Delhi High Court - Orders
Mr Praveen Gupta & Ors vs Union Of India & Ors on 21 December, 2020
Author: Jayant Nath
Bench: Jayant Nath
$~A-193
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 10757/2020 & CM APPL. Nos.33729-33730/2020
MR PRAVEEN GUPTA & ORS. ..... Petitioners
Through Mr.Sandeep Sethi, Sr.Adv. with
Dr.Sushil Kumar, Mr.Sushil
Satrawala, Mr.Manan Verma and
Mr.Naveen Sharma, Advs.
versus
UNION OF INDIA & ORS. ..... Respondents
Through Mr.Chetan Sharma, ASG with
Mr.Akshay Makhija, CGSC,
Mr.Akshay Gadeock and Mr.Amit
Gupta, Advs. for R-1/UOI.
Mr.Ramesh Babu, Ms.Nisha Sharma
and Ms.Tanya Chowdhary, Advs. for
RBI/R-2.
CORAM:
HON'BLE MR. JUSTICE JAYANT NATH
ORDER
% 21.12.2020 This hearing is conducted through video conferencing. Issue notice. Learned counsel for respondents No.1 and 2 accepts notice, respectively.
None has appeared for respondents No.3 and 4 despite service of advance copy of the petition. Issue notice to respondents No.3 and 4, returnable for 26.02.2020.
Let a copy of the petition be supplied to the learned counsel for respondent No.2/RBI. Counter affidavit be filed within four weeks. Rejoinder, if any, be filed within four weeks thereafter.
Learned senior counsel appearing for the petitioners has taken me through the circulars of RBI dated 27.03.2020 and 23.05.2020 to urge that the petitioners were entitled to moratorium uptn 31.08.2020 on the payments that were payable pursuant to the settlement agreement dated 20.11.2019. He states that in terms of the settlement agreement the first two instalments of Rs.1.14 crores and Rs.1 crore have been paid. The third instalment of Rs.6 crores could not be paid as the lockdown has commenced. He further states that the petitioners are willing to pay the entire dues before 31.03.2021. He further states that third instalment will be paid within 45 days.
Subject to the petitioners depositing a sum of Rs.6 crores in court within 45 days from today, respondents No.3 and 4 are restrained from taking any coercive steps against the petitioners. In case of any default in payment by the petitioners of the sum of Rs.6 crores within 45 days, the stay order of this court would stand vacated automatically. On deposit of money, respondents No.3 and 4 may approach this court for release of this amount and the said amount will be released in favour of respondents No.3 and 4 by this court.
This order is passed in the peculiar facts and circumstances of this case.
JAYANT NATH, J.
DECEMBER 21, 2020/v