RAM KISHOR ARORA Vs. ICICI BANK

JUDGEMENT

(1.) The Petitioners seek a direction to quash order dated 5 th January 2024 passed by the Committee of the Respondent No.1-ICICI Bank classifying the Petitioner's account as fraud and other ancillary reliefs including quashing of show-cause notice dated 26 th September 2023.

(2.) The Petitioners No.1 and 2 are Directors of Supertech Township Projects Ltd., ( for the sake of brevity referred as 'STPL'), which Directorship is presently placed under suspension. The Petitioner No.3 is the erstwhile Director of the STPL. The Respondent No.1 is the ICICI Bank, the Respondent No.2 is the Reserve Bank of India and the Respondent No.3 is the STPL, which is the Principal Borrower Company.

(3.) Admittedly, Corporate Insolvency Resolution Process is initiated against STPL by the Punjab and Sindh Bank and by order dtd. 12/7/2024, National Company Law Tribunal (for the sake of brevity referred as 'NCLT'), New Delhi has appointed an Interim Resolution Professional (for the sake of brevity referred as 'IRP'). An Appeal is preferred and pending before the National Company Law Appellate Tribunal (for the sake of brevity referred as 'NCLAT'), New Delhi. The account of STPL is classified as 'Non Performing Asset' (for the sake of brevity referred as 'NPA').