DEEPAK RAHEJA Vs. UNION OF INDIA

JUDGEMENT

(1.) This intra-court appeal has been filed by the appellants Sri. Deepak Raheja and Smt. Anita Raheja as Directors of Suspended Board of GSTAAD Hotels Pvt. Ltd. and GSTAAD Hotels Pvt. Ltd., challenging the order dtd. 28/2/2024 passed by the learned Single Judge in WP No.6037/2023, whereby the learned Single Judge has dismissed the writ petition filed by GSTAAD Hotels Pvt. Ltd., by stating in paragraphs No.16 and 17 as under:

(2.) Some of the brief facts to be noted are, the appellant No.3 is in a hospitality business and owns land and building at No.24/1, Kasturba Road and its Marriott Hotels India Private Limited operates a 5-Star Hotel known as JW Marriott. Respondent No.5-Piramal Enterprises Limited sanctioned a loan of Rs.450.00 Crores to the appellant No.3 in addition to a revolving credit facility of Rs.50.00 Crores for the purpose of repayment of its existing dues to Yes Bank and general corporate purposes. A loan agreement dtd. 26/12/2017 was executed. Respondent-Piramal Enterprises enters into a cash management agreement with appellant No.3.

(3.) It was the case of the appellant No.3 that between December 2017 and upto March 2020, the account of the said appellant was regular and was servicing the loan to respondent-Piramal Enterprises and the interest thereon was duly paid through the mechanism agreed upon in the cash management agreement. It was also the case that, approximately Rs.115.25 Crores towards the loan excluding a sum of Rs.7.00 Crores towards securing credit facilities was paid at regular intervals.