SIDDHARTH MRIDUL, J
The present mater has been taken up for hearing by way Of Video Conferencing on account of lockdown due to COVID-19.
CM APPL.Nos.10579/2020,10580/2020 & 10584/2020 (Exemptions)
Exemptions allowed, subject to all just exceptions.
The applications are disposed of accordingly.
C.M.APPL.No.10581/2020
The present application under Section 151 of the Code of CivilProcedure,1908 has been filed on be half of the applicant/appellant seeking exemption
from affixing court fees with the accompanying appeal.
For the reasons stated in the application and in view of the present prevailing situation, the same is allowed. The applicant/appellant is allowed to affix
the requisite court fees with the accompanying appeal with in a period of three days after the lockdown is over.
The application is disposed of accordingly.
C.M.APPL.No.10582/2020
The present application under Section 151 of the Code of Civil Procedure,1908 has been filed on behalf of the applicant/appellant seeking exemption to
file the notarized affidavits in support of the accompanying appeal and applications.
For the reasons stated in the application and in view of the present prevailing situation, the same is allowed. The applicant/appellant is allowed to file
the accompanying appeal and the applications with out notarized affidavits, subject to the condition that the requisite notarized affidavits be filed with in
a period of one week after the lockdown is over.
The application is disposed of accordingly.
C.M.APPL.No.10583/2020
The present application under Section151 of the Code of Civil Procedure,1908 has been filed on behalf of the applicant/appellant seeking exemption
fro mobtaining physical signatures of the authorised signatory of the applicant/appellant and affixing requisite company seal.
Having heard counsel appearing on behalf of the applicant/appellant and in view of the present prevailing situation, the applicationis allowed with a
direction to the applicant/appellant to file the duly executed accompanying appeal and all other pleadings/documents along with company sew all with
in a period of one week after the lockdown is over.
With the a bove directions, the application is disposed of.
LPA146/2020,CMAPPL.No.10578/2020(Stay)
1. Issue notice.
2. Mr. Rishi Agrawala, learned counsel accepts notice on behalf of the Indiabulls Housing Finance Ltd/respondentNo.1.
3. With the consent of the learned counsel appearing on behalf of the parties, the present appeal along with the other connected appeals being
LPA141/2020, LPA142/2020 and LPA143/2020 have been heard and are disposed of by way of the following order.
4. The appeals including the present one, all assail an order dated 15.04.2020 passed in W.P.(C) 2963/2020 titled as “Indiabulls Housing Finance
Ltd. vs. Securities and Exchange Board of Indiaâ€, instituted on behalf of the respondent No.1 here in, where by the learned Single Judge had directed
as follows:
“11.Given the peculiar facts of this case and the present lockdown,till the next date of hearing, there shall be an ad interim order, in terms of prayer
(a) in CM APPL. No.10281/2020, till the next date of hearing.â€
5. The subject prayer clause (a) in CM APPL. No.10281/2020filed in W.P.(C)2963/2020is reproduced for the sake of felicity, here in below:
“(a) Direct the Respondent to notify maintenance of status quo during the time the Respondent issues the circular under Section 11B of the SEBI
Act, 1992 to restore the level playing field amongst similarly situated persons by postponing the Petitioner’s liability under Commercial Paper/bond
still the time the Petitioner’s right to recover the loans provided by its to its customers is restricted during the pandemic COVID-19 inter-alia due
to the circular of RBI dated 27.03.2020 bearing No. RBI /2019-20/186.â€
6. We have heard learned Senior Counsel appearing on behalf of the parties in all the connected appeals, including Mr. Sandeep Sethi, learned Senior
Counsel appearing on behalf of the present appellant, ICICI Lombard General Insurance Company Ltd., at length.
7. Mr. Harish Salve, learned Senior Counsel appearing on behalf of the Indiabulls Housing Finance Ltd., after addressing some arguments before
us,on instructions states that, the respondent No.1does not wish to prosecute any further the W.P.(C)2963/2020instituted by them, where in the
impugned order dated 15.04.2020 came to be rendered; and that, this Court may be pleased to grant them leave to with draw the same, with liberty to
institute an appropriate proceeding, as may be advised, in accordance with law.
8. Leave and liberty granted.
9. Mr. Harish Salve, learned Senior Counsel appearing on behalf of the Indiabulls Housing Finance Ltd., on instructions, further under takes that, all
the affected parties, including the appelantsin these connected appeals, will be joined as parties in the proposed proceedings, if any, as maybe filed.
10. Directed accordingly.
11. The W.P.(C) 2963/2020 titled as “Indiabulls Housing Finance Ltd. vs. Securities and Exchange Board of Indiaâ€, currently pending on the
board of the concerned Ld. Single Bench, is accordingly dismissed as withdrawn as prayed and disposed of.
12. The ad-interim impugned order dated15.04.2020, passed in the said writ petition is consequently set aside and quashed;
And the present appeal is, resultantly, allowed and disposed of along with the other connected appeals being LPA141/2020, LPA 142/2020 and
LPA143/2020.
13. A copy of this order be provided to learned counsel appearing on behalf of the parties electronically. A copy of this order be uploaded on the web
site of this Court forth with.
