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HC dismissed plaintiff's challenge to defendants' Expression of Interest notice for debt assignment, holding plaintiff lacked locus standi having filed suit on same day EoI was published without submitting bid. Court found no lack of transparency as EoI clearly stated shortlisted bidders would access bid documents and virtual data room before final binding bids, making challenge premature. Swiss Challenge method deemed transparent per Ravi Development precedent as all parties aware of originator's right of first refusal. No RBI Master Circular violation established since plaintiff failed to participate in process to access relevant information for proper assessment. Court noted appellant NBFC bound by RBI regulations regardless of government entity status. Suit held prima facie not maintainable with no irreparable injury demonstrated.
HC dismissed plaintiff's challenge to defendants' Expression of Interest notice for debt assignment, holding plaintiff lacked locus standi having filed suit on same day EoI was published without submitting bid. Court found no lack of transparency as EoI clearly stated shortlisted bidders would access bid documents and virtual data room before final binding bids, making challenge premature. Swiss Challenge method deemed transparent per Ravi Development precedent as all parties aware of originator's right of first refusal. No RBI Master Circular violation established since plaintiff failed to participate in process to access relevant information for proper assessment. Court noted appellant NBFC bound by RBI regulations regardless of government entity status. Suit held prima facie not maintainable with no irreparable injury demonstrated.
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