2020 (2) TMI 33

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..... S. Parihar, AORMr. Paresh Lal, Adv.Ms. Simran Bhat, Adv.Ms. Anannya Ghosh, Adv.Ms. Sayobani Basu, Adv. Ms. Anshula L. Bakhru, Adv.Ms. Dunga P. Manda, Adv JUDGMENT L. Nageswara Rao, J. 1. The above appeals are filed against the interim orders passed by the High Court of Judicature at Bombay on 10.10.2019, 17.10.2019 and 13.11.2019. The order dated 08.11.2019 passed by the Debts Recovery Tribunal-I, Mumbai following the order of the High Court dated 17.10.2019 is also in challenge in the above appeals. For the sake of convenience, the facts in Commercial Suit No.1034 of 2019, filed by Reliance Nippon Life Asset Management Ltd. are referred to in this judgment. Reliance Nippon Life Asset Management Ltd. (hereinafter referred to as, ....

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....ied by the High Court on 13.11.2019 that Respondent No.1 shall not be prevented from making any payments overdue or payable under the assignment agreements in favour of any or all such banks or assignees of loans. 4. The Appellants are depositors who invested in fixed deposits with the Respondent No.1-DHFL. Having been aggrieved by the interim orders passed by the High Court and the Debts Recovery Tribunal-I, Mumbai restraining Respondent No.1 from making any payments towards their fixed deposits, the Appellants challenged the orders of the High Court with the leave of this Court. 5. By placing reliance on Section 36 and 36 (A) of the National Housing Bank Act, 1987 and Section 45 (q) (a) of the Reserve Bank of India Act, 1934, Mr. Ja....

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....porate Insolvency Resolution Process. 6. The Reserve Bank of India appointed Mr.R. Subramaniakumar as the Administrator of Respondent No.1 under Section 45 (1) (e)(i) of the Reserve Bank of India Act, 1934 on 20.11.2019. On 29.11.2019, the RBI filed a petition to initiate the corporate insolvency resolution process against Respondent No.1 under Rule 5 of the FSP Rules. The NCLT confirmed the name of Mr. R. Subramaniakumar, Administrator and directed him to perform all the functions of Resolution Professional and to complete the insolvency resolution process. 7. To complete the narration of the facts, it is relevant to refer to an order dated 03.12.2019 passed by the High Court on being informed that the Reserve Bank of India had filed....

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.... each one along with their address and communication information so that in future their interests can be taken care of, along with other stake-holders. 10. Consequently, the Administrator made a public announcement under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. On 04.12.2019, public depositors were included as a class of creditors under Section 21 (6A) (b) of the IBC. Three names of insolvency professionals were proposed by the Administrator and the public depositors were required to select one of three persons to act as their authorized representative. 11. The first meeting of the Committee of Creditors was held on 30.12.2019, during which i....