Telangana High Court
WP/39674/2014 of M/s.Blossoms Oils And Fats Limited, Vs Indian Overseas Bank, on 30 December 2014
SRI JUSTICE K.C.BHANU AND THE HON’BLE SMT JUSTICE ANIS WRIT PETITION No.39674 OF 2014 ORDER: (per Hon’ble Sri Justice K.C.Bhanu) This Writ Petition, under Article 226 of the Constitution of India, is filed to direct the respondents not to reclassify the advances made to the
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THE HON'BLE SRI JUSTICE K.C.BHANUANDTHE HON’BLE SMT JUSTICE ANIS
WRIT PETITION No.39674 OF 2014
ORDER: (per Hon’ble Sri Justice K.C.Bhanu)
This Writ Petition, under Article 226 of the Constitution of India, isfiled to direct the respondents not to reclassify the advances made tothe petitioner pending the proceedings before BIFR as per theprovisions of Sick Industrial Companies (Special Provisions) Act, 1985(Central Act 1 of 1985) and pending further steps to be taken by theJoint Lenders’ Forum as per the guidelines of the Reserve Bank ofIndia, dated 01.07.2014, in RBI/2014-15/74DBOD.No.BP.BC.9/21.04.048/2014-15.
2. Heard both sides.
3. Learned counsel appearing for the petitioner company sought forfour (4) weeks’ time to file corrective action plan, for which learnedcounsel for the respondents reported no objection for grant of suchtime.
4. The consortium banks will have to take appropriate action as perthe Rules on the corrective action plan that may be submitted by thepetitioner to the respondents.
5. Therefore, the Writ Petition is disposed of directing the petitionercompany to file corrective action plan on or before 31.01.2015, failingwhich the consortium banks are at liberty to proceed against theproperties of the petitioner company as per the provisions of theSecuritisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002. There shall be no order as to costs. Miscellaneous petitions, if any, pending in this Writ Petitionshall stand closed.
______________________
JUSTICE K.C.BHANU
_________________
JUSTICE ANIS
DECEMBER 30, 2014
YVL
THE HON'BLE SRI JUSTICE K.C.BHANUAND
THE HON’BLE SMT JUSTICE ANIS
WRIT PETITION No.39674 OF 2014Date: 30.12.2014