GARIKAPATI VENKATESWARA RAO Vs. UNION OF INDIA

JUDGEMENT

(1.) This writ petition is filed by the petitioner seeking to issue Writ of Mandamus declaring the action of the 7th and 8th respondents, instructing the Court to impose travel ban on the petitioner and consequential action of the 4th respondent in imposing a travel ban on the petitioner as illegal, arbitrary and in violation of Article 21 of the Constitution.

(2.) Heard learned counsel for the petitioner and learned Counsel Sri B.Jitender, representing respondent Nos.1 to 6 and learned standing counsel for respondent Nos.7 and 8.

(3.) The learned counsel for the petitioner submitted that the petitioner was the Director cum Chairman of GVR Infra Projects Ltd. GVR Infra Projects availed a loan from erstwhile Vijaya Bank which was now merged with the 7th respondent bank and the 8th respondent was the branch which has advanced the loan. Proceedings were initiated against the company under the provisions of Insolvency and Bankruptcy Code, 2016. A resolution plan was approved by the National Company Law Tribunal, Chennai vide order dtd. 20/7/2020. Under the said resolution plan, resolution applicant UV Asset Reconstruction Company Limited and WL Structures Private Limited Consortium had taken over the management of the company. During the pendency of the proceedings an interim resolution professional (IRP) was appointed on 15/10/2018 and the board of the company was terminated. In the resolution plan the claims of all the bankers were taken into consideration and thereafter the resolution plan was approved. The 7th respondent bank had also participated in the resolution process and was part of consortium of bankers.