ORDER

(The matter is taken up through web hearing.)

The relevant facts which form the basis for deciding the preliminary issue as to the maintainability of the Writ Petition are stated hereunder: The petitioner is a Public Limited Company incorporated under the Companies Act, 1956. The Writ petition is filed against the letter of the 4th respondent dated 30.04.2021 calling upon the petitioner Company to forthwith pay Rs.1995,95,17,808/- (Rupees Nineteen hundred ninety five crore, ninety five lakhs, seventeen thousand, eight hundred and eight only) within 7 days as the outstanding due as on March 31, 2021, failing which, further action would be taken including revocation of Restructuring Agreement entered into between the petitioner Company and the 4th respondent dated 26.07.2018. The 4th respondent herein is also a Company incorporated under the Companies Act, 1956 and is an Asset Reconstruction Company, hereinafter referred to as 'EARC'. The letter dated 30.04.2021, which is impugned in the writ petition, is a fall out of default committed by the petitioner Company towards discharge of the debts forcing the 4th respondent EARC, which company has been assigned the debts due to 9 Initial Lenders under various Agreements between July, 2015 and September, 2016.

2. The petitioner herein is one of the principal promoters of the 1st respondent Company, namely Karaikal Port Trust Limited. Originally, the

2nd respondent, the Government of Puducherry executed a Concession Agreement for the development of Karaikal Port Trust on 25.01.2006 whereby, the petitioner was granted Concession on a public private partnership of BOT (Building, Operate, Transfer) basis for developing and operating Greenfield Port in Union Territory of Puducherry. The term of Concession Agreement initially is stated to be for a period of 30 years which commenced from 01.06.2009 and subsequently on 06.11.2006, all the rights/interest, commitments, responsibilities and obligations were transferred from the petitioner to the 1st respondent.

3. The 1st respondent, in furtherance of the Concession Agreement had availed loans from consortium of Initial Lenders from Indian Bank, Oriental Bank of Commerce, Allahabad Bank, Indian Overseas Bank, Central Bank of India, Punjab National Bank, United Bank of India, Indian Bank,India Infrastructure Finance Company Limited, Syndicate Bank, Corporation Bank and State Bank of Hyderabad. Over a period of time, according to the petitioner, there was economic slowdown which resulted in the under utilisation of Karaikal Port's capacity, leading to financial stress and crunch. As a consequence of which, there was default in repayments of the debts resulting in the debt being restructured in 2012-13 and subsequently, out of the initial lenders, nine lenders had assigned the debts to be discharged against them to the 4th respondent EARC. Thereafter, in order to revitalise the Port activities, the 4th respondent entered into Master Reconstructing Agreement, hereinafter referred to 'MRA'. The outstanding debt as on 26.07.2018, was restructured under MRA.

4. According to the petitioner, the payments due to the 4th respondent had been periodically made without any default. However, the 1st respondent for various reasons was facing hardship in its activities and more particularly, due to global outbreak of Corona pandemic. The 1st respondent, like all other businesses had also been affected and has been suffering loss due to drastic reduction in traffic/cargo due to Covid-19 situation from March 2020. In the said circumstances, the 1st respondent has sent communication to the 4th respondent requesting for restructuring of the debts repayments particularly in line with the relief package introduced by Reserve Bank of India, the 5th respondent herein. The Reserve Bank of India has announced moratorium, vide its circular dated 27.03.2020, which permitted all lending institutions to extend the benefit of moratorium for a brief period of three months p