Supreme Court - Daily Orders
Subrata Bhattacharya vs Securities And Exchange Board Of India on 12 February, 2019
Bench: D.Y. Chandrachud, Hemant Gupta
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ITEM NO.4 COURT NO.12 SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Civil Appeal No(s).13301/2015
SUBRATA BHATTACHARYA Appellant(s)
VERSUS
SECURITIES AND EXCHANGE BOARD OF INDIA & ORS. Respondent(s)
(WITH IA 105085/2018-APPROPRIATE ORDERS/DIRECTIONS, IA NO.
38646/2018-APPROPRIATE ORDERS/DIRECTIONS, IA NO. 26147/2018-
APPROPRIATE ORDERS/DIRECTIONS, IA NO. 75361/2017-MODIFICATION OF
COURT ORDER, IA NO. 101649/2017-PERMISSION TO FILE ADDITIONAL
DOCUMENTS/FACTS/ANNEXURES, IA NO. 65030/2017-PERMISSION TO FILE
APPLICATION FOR DIRECTION)
WITH
C.A. No. 13319/2015 (XVII)
C.A. No. 13394/2015 (XVII)
(FOR [Impleadment] ON IA 3/2015, FOR INTERVENTION APPLICATION ON
IA 5/2016, FOR [directions] ON IA 14/2016, FOR impleading party ON
IA 13587/2018, FOR INTERVENTION APPLICATION ON IA 24482/2018,
FOR APPROPRIATE ORDERS/DIRECTIONS ON IA 24485/2018, FOR STAY
APPLICATION ON IA 24487/2018, FOR INTERVENTION APPLICATION ON IA
67399/2018, FOR APPROPRIATE ORDERS/DIRECTIONS ON IA 67404/2018
FOR INTERVENTION/IMPLEADMENT ON IA 88984/2018, FOR
CLARIFICATION/DIRECTION ON IA 88986/2018, FOR APPLICATION FOR
PERMISSION ON IA 140928/2018)
C.A. No. 13410/2015 (XVII)
(IA 131617/2017-CLARIFICATION/DIRECTION)
W.P.(C) No. 640/2016 (X)
(IA 102672/2017-CLARIFICATION/DIRECTION)
W.P.(C) No. 1330/2018 (X)
SLP(C) NO. 31791/2018 (XVI)
SLP(C) NO. 31585/2018 (XIV)
(IA 171780/2018-EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT,
IA 184155/2018-INTERVENTION/IMPLEADMENT)
Signature Not Verified
Date : 12-02-2019 These matters were called on for hearing today.
Digitally signed by
MANISH SETHI
Date: 2019.02.18
17:55:39 IST
Reason:
CORAM :
HON'BLE DR. JUSTICE D.Y. CHANDRACHUD
HON'BLE MR. JUSTICE HEMANT GUPTA
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Counsel for the parties:-
Mr. Sanjay Hegde, Sr. Adv.
Mr. D.K. Devesh, Adv.
Mr. Satish Vig, AOR
Mr. Jai A. Dehadrai, Adv.
Mr. Prashant Vaxish, Adv.
Mr. Sidharth Arora, Adv.
Ms. Srishti Kumar, Adv.
Ms. Manisha Ambwani, AOR
Mr. Vikas Singh, Sr. Adv.
Mr. Mahesh Agarwal, Av.
Mr. Ankur Saigal, Adv.
Mr. Nishant Rao, Adv.
Mr. E. C. Agrawala, AOR
Mr. Wajeeh Shafiq, AOR
Mr. Anjani Kumar Mishra, AOR
Ms. Rohini Prasad Tiwari, Adv.
Ms. Harpreet Kaur, Adv.
Mr. Mahesh Kaushik, Adv.
Mr. Subhro Sanyal, AOR
Mr. Shivendra Singh, AOR
Mr. Mukesh Kumar Maroria, AOR
Mrs. Shirin Khajuria, Adv.
Mr. B. Krishna Prasad, AOR
Mr. Rajinder Kumar Singh, Adv.
