KRISHAN KUMAR GOEL Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) CM-11846-2020 This application has been moved by respondent No.2-ICICI Bank seeking vacation of the stay order dated 1.10.2019 to the extent whereby the Co-ordinate Bench had directed it not to take any coercive steps in respect of the mortgaged property of the petitioner.

(2.) With the consent of learned counsel for the parties, the main writ petition was also been taken up and heard along with this CM. CWP-28494-2019

(3.) The petitioner has filed this writ petition with the prayer that necessary direction be issued to respondent No.2 -ICICI Bank to upgrade the loan account of the petitioner to a standard loan account in terms of Clause 4.2.5 of the Master Circular-Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances (hereinafter be called as 'Master Circular'), issued by respondent No.1-Reserve Bank of India (hereinafter be called as 'RBI') in exercise of its power under Section 21 & 35-A of the Banking Regulation Act, 1949, on the basis of judgment delivered by the Co-ordinate Bench of this Court in CWP-13888-2015 titled as M/s Oswal Spinning & Weaving Mills Ltd. Vs. Reserve Bank of India & Ors., decided on 11.4.2016 with further prayer to quash the impugned notices dated 30.11.2016 (Annexure P-5) and 8.5.2017 (Annexure P-8) along with order dated 19.6.2019 (Annexure P-11) and to restrain the respondent No.2-ICICI Bank from initiating any coercive action against the secured assets of the petitioner.