M/S. K. R. Steel Corporation And ORS v. Yes Bank Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CIVIL APPELLATE JURISDICTION WRIT PETITION NO.2956 OF 2024 M/s. K.R. Steel Corporation and Ors.

.. Petitioners Vs.

Yes Bank Limited .. Respondent Mr. Aayush Kothari a/w Shashank Fadia, for the Petitioners. Mr. Harshad A. Sathe, for the Respondents.

CORAM : A.S. CHANDURKAR & S.M. MODAK, JJ DATE : 10TH JUNE, 2024.

P.C. :

1.

Considering the short issue involved, Rule. Rule made returnable forthwith.

2.

The only prayer made by the Petitioners is for expeditious consideration of the Securitization Application No.29 of 2024. By an order dated 7th February 2024 the learned Presiding Officer, DRT-2, Mumbai had directed return of the said application for being presented before the appropriate forum.

3.

Learned counsel for the Petitioners submits that the proceedings are required to be dealt with by the learned Presiding Officer, DRT-3. He further submits that E-Auction sale notice has been issued on 11th May 2024 and E-Auction is scheduled on 19th June 2024. He therefore prays that the Tribunal be directed to consider the Securitization Application prior to that date.

4.

Learned counsel for the Respondents does not dispute the fact that E-Auction sale notice has been issued and E-Auction is scheduled on 19th June 2024.

1/2 41-WP-2956-2024.doc Pallavi

5.

Considering the aforesaid, the following directions would serve the ends of justice:- (i) In terms of order dated 7th February 2024 passed in Securitization Application No.29 of 2024 the proceedings be entertained by the learned Presiding Officer, DRT-3, Mumbai.

(ii) Since E-Auction is scheduled on 19th June 2024 the Tribunal shall consider the prayer for interim relief in the said proceedings prior to that date.

(iii) Parties to appear before the learned Presiding Officer, DRT-3, Mumbai on 12th June 2024. They shall bring to the notice of the learned Presiding Officer this order. Needless to state that the Respondents shall be given due notice of the said proceeding.

(iv) By clarifying that all points on merit are kept open. 6.

Writ Petition is disposed of in aforesaid terms. 7.

Rule is accordingly disposed of.

[ S.M. MODAK, J. ] [ A.S. CHANDURKAR, J. ] 2/2 41-WP-2956-2024.doc Pallavi Signed by: Pallavi M. Wargaoankar Designation: PS To Honourable Judge Date: 11/06/2024 14:15:32