JUDGEMENT

16.04.2024 MINI PUSHKARNA, J:

1. The present petition has been filed inter-alia seeking directions to the respondents (also referred to as “Lenders”) to forthwith release the pledge over the equity shares of the petitioner (also referred to as “Company”) in terms of the Master Resolution Agreement (“MRA”)

dated 29th May, 2021, entered between the petitioner and the respondents. The present petition arises from the grievance of the petitioner that despite making full payment of the Resolution Amount of Rs. 2450/- Crores (Rupees Two Thousand Four Hundred and Fifty Crores Only) before the scheduled date of payment, the respondents have refused to release the secured assets of the petitioner.

2. The brief facts of the matter are as follows:

2.1 The petitioner secured certain financing facilities in the form of Term Loan Facilities, Working Capital Loan, Fund Based and Non-Fund Based (“NFB”) Facilities from the respondents under various agreements/facility agreements and instruments (“Financing Facility Agreements”). The respondent no.1/Punjab National Bank (“PNB”) was designated as the lead bank of the consortium of Lenders, comprising of respondent nos. 1 to 13.

2.2 Th