SATYA PRAKASH BAGLA vs EVAAN HOLDINGS PVT LTD & ORS.

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : 21st January, 2025 Pronounced on: 12th February, 2025 + LPA 1081/2024 & CM APPL. 63817/2024 SATYA PRAKASH BAGLA .....Appellant Through: Mr. Harish Malhotra, Sr. Advocate and Mr. Ravi Gupta, Sr. Advocate with Mr. Manav Goyal, Mr. Zinnea Mehta, Ms. Ritika Gusain, Mr. Abhishek Jaiswal, Ms. Shriya Agarwal, Ms. Tanushvi Singh, Ms. Muskaan Mehra, Ms. Jahnvi Gupta and Mr. Shrey Sharma, Advocates. versus EVAAN HOLDINGS PVT LTD & ORS. .....Respondents Through: Mr. Rajiv Nayyar, Sr. Advocate with Ms. Devika Mohan, Ms. Manya Chandok, Mr. Prabhav Bhaguna and Mr. Saurabh Seth, Advocates for R-1 Mr. Ramesh Babu and Ms. Nisha Sharma, Advocates for R-2/RBI CORAM: HON'BLE MR. JUSTICE CHANDRA DHARI SINGH HON'BLE MR. JUSTICE ANOOP KUMAR MENDIRATTA JUDGMENT CHANDRA DHARI SINGH, J. 1. The instant appeal under Clause X of the Letters Patent has been filed on behalf of the appellants seeking the following reliefs: “a) Allow the present Appeal and set aside the Impugned Judgement dated 23.10.2024 passed by the Learned Single Judge in Writ Petition bearing W.P. (C) No. 9877 of 2024 Signature Not Verified LPA 1081/2024 Page 1 of 27 Digitally Signed By:PRAVEEN KUMAR BABBAR Signing Date:12.02.2025 17:46:31 titled as “Evaan Holdings Pvt. Ltd. v. Reserve Bank of India & Ors.” and dismiss the said Writ Petition for being non- maintainable and mala-fide and a gross abuse of process of law; and/ or b) Pass such other and further order(s) as this Hon‟ble Court may deem fit and proper in the facts and circumstances of the present case.” FACTUAL MATRIX 2. The Company namely M/s Exclusive Capital Limited (hereinafter as the “ECL”) was incorporated on 18th April, 1994 under the provisions of the Companies Act, 1956 and the appellant herein is the sus