court may graciously be pleased to:
a. Issue an appropriate writ, order or direction including a writ in the nature of Certiorari thereby quashing and setting aside the Impugned Newspaper Publication dated 07.03.2026 issued by Respondent No.1 inviting counter bids for sale of the financial assets of the Petitioners;
b. Issue an appropriate writ, order or direction directing Respondent No.1 Bank to consider the Petitioners’ proposal to deposit a sum of Rs.25,25,00,000/- (Rupees Twenty-Five Crores and Twenty-Five Lakhs only) towards settlement of the outstanding dues, particularly in light of the fact that the Respondent Bank itself has identified an anchor bid of Rs.25 Crores for the proposed assignment of the financial assets;
c. Issue an appropriate writ, order or direction directing Respondent No.1 to take a fair, reasoned and objective decision on the Petitioner’s proposal within such time as may be deemed fit by this Hon’ble Court.
d. Issue an appropriate writ, order or direction directing Respondent No.2 through its Resolution Professional to extend necessary cooperation and not to obstruct or take any steps adverse to the Petitioners in relation to the proposed settlement of the dues of Respondent No.1 Bank, and to take all consequential steps as may be required to facilitate the implementation of any settlement or arrangement that may be considered or approved pursuant to the directions of this Hon’ble Court.
e. Pass any other or further order(s) which this Hon’ble Court may deem fit, proper and just in the facts and circumstances of the present case.”
2. A bare perusal of the prayers made in the writ petition reveals that the challenge made by the petitioners is to a newspaper publication dated 07.03.2026 (Annexure-2), issued by respondent No.1 – HDFC Bank Ltd., vide which it has invited counter bids for assignment/sale of the financial assets of the petitioners No.2 to 4 and respondent No.2, who are its borrowers, under the Swiss Challenge Method and with a further prayer that the One Time Settlement (OTS) Proposal made by the petitioners of an amount of Rs.25,25,00,000/- be considered towards settlement of the entire outstanding dues instead of assigning the same to a third party.
Another prayer has also been made seeking certain directions to be issued to the Interim Resolution Professional (IRP) of respondent No.2 and to also direct him to not to take any adverse steps against the petitioners.
3. Thus, the present petition invites this Court to adjudicate upon the action of HDFC Bank Ltd. in assigning/selling the financial assets of the petitioners and respondent No.2 by adopting the Swiss Challenge Method.
FACTS:-
4. The facts leading to filing of the present writ petition are that respondent No.2 – Morani Motors Private Limited, petitioner No.2 – Morani Motocorp Private Limited, petitioner No.3 – Morani Cars Private Limited and petitioner No.4 – Morani Motoparts Private Limited had availed various credit facilitie
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