Petitioner sought quashing of an RBI circular and declaration of its non-applicability. Court noted Supreme Court struck down the circular, and State Bank had implemented the 5/25 scheme.
No relief granted; proceedings closed as petitions not pressed; petitioner remains bound to pay overdues under the 5/25 scheme to restore loan status.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 24.06.2019
THE HONOURABLE MR.JUSTICE P.D.AUDIKESAVALU
W.P. Nos. 23696 and 23697 of 2018 and
WMP. Nos. 27644, 27645 and 27646 of 2018
IL & FS Tamil Nadu Power Company Limited, Registered Office,
4th Floor, KPR Tower, Old No. 21, New No. 2, 1st Street, Subba Rao Avenue, College Road, Chennai - 600 006.
... Petitioner in both W.P.s -vs-
... Respondents in both W.P.s
Prayer in W.P. No. 23696 of 2018:- Writ Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorarified Mandamus, to call for the records of the Second Respondent culminating in the order/communication No. PFSBU/TEAM-10/ITPCL/1105 dated 04.09.2018 and quash the same and consequently direct the Second Respondent to act on the 5/25 Scheme approved by it on 05.02.2018/12.02.2018.
Prayer in W.P. No. 23697 of 2018:- Writ Petition filed under Article 226 of the Constitution of India, to issue a Writ of Declaration, declaring that the Circular No. RBI/2017-18/131, DBR No. BP.BC 101/21.04.048/2017-18 dated 12.02.2018 issued by the First Respondent is not applicable to the Petitioner.
For Petitioner : M/s. Karthik, Mukundan
For Respondents: Mr. Chevanan Mohan
for M/s. King and Patridge (for R2)
Learned Counsel for the Petitioner has filed a memo dated 24.06.2019 stating that since the Hon'ble Supreme Court of India in Dharani Sugars & Chemicals Ltd. -vs- Union of India (Judgment dated 02.04.2019 in T.C. Case (Civil) No. 66 of 2018 in T.P. (Civil) No. 1399 of 2018) has struck down the Circular dated 12.02.2018 issued by the Reserve Bank of India as unconstitutional and ultravires, the Second Respondent, viz., State Bank of India, has implemented the 5/25 scheme and has communicated the same to the Petitioner by letter dated 29.05.2019 and a copy of which has been produced. In the aforesaid backdrop, the Petitioner has sought orders of this Court to close the Writ Petition as not pressed. The aforesaid memo is taken on record.
Assistant Registrar(Insp.Cell)
//True Copy//
Sub Assistant Registrar
To
+1cc to Mr.P.Giridharan, Advocate sr.52672 +2cc to M/s. King and Patridge, Advocate sr.52272, 52271 +1cc to M/s.Menon, Advocate sr.51924
W.P.No. 23696 & 23697 of 2018 pp(co) nr 14/08/2019
1 issue framed by the court
Whether the Writ Petitions should be disposed of in light of the Supreme Court striking down the relevant RBI Circular in Dharani Sugars.
Colour shows how this judgement treated each authority
Dharani Sugars & Chemicals Ltd. -vs- Union of IndiaReferred¶17
Dharani Sugars & Chemicals Ltd.-vs- Union of India (Judgment dated 02.04.2019 in T.C. Case (Civil) No. 66 of 2018 in T.P. (Civil) No. 1399 of 2018)
1 provisions across 1 enactments
IL & FS Tamil Nadu Power Company Limited
Reserve Bank of India
State Bank of India
P.D. Audikendavalu
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
