DILIP B.BHOSALE,J. - (1.) The first writ petition under Article 226 of the Constitution of India, has been instituted by Independent Power Producers Association of India, for the following reliefs: "A. Issue an appropriate writ, order or direction for declaring the provisions of Section 35AA and Section 35AB of the Banking Regulation Act, 1949, as ultra vires to the Constitution of India; B. Issue a Writ of Certiorari or any other Writ, Order or Direction of like nature quashing the Order S.O. 1435(E) dated 05.05.2017 issued under Section 35AA of the Banking Regulation Act, 1949, being without the authority of law; C. Issue a Writ of Certiorari or any other Writ, Order or Direction of like nature quashing the Circular having no. DBR No. BP.BC.101/21.04.048/2017-18 dated 12.02.2018."
(2.) The second writ petition has been filed by Association of Power Producers ( Writ-C No. 23181 of 2018) and the third writ petition (Writ-C No. 23183 of 2018) by Prayagraj Power Generation Company Limited. The prayers made in these two writ petitions are similar, as made in Writ - C No. 18170 of 2018, and even interim relief prayed for is also similar.
(3.) We have heard Dr. Abhishek Manu Singhvi, Mr. Navin Sinha, Mr. Sajan Poovayya, learned Senior Advocates for the petitioners, Mr. Tushar Mehta, learned ASG for the Union of India, Mr. Ravi Kadam and Mr. Rakesh Dwivedi, learned Senior Counsel for the Reserve Bank of India (for short "RBI") at considerable length for grant of interim stay of the implementation of the impugned circular dated 12.02.2018 (for short "the circular") issued by respondent no.2 - RBI.;