2021 (11) TMI 485

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....hief Justice (Oral) C.M.Nos.37360-37362/2021(exemptions) Allowed, subject to all just exceptions. Applications are disposed of. LPA 388/2021 & CM APPL.37359/2021 (Stay) 1. Present appeal has been filed assailing the order dated 08.10.2021 (Annexure A-1 to the memo of this LPA), passed by the learned Single Judge in W.P.(C) 11572/2021. The relief sought in the writ petition is as follows: "(a) Issue a writ in the nature of Certiorari, or any other appropriate writ, order or direction, quashing and setting aside the order dated September 30, 2021 passed by Hon'ble National Company Law Tribunal, New Delhi in I.A. No. 4439 of 2021 IN COMPANY PETITION (IB) NO. 472 OF 2021 to the extent that the same interferes with the statutory righ....

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....s well as hypothecation over the current and moveable fixed assets of Respondent No. 2. Due to payment defaults by Respondent No. 2, the account turned into a Non-Performing Asset w.e.f. 30.11.2020 but was classified later in March, 2021. Subsequently, the Appellant issued a Loan Recall Notice-cum-Guarantee Invocation Notice and a Demand Notice under Section 32 of the SARFAESI Act. A company petition was filed by Respondent No. 1/DHFL on 26.08.2021 under Section 7 of IBC, before NCLT, seeking to initiate Corporate Insolvency Resolution Process against a Corporate Debtor, where the Appellant is not a party. The Appellant had, on 10.09.2021, issued a Possession Notice under Section 13(4) of the SARFAESI Act and accordingly took physical poss....

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.... order, we find that the learned Single Judge has declined to stay the order of the NCLT dated 30.09.2021 granting status quo order, on the ground that the Appellant has already filed an application for vacation of the status quo order, which is pending adjudication before the Tribunal and is listed on a short date i.e. 15.11.2021. Learned Single Judge has also observed that the Tribunal will necessarily consider the Appellant's plea that the impugned order was without jurisdiction. What has also weighed with the learned Single Judge is the Appellant's own case that it has taken possession of the subject properties and merely because it has been directed to maintain status quo, no grave or irreparable loss is caused. Relevant part of the im....