Mr. Hitesh Kumar Sharma, Adv.
Mr. S.K. Rajora, Adv.
Mr. Prakash Kumar Singh, AOR
M/S. K J John And Co, AOR
Ms. Geetanjali S. Mehlwal, Adv.
Mr. Raju Sonkar, Adv.
Mr. Sanveer S. Mehlwal, Adv.
Mr. Mohit Yadav, Adv.
Ms. Kamakshi S. Mehlwal, AOR
Mr. P.S. Patwalia, Sr. Adv.
Mr. D.K. Singhal, Adv.
Mr. Avijit Mani Tripathi, Adv.
Mr. Amit Kumar, AOR
Mr. Zoheb Hossain, Adv.
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Mr. Pranay Ranjan, Adv.
Mrs. Anil Katiyar, AOR
Mr. Vinod Sharma, AOR
Mr. Suren Uppal, Adv.
Mr. Sanjeev Menon, Adv.
Mr. Aviral Kashyap, AOR
Mr. Vijay P. Singh, Adv.
Ms. Akanksha Goyal, Adv.
Mr. Anant V. Palli, Adv.
Mr. Gagan Gupta, AOR
Mr. Aditya Singh, AOR
Mr. Somiran Sharma, AOR
Mr. Amit Kumar, Adv.
Mr. Arjun Badena, Adv.
Mr. Hetu Arora Sethi, AOR
Mr. Rameshwar Prasad Goyal, AOR
Ms. Shalu Sharma, AOR
Mrs. Rachana Joshi Issar, AOR
Ms. Vandana Mishra, Adv.
Ms. Prerna Chaturvedi, Adv.
Mr. Shailabh Pandey, Adv.
Mr. P.N. Mishra, Sr. Adv.
Mr. Ritesh Agrawal, AOR
Mr. Tushar Jalan, Adv.
Mr. S. Rishabh, Adv.
Mr. Shantanu Kumar, AOR
Mr. Narsingh N. Rai, Adv.
Mr. Rajiv Ranjan Dwivedi, AOR
Bj Law Offices, AOR
Mr. Prashant Bhushan, AOR
Mr. Pranay Ranjan, Adv.
Mr. R. Bala, Adv.
Ms. Ranjana Narayan, Adv.
Mr. Arvind Kr. Sharma, Adv.
Mr. Pratap Venugopal,Adv.
Ms. Surekha Raman, Adv.
Mr. Purushottam Kumar Jha, Adv.
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Mr. N. Prashant Kumar, Adv.
Mr. R.S. Suri, Sr. Adv.
Mr. Varun Khanna, Adv.
Mr. Abhishek Singh, Adv.
Mr. Shivendra Singh, Adv.
Ms. Anushree Malviya, Adv.
Mr. Aakanksha Kaul, Adv.
Ms. Anushree Malaviya, Adv.
Mr. Aditya Wadhwa, Adv.
Ms. Shubhangi Tuli, Adv.
Mr. M.P. Singh, Adv.
Mr. Rajeev Kumar B., Adv.
Mr. Prateek Yadav, Adv.
Mr. Joel, Adv.
Mr. Niraj Gupta, Adv.
Ms. Anshu Gupta, Adv.
Md. Fuzail Khan, Adv.
Mr. T. Sudhakar, Adv.
Ms. Jasmine Damkewala, Adv.
Mr. Shaurya Vardhan, Adv.
Ms. Vaishali Sharma, Adv.
Mr. Avishkar Singhvi, Adv.
Mr. Sajid Mohamed, Adv.
Mr. Nipun Katyal, Adv.
Mr. I.S. Alag, Sr. Adv.
Mr. Avadh Kaushik, Adv.
Mr. Jaitegan Singh, Adv.
Mr. Prashant Kumar, Adv.
Ms. Triveni Potekar, Adv.
Mr. Shahid Anwar, Adv.
Ms. Swara Kumar, Adv.
Mr. Shree Pal Singh, AOR
Mr. Joseph Aristotle, Adv.
