TaxTMI 
TaxTMI 
2019 (1) TMI 332
X X X X Extracts X X X X
X X X X Extracts X X X X
....dvocates, Mr Sumit Nagpal, Advocate for IDBI Bank/, Mr Santosh Kumar Rout, Advocate or BOB and BOI, Mr Niraj Kumar, Advocate for Oriental Bank of Commerce And Mr Amit Mahajan, CGSC for UOI ORDER ORDER VIBHU BAKHRU, J 1. The petitioner has filed the present petition, inter alia, praying as under:- "A. An appropriate writ in the nature of Mandamus inter-alia directing the Respondent Banks to consider and accept the resolution plan and options put forth by the Petitioner Company for repayment of the total debt owned by the Petitioner Company; B. An appropriate writ in the nature of Mandamus inter-alia directing the respondent banks to provide necessary guidelines and/or resolution plans conducive with the continuance of the daily bus....
X X X X Extracts X X X X
X X X X Extracts X X X X
....quired to consider various options for a Corrective Action Plan (CAP) but the respondent banks have failed to arrive at an appropriate CAP for revival of the petitioner's business, in order to enable the petitioner to discharge the debts owed to the respondent banks. 7. Mr Karan Khanna, learned counsel appearing for respondent no.1 (Canara Bank) countered the aforesaid submissions. He submitted that the JLF had examined the proposals submitted by the petitioner and had rejected the same. He further stated that the bankers had also lost their confidence in the management of the petitioner company. He submitted that although the petitioner claims that it has stocks in excess of '1400 crores, it has failed to submit a stock audit report despi....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... Sufficient time has been given to the company to present concrete action plan but company has failed to do so. Company's progress on compliance matters/ operationalization is very poor Looking all the aspects, JLF has decided to initiate recovery steps/filing the case with NCLT." 11. Similarly, the Minutes of the JLF Meeting held on 15.05.2018 indicate that the respondents had unanimously decided as under:- * "Company has been always assuring but fails to comply pending matters. Reasons quoted by the company are repetitive and far from convincing * Since account is already marked as RFA so proposal for OTS/restructuring can't be considered, moreover OTS proposal is also not convincing. It is also felt that company is ju....