with other members of the joint lender forum, the same was not done by Dena Bank. Further the account of the petitioner stands restructured, and there is no default at present, therefore, no cause for Dena Bank to pursue an application for insolvency resolution before the NCLT in respect of the petitioner. In this regard, he would rely upon the judgment of the Supreme Court in the case of Dharani Sugars and Chemicals Ltd. v. Union of India and Others, W.P. (C) 1460/2018 to contend that as the circular dated February 12, 2018 stands ultra vires today and as such, the erstwhile circulars which were repealed would naturally be reinstated. According to him, one of the circulars mentioned in Annexure – 3 viz. Timelines for Stressed Assets Resolution dated May 05, 2017 (r/w Framework for Revitalizing Distressed Assets in the Economy- Guidelines of Joint Lenders‟ Forum and Corrective Action Plan dated February 26, 2014), facilitates timely implementation of a corrective action plan to preserve the economic value of stressed assets. Clause 4 of the circular dated May 05, 2017 reiterates that lenders must scrupulously adhere to the timelines prescribed in the Framework for finalizing and implementing the CAP. To facilitate timely decision making, the decisions agreed upon by a minimum of 60 % of creditors by value and 50% of creditors by number of the JLF would be considered as the basis for deciding the CAP, and will be binding on all lenders, subject to the exit (by substitution) option available in the Framework. Lenders shall ensure that their representatives in the JLF are equipped with appropriate mandates, and that decisions taken at the JLF are implemented by
