RESERVE BANK OF INDIA Vs. ANRAK ALUMINIUM LIMITED

JUDGEMENT

(1.) Aggrieved by the order dated 12.09.2018, passed by a learned Single Judge, in W.P. No. 7329 of 2018, whereby the learned Single Judge has allowed the Writ Petition filed by the respondent No.1 ("Petitioner-Company", for short), and has set aside the letter dated 28.08.2017 and letter dated 27.12.2017, issued by the Reserve Bank of India ('the RBI', for short), and set aside the pendency of the proceedings before the National Company Law Tribunal ('NCLT' for short), Hyderabad Bench, which was initiated by the State Bank of India ('SBI' for short) against the Petitioner-Company, the appellant, the RBI has approached this court.

(2.) Briefly the facts of the case are that the Jerrella block of mines, located in Visakhapatnam District, has huge reserves of bauxite, a raw material used for manufacturing of aluminum. On 14.02.2007, a Memorandum of Understanding ('MOU' for short) was entered between the Government of Andhra Pradesh and the Government of RAS AL KHAIMAH. On the basis of the said MOU, a Joint Venture Company, namely M/s. Anrak Aluminium Limited, the Petitioner-Company, was incorporated between the Penna Cement Group and the RAS AL KHAIMAH Investment Agency. The object of Petitioner-Company was to establish and operate a 1.5 Million Ton alumina refinery with 225 MW Cogeneration power plant at Makaravapalem Mandal, Visakhapatnam District. On 30.01.2008, the Andhra Pradesh Mining Development Corporation ('APMDC' for short) entered into a bauxite supply agreement with the Petitioner-Company. Subsequently, the Government of Andhra Pradesh issued G.O. Nos. 222 and 289 (Industries and Commerce) (M.III) Department, dated 13.08.2008 and 30.10.2008, respectively, for supply of bauxite to the petitioner-Company.

(3.) Assured of uninterrupted supply of bauxite, on 25.11.2009 the petitioner-Company approached a Consortium of Banks ('CB' for short), with SBI as the Lead Bank ('Lead Creditor'), and sought a financial assistance of Rs. 2995 Cr. Accordingly, on 25-11-2009, the CB sanctioned the term loan for the said amount.