ADARSH JHUNJHUNJWALA Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The writ petitioner seeks intervention of this Court with an order dtd. 18/10/2021 passed by the Reviewing Authority under the Wilful Dafaulter proceedings of the State Bank of India. The bank has already communicated the order to RBI and CIBIL and other sites. The brief facts are, inter alia, that M/s. one JVL Agro Industries Ltd was a constituent of the bank and enjoyed diverse credit facilities. The petitioner and his family admittedly controlled the majority shareholding in the JVL Agro Industries Ltd. The latter was accustomed to act as per wishes and dictates of the petitioner. He is also a promoter/ director and was the main person behind the corporate debtor, M/s. JVL Agro Industries Ltd.

(2.) The bank issued a show-cause to the petitioner under the Wilful Defaulter Guidelines on 7/11/2019. During the pendency of the said proceedings, an application under Sec. 95 of the IBC, being C.P No. (IB) 58/ALD/2021 was filed by the Bank against the writ petitioner around 4/10/2021. Thereafter the final order of the review committee was passed on18/10/2021 declaring him a willful defaulter.

(3.) The writ petitioner submits that he is entitled to stay of the aforesaid order 18/10/2021, in view of the moratorium under Sec. 96 of the 2016 Act. Reliance is placed upon a decision dtd. 4/3/2021 of Co-ordinate Bench in Ayan Mallick & Anr. vs. SBI being WPO No. 23 of 2021, particularly in paragraph 22 thereof.