- (1.) Heard Sri Ranjit Kumar, Senior counsel assisted by Sri R.P. Agrawal, learned counsel for the petitioner, Sri Anurag Khanna, Senior counsel assisted by Sri Amit Saxena & Sri J.K. Chokshi, learned counsel appearing for respondent no. 1, Reserve Bank of India and Sri V.K. Uhadhyaya, Senior counsel assisted by Sri Manish Trivedi, learned counsel for respondent no. 2 ICICI, Bank Limited.
(2.) The petitioner Jaipraksh Associates Limited (JAL) a public limited company and a holding company of Jaiprakash Infra- Tech Limited (JIL) has preferred this petition invoking extra-ordinary jurisdiction of this Court under Article 226 of the Constitution of India for quashing of the direction dated 14.8.2018 given by the RBI to the ICICI, Bank Limited for initiating insolvency proceedings against the petitioner; to quash the order dated 10.9.2018 passed in a company petition no. (IB) 330/ALD/2018, ICICI Bank Limited Vs. Jaiprakash Associates Limited instituted before National Company Law Tribunal (in short NCLT); and to direct the NCLT to sanction the scheme of arrangement filed by the petitioner which is pending consideration in company petition no.(AAA)90/ALD/2018 in accordance with law within a fixed period of time.
(3.) The prayers so made by the petitioner in the petition are reproduced herein below for the sake of convenience:- (i) to issue a writ, order, or direction in the nature of certitorari quashing the impugned direction dated 14.8.2018 [Annexure-1 to this writ petition] given by the Reserve Bank of India [respondent no.1] to ICICI Bank Limited [respondent no. 2.] (ii) to issue a writ, order, or direction in the nature of certitorari quashing the order dated 10.9.2018, [Annexure-2], and all proceedings and order passed in the Compnay Petition No. (IB) 330/ALD/2018- ICICI Bank Ltd Vs. Jaipraksh Associates Limited, which has been filed by Respondent no. 2 in the National Company Lat Tribunal, Allahabad Bench, [Respondent no. 3] pursuant to the impugned direction dated 14.8.2018 given by the Reserve Bank of India; and (iii)a writ of mandamus directing the National Company Law Tribunal, Allahabad Bench [Respondent no. 3] to sanction the Scheme of Arrangement filed by the petitioner vide company petition No. (AAA) 19/ALD/2018 in accordance with law without any further delay and positively within such time as this Hon'ble court may deem fit.;