Bombay High Court
Nuclear Power Corporation Of India vs Care Rating Ltd. And Anr on 15 October, 2020
Bench: Nitin Jamdar, Milind N. Jadhav
26. os wpl 3862-20.doc
R.M. AMBERKAR
(Private Secretary)
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
O.O.C.J.
WRIT PETITION (L) NO. 3862 OF 2020
Nuclear Power Corporation of India .. Petitioner
Versus
M/s. Care Rating Ltd & Anr. .. Respondentsw
Mr. MPS Rao, Senior Advocate a/w Mr. Arsh Misra i/by M.V. Kini
& Co for the Petitioner
Mr. Saurabh Patil for Respondent No. 1
Ms. Nidhi Singh a/w Ms. Kinjal Bhatt i/by Vidhi Partners for
Respondent No. 2
CORAM : NITIN JAMDAR &
MILIND N. JADHAV, JJ.
DATE : 15 OCTOBER 2020.
(Through Video Conferencing)
P.C.:
1. Heard the learned counsel for the parties.
2. On 1 October 2020, the following order was passed:-
"1. After perusal of the Petition and hearing the learned counsel for the parties and considering the status of the parties, we are of the opinion that before proceeding with the matter further, a joint meeting of the responsible officers of the Petitioner and Respondent No.1 to make an attempt to resolve the issue would be desirable. The learned counsel for the parties are also in agreement regarding the same.
2. We defer the Petition for a period of two weeks to enable the parties to hold a joint meeting. The meeting be attended by the responsible officers of the Petitioner and the 1 of 3
26. os wpl 3862-20.doc Respondent No. 1 who are able to take a decision. The Respondents will not take any coercive action against the Petitioner in the meanwhile.
3. Stand over to 15 October 2020."
3. Learned Counsel for the parties state that meeting was held and the outcome is positive. Learned counsel for Respondent No. 1 states that the Respondent No. 1 has addressed a communication dated 14 October 2020 to the General Manager of the Petitioner. The relevant portion of communication reads thus:-
"In addition to the aforesaid, we hereby state and submit, and bring to your kind attention that CARE has initiated steps to remove the remark of 'ISSUER NOT COOPERATING' (which was added only on the ground of non-payment of annual surveillance fees) from the rating symbols assigned to the debt facilities of Nuclear Power Corporation of India Limited ("NPCIL") vide its Press Release dated April 01, 2020. We submit that the CARE shall review the rating and a new press release pertaining to the aforesaid debt facilities of NPCIL shall be released upon submission of requisite information from NPCIL within ten (10) days from the date of this letter. CARE shall evaluate the information submitted by NPCIL and publish new press release bearing the rating symbols without the remark- 'ISSUER NOT COOPERATING', on the website of CARE within the ten (10) days from the date of submission of requisite information by NPCIL.
Further, we wish to submit and place on record that till the final repayment of the aforesaid debt facilities of NPCIL i.e. till the time CARE will continue to render annual surveillance of rating services to NPCIL hereunder, CARE shall not add the remark/assign the status of 'ISSUER NOT COOPERATING' to the aforesaid debt facilities of NPCIL on the ground of non-payment of annual surveillance fees by 2 of 3
26. os wpl 3862-20.doc NPCIL to CARE."
Learned Senior Advocate for the Petitioner states that the stand taken by Respondent No. 1 is appreciated and submits that the issue of fees charged by Respondent No. 1 be also resolved amicably in this petition. Learned counsel for Respondent No. 1 states that Respondent No.1 is not averse for resolution of this aspect as well and states that irrespective of the issue of the fees, Respondent No. 1 will abide by its commitment recorded in the communication dated 14 October 2020. He states that for this purpose, the petition need not be kept pending.
4. As regards the fees charged by Respondent No. 1, it is the matter of negotiation of a figure between the Petitioner and Respondent No. 1. The main concern of the Petitioner regrading downgrading of its rating is resolved and we do not intend to keep the petition pending. No further order is required to be passed in this petition. Writ Petition is accordingly disposed of.
5. This order will be digitally signed by the Private Secretary of this Court. All concerned to act on production by fax or email of a digitally signed copy of this order.
[ MILIND N. JADHAV, J. ] [ NITIN JAMDAR, J. ] Digitally signed by Ravindra Ravindra M. Amberkar M. Date:
Amberkar 2020.10.16 16:54:29 +0530 3 of 3