Mrs. Priya Aristotle, Adv.
Mr. Shiva P., Adv.
Mr. P.S. Sudheer, AOR
Mr. Rishi Maheshwari, Adv.
Ms. Anne Mathew, Adv.
Mr. Bharat Sood, Adv.
Ms. Shruti Jose, Adv.
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Mr. G. Prakash, Adv.
Mr. Jishnu M.L., Adv.
Mrs. Priyanka Prakash, Adv.
Mrs. Beena Prakash, Adv.
Mr. Nimish Chib, Adv.
Mr. Chetan Sharma, Sr. Adv.
Mr. Mohit Paul, Adv
Ms. Shikha Sarin, Adv.
Mr. Obhirup Ghosh, Adv.
UPON hearing the counsel the Court made the following
O R D E R
In pursuance of the previous order of this Court dated 8 January 2019, a report has been received from the three Member Committee chaired by Hon’ble Mr Justice R M Lodha, former Chief Justice of India. The Committee has indicated that immediately after the previous order of this Court, it held a meeting on 16 January 2019 to explore the option of engaging Asset Reconstruction Companies (ARCs) for the sale of the properties of PACL Ltd.
On 17 January 2019, some of the members of the Committee met with the representatives of four of the largest ARCs, based on the value of the assets acquired. During the course of the meeting, it transpired that in view of the provision of Section 10(2) of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 20021, the prior approval of the Reserve Bank of India may be necessitated to undertake the task proposed to be assigned. Accordingly, communications were addressed to the RBI on 21 January 2019 and 29 January 2019. Following this, on 5 February 2019, RBI has stated that it is agreeable in principle to the Justice Lodha Committee engaging ARCs for the disposal of the 1 the SARFAESI Act 6 assets of PACL Ltd. subject to the condition that they do not take the assets on their books and do not incur pecuniary liabilities. Accordingly, it has been stated that necessary permission under Section 10(2) will be communicated to the ARCs based on the submission of the Committee to this Court and the directions thereon.
The Committee has placed the relevant facts before the Court in its Report. The Committee has also indicated that it has considered alternative modalities for the sale of properties of PACL Ltd., including the option of engaging Resolution Professionals for the purpose of assisting it. The Committee is also looking into the possibility of involving other banks/NBFCs/financial institutions etc. and of engaging property consultants with international credentials. However, it has been indicated that these alternative modalities would require a further and detailed consideration.
In the above background, we authorise the Justice Lodha Committee to proceed further along the lines that the Committee has indicated in its Report dated 8 February 2019 submitted before this Court.
Apart from proceeding to finalise the modalities for engaging the services of ARCs for disposal of the assets of PACL Ltd., the Committee is at liberty to explore other alternatives as well.
The Committee may submit a further report to this Court three months from today. In the event that any further directions of this Court are necessitated within the above period, the Committee would be at liberty to place a Report before this court through the 7 learned counsel appearing on behalf of SEBI.
SEBI is permitted to place the Report of the Justice Lodha Committee dated 8 February 2019 on its website.
I.A. No. 65030/2017- Mr. P.S. Patwalia, learned senior counsel appearing on behalf of the applicant seeks the permission of the Court to withdraw the I.A. seeking refund of moneys so as to enable the applicant to file an appropriate I.A. seeking alternative prayers. The I.A. is accordingly, dismissed as withdrawn.
I.A. No. 105085/2018 - Learned counsel appearing on behalf of the applicant seeks the permission of the Court to withdraw the I.A. seeking refund of moneys so as to enable the applicant to file an appropriate I.A. seeking alternative prayers. The I.A. is accordingly, dismissed as withdrawn.
I.A. No. 38646/2018- The present I.A. has become infructuous and is accordingly, dismissed as such.
I.A. No. 26147/2018, I.A. No. 75361/2017 and I.A. No. 101649/2017 List these I.As. next week.
(MANISH SETHI) (SAROJ KUMARI GAUR) COURT MASTER (SH) BRANCH OFFICER