ORAL ORDER

The Petitioner seeks a writ of Mandamus directing Respondent No.1 to withdraw or discharge the mortgage lien on the Petitioner’s assets, to issue a No Objection Certificate (NOC) allowing the Petitioner’s entity to exit the CDR process, and to upload the NOC on the Ministry of Corporate Affairs website.

1.1. Additionally, the Petitioner seeks a refund of Rs.75,17,000/- , so paid under protest, over and above the agreed Right of Recompense (RoR) amount which was already paid by the subsidiary company, prior to its merger with the petitioner entity.

1.2. Furthermore, the Petitioner seeks a writ of Certiorari to declare the communication dated 28.08.2017 (Annexure A) illegal and to quash it, and he also seeks a direction to Respondent No.2 (RBI) to implement the CDR Circular.

2. The dispute relates to the amount payable by the Petitioner’s entity to the lender, Respondent No.1, under the lender’s Right of Recompense for losses incurred by the respondent bank during corporate debt restructuring and the amalgamation of the borrower-subsidiary company into the Petitioner’s entity. The Right of Recompense is a recovery by lenders in due course of time for the debt sacrificed on str