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Bombay High Court

Sikkim Ferro Alloys Ltd vs Reserve Bank Of India on 27 April, 2023

Author: Neela Gokhale

Bench: G.S. Patel, Neela Gokhale

                                                                           502-OSWPL-10522-2023.DOC




                       Shephali



                            IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                   ORDINARY ORIGINAL CIVIL JURISDICTION
                                      WRIT PETITION (L) NO. 10522 OF 2023


                       Sikkim Ferro Alloys Ltd                                             ...Petitioner
                             Versus
                       Reserve Bank of India                                            ...Respondent


                       Mr Girish S Godbole, Senior Advocte, i/b Devashish Godbole &
                            Prasad Nagarjoge, for the Petitioner.
                       Mr Sagar Chaturvedi, i/b SNM Legal, for Respondent No. 2.
                       Ms PH Kantharia, GP, for the Respondent-State.


                                                     CORAM      G.S. Patel &
                                                                Neela Gokhale, JJ.

SHEPHALI SANJAY MORMARE DATED: 27th April 2023 Digitally signed by PC:-

1. In view of the decision of the Supreme Court in State Bank of India & Ors v Rajesh Agarwal & Ors,1 we will have to grant interim relief in terms of prayer clauses (d) and (e) at page 52 in this case which involves the declaration by several banks of the Petitioner's account as a fraud account. The pattern of declaration follows precisely that which was disapproved by the Supreme Court, i.e., without adhering to principles of natural justice and without a disclosures of all material relied on against the Petitioners. There may be other considerations as well.

1 2023 SCC OnLine SC 342.

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2. All the banks are not present before us today. Only the lead bank is represented. Further we are told that State Bank of India has filed an Interim Application before the Supreme Court for a clarification and that is as yet pending. Hence this order. It will continue until 16th June 2023. All contentions are expressly kept open.

3. Affidavit of Service is to be filed in the Registry.

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