IND SYNERGY LTD Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) SINCE common facts and question of law are involved in this batch of petition viz. W.P. (C) No. 3112, 3110, 3113, 3114,3115,3120,3121,3122,3123 of 2011, thus, they are being disposed of by this common order.

(2.) THE petitioners seek relief to the effect that the "Income Recognition & Asset Classification Guidelines" (for short 'the guidelines') framed by the Reserve Bank of India (for short 'the RBI), be quashed and set aside as the same is contrary to the provisions of Section 2(o) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act') and further, to direct the Reserve Bank of India to re-frame and lay down the guidelines in conformity with the said Act. Secondly, classification of the account of the petitioner No. 1 as non-performing asset (for short, the NPA'), be held as illegal. In the alternative, the petitioner has sought that the account of the petitioner as non-performing asset by the respondent No. 2, be declared as illegal and contrary to the existing guidelines, framed by the RBI. THE petitioner further seeks to hold that all the decisions taken pursuant to the notice under Section 13(2) of the Act, be quashed and the ground that no decision has been taken within the prescribed time under the provisions of Section 13(3- A) of the Act. It is further prayed that the respondent No. 1 be directed to decide the objections raised by the petitioner by giving reasons.

(3.) HEARD counsel appearing for the parties, perused the pleadings and documents appended thereto.