ADARSH DEVELOPERS Vs. XANDER FINANCE PVT LTD

JUDGEMENT

(1.) Learned Senior Counsel Sri Udaya Holla, appearing for the petitioners would submit that the Reserve Bank of India has subsequently issued another guidelines to all the financial institutions with certain directions with regard to the declaration of SMA and NPA. However, it is submitted that respondent No.1 - Bank has not informed the petitioners regarding the benefit which flows from the guidelines issued by the Reserve Bank of India.

(2.) Nevertheless, the learned Senior Counsel submits that the petitioners may be permitted to withdraw the writ petition with liberty to approach this Court, if required and if there is any adverse action initiated by the respondent No.1 -Bank.

(3.) Accepting the submissions of the learned Senior Counsel, the petition stands disposed of as withdrawn reserving liberty to the petitioners to approach this Court if there is any adverse action initiated by the respondent No.1 contrary to the directions issued by the Reserve Bank of India.