KOTAK MAHINDRA BANK LIMITED Vs. SANJIV GUPTA

JUDGEMENT

(1.) These Contempt Petitions have been filed by the petitioner alleging that the alleged contemnors have violated the order of this court dated 07.05.2012.

(2.) The factual background is that a Company known as Coventry CoilOMatic, Haryana Limited (hereinafter referred to as the borrower Company) had taken loans from ICICI Bank, IDBI and IFCI (consortium Banks). ICICI Bank assigned the debts payable to it by the borrower Company to the petitioner Kotak Mahindra Bank Limited (hereinafter called as KMBL). IFCI assigned its non performing assets with regard to the same loan facilities, initially to Dhir and Dhir Asset Reconstruction and Securitisation Company Ltd., now known as Alchemist Assets Reconstruction Company Ltd., (hereinafter referred to as 'Alchemist'). It appears IDBI also assigned the debts payable to it to Alchemist.

(3.) KMBL filed proceedings for recovery of its dues i.e. Rs.4,72,06,961/ before the Debts Recovery Tribunal, Delhi. Alchemist initiated proceedings under Section 13 of the Securitisation and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act'). Winding up petition under the Companies Act, 1956 was filed by the KMBL. The borrower Company filed a writ petition challenging the proceedings and the SARFAESI Act. Both were heard together. The Punjab and Haryana High Court dismissed the writ petition filed by the borrower Company. A Letters Patent Appeal No.1755 of 2010 (LPA for short) was filed by the borrower Company. In this appeal, an interim order was passed on 09.08.2011, relevant portion of which reads as follows: