Madras High CourtWP/5462/2016closed

Servalakshmi Paper Ltd, A v. Indian Overseas Bank, Retd.

2023-03-10Honourable Mr Justice S.M. Subramaniam7 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 10.03.2023 CORAM :

THE HON'BLE MR.JUSTICE S.M.SUBRAMANIAM Servalakshmi Paper Limited Public Limited Company Having its Registered Office at S.F.No.539, 568, 569 and 570 Kodanganallur Village Vadugampatti Post, I.C.Pettai Tirunelveli - 627 010.

Petitioner vs

1. Indian Overseas Bank having its registered office at 762, Anna Salai Chennai - 600 002.

and Branch office interalia at Large Corporate Branch No.10, Kannusamy Street R.S.Puram, Coimbatore - 02.

2. Bank of India Having its Head Office at Star House, C-5, "G" Block Bandra - Kurla Complex Bandra (East), Mumbai - 400 051.

having its Branch Office interalia at Mid Corporation Banking Branch 1st Floor, Chamber Towers 8/732, Avanashi Road Coimbatore - 641 018.

3. State Bank of India having its Head Office at No.6, College Lane Nungambakkam Chennai - 600 006.

4. Corporate Debt Restructuring Cell IDBI Tower, 19th Floor Cuffa Parade Mumbai - 400 005.

5. The Chairman Corporate Debt Restructuring Core Group IDBI Tower, 19th Floor Cuffa Parade Mumbai - 400 005.

6. Corporate Debt Restructuring Empowered Group having its office at IDBI Tower, 19th Floor Cuffa Parade, Mumbai - 400 005.

7. M/s.Pridhivi Assets Reconstruction and Securitization Company Limited Door No.1-55, 4th Floor Wing I, Plot 6, 6A & 6B Raja Praasadamu, Majid Banda Road Kondapur, Hyderabad - 500 084.

8. Reserve Bank of India Department of Banking Supervision Fort Glacias, No.16, Rajaji Salai Chennai - 600 001.

Respondents Prayer: Petition filed under Article 226 of the Constitution of India praying for a writ of Certiorarified Mandamus, calling for the records connected with the order reference CDR(PM)No.396/2015-16 dated 12.10.2015 of the CDR Core Group directing exit of the petitioner from the CDR package, quash the same and consequently direct the respondents to implement the CDR Package in entirety in relation to the petitioner within a time frame to be set by this Hon'ble Court.

For the Petitioner : Ms.A.Saranya for M/s.Iyer and Thomas For the Respondents : Mr.V.Kadhirvel for respondent 1 Mr.KMC.Arunmokan for Mr.S.Sathiya Narayanan for respondent 2 Ms.Aishwarya Nathan for Mr.T.K.Bhaskar for respondent 7 No representation for respondents 3 to 6 & 8

ORDER

The learned counsel for the petitioner made a submission that the petitioner Company had already gone into liquidation and thus, no further adjudication is needed to be undertaken. Accordingly, the writ petition stands closed. There will be no order as to costs. Index : Yes/No 10.03.2023 Neutral Order:Yes/No drm To:

1. Indian Overseas Bank having its registered office at 762, Anna Salai Chennai - 600 002.

and Branch office interalia at Large Corporate Branch No.10, Kannusamy Street R.S.Puram, Coimbatore - 02.

2. Bank of India Having its Head Office at Star House, C-5, "G" Block Bandra - Kurla Complex Bandra (East), Mumbai - 400 051.

having its Branch Office interalia at

Mid Corporation Banking Branch 1st Floor, Chamber Towers 8/732, Avanashi Road Coimbatore - 641 018.