RAM KISHOR ARORA vs ICICI BANK

Judgment text excerpt

2025:BHC-OS:2475-DB 33-wpl-4344-2024.docx IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.4344 OF 2024 1. Ram, Kishor Arora, Suspended Director of Supertech Township Projects Ltd. 2. Mohit Arora, Suspended Director of Supertech Township Projects Ltd. 3. Sangita Arora, Erstwhile Director of Supertech Township Projects Ltd. All having their office at 114, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019. …..Petitioners Vs. 1. ICICI Bank, ICICI Bank Tower, Bandra-Karla Complex, 2. Reserve Bank of India, 6, Sansad Marg, New Delhi, Delhi – 110 001. 3. Supertech Township Projects Ltd, Having its registered office at 114, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019. Through the Interim Resolution Professional. …..Respondents Gaikwad RD 1/12 33-wpl-4344-2024.docx Mr. Karl Tamboly with Ms. Vidhi Mehta, i/b. Aagam Doshi, for the Petitioners. Dr. Birendra Saraf, Senior Advocate, Mr. Nimay Dave, Mr. Mayur Bhojwani & Ms. Dhamini Nagpal, i/b. Manilal Kher Ambalal & Co., for the Respondent No.1-ICICI Bank Ltd. CORAM : REVATI MOHITE DERE & DR. NEELA GOKHALE, JJ. DATE : 31st JANUARY 2025 PC: 1. The Petitioners seek a direction to quash order dated 5 th January 2024 passed by the Committee of the Respondent No.1-ICICI Bank classifying the Petitioner’s account as fraud and other ancillary reliefs including quashing of show-cause notice dated 26 th September 2023. 2. The Petitioners No.1 and 2 are Directors of Supertech Township Projects Ltd., ( for the sake of brevity referred as ‘STPL’), which Directorship is presently placed under suspension. The Petitioner No.3 is the erstwhile Director of the STPL. The Respondent No.1 is the ICICI Bank, the Respondent No.2 is the Reserve Bank of India and the Respondent No.3 is the STPL,