Timely disposal of civil writ petitions to avoid hindrance in the sale of secured assets is crucial under the Securitisation Act.

O R D E R

1. Heard Mr. N Venkataraman, the learned ASG appearing for the petitioner-IFCI LIMITED.

2. It appears that the respondents herein have preferred Civil Writ Petition No.24980/2021 and Civil Writ Petition No.1223/2023 respectively in the High Court of Punjab and Haryana. In Civil Writ Petition No.24980/2021, the following reliefs have been prayed for:-

Signature Not Verified “a) Issue a writ in the nature of certiorari for Digitally signed by RADHA SHARMA quashing the impugned Auction Notice dated November Date: 2025.10.18

10:29:29 IST Reason:

17, 2021 (Annexure P1) issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and all other coercive/recovery measures taken by Respondent No.2 in light of assignment of debt and consequent extinguishment thereof in the hands of Respondent No.2 subsequent to the approval of resolution plan (Annexure P3) pertaining to the Principal Borroweron October 26, 2020.

b) Issue a writ of mandamus and/or any other appropriate writ directing Respondent No.2 to produce Assignment Agreement executed by the Respondent No.2 and No-Dues Certificate issued in favour of the Principal Borrower post the approval of the resolution plan on October 26, 2020; Direct the Respondent No.2 to produce books of accounts for classification of account of Principal Borrower as a non-performing asset.

c) Issue a writ of mandamus and/or any other appropriate writ directing Respondent No.2 to release and extinguish the securities created in favour of Respondent No.2 by the Petitioners in light of assignment of debt subsequent to the approval of resolution plan on October 26, 2020 and the provisions of Para 1(C)(16) of the Prudential Framework and Para

10.3 of 2021 IRAC Norms.

d) Issue a writ of mandamus and/or any other appropriate writ directing Respondent No.1 to clarify that para 1(c) (16) of Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019 and Para 10.3 of the Master Circular-Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated October 1, 2021 are binding on the Lenders so as to extinguish debt from their books following assignment thereof under the aegis of the Code, and that Para 28 of the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019 and Para 15.2 of the Master Circular-Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated October 1, 2021 do not come in the way of such compliance to be followed by Respondent No.2, with respect to the Principal Borrower and the Petitioners Alternatively, Issue a writ of certiorari and/or any other appropriate writ quashing para 28 of the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets), Directions, 2019 dated June 7, 2019 and Para 15.2 of the Master Circular-Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances date October 1, 2021, issued by the Respondent No.1 being unconstitutional for being discriminatory and arbitrary, and hence violative of Articles 14, 19 (1)

(g) and 300 A of the Constitution of India .

e) direct, at the interim/ad-interim stage, during pendency of the instant petition and/or till such period as this Hon’ble High Court may deem expedient and necessary to secure the ends of justice and to save the instant petition from being rendered infructuous, stay of Impugned Auction Notice dated November 17, 2021 issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security