ORDER

Per: Justice Vivek Rusia

1. Petitioners have filed this present petition under Article 226 of the Constitution of India seeking quashment of impugned sanction dated 30.11.2021 issued by respondent No.1 and the look out circular issued against them.

2. The company SPG Multi Trade Private Limited (hereinafter referred as “Company”) was incorporated on 24.2.2006 by the erstwhile promoters. The petitioners became major shareholder of the Company by virtue of purchase of shares between the years 2008 to 2011. The company availed financial assistance in the year 2009 from IDBI Bank to the tune of Rs.5 Cr., however the said facility was increased from time to time up to 2017 to the tune of Rs.70 Cr. In the year 2016 the company made a request to the IDBI Bank for grant of NOC to enter into a transaction for taking over company by a listed entity. The IDBI Bank refused to give such NOC and insisted that the existing management should continue with the company.

3. The IDBI Bank declared the account of the company as NPA on 18.3.2019 due to default in repayment of the loan amount. On 3.3.2020 the CIRP (Corporate Insolvency Resolution Process) proceedings were admitted against the company u