BHADRA INTERNATIONAL INDIA PVT LTD & ORS. vs PUNJAB NATIONAL BANK & ORS.

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision: 30.05.2025 + W.P.(C) 7939/2025, CM APPLs 34917-18/2025 BHADRA INTERNATIONAL INDIA PVT LTD & ORS. .....Petitioners Through: Mr. Rajiv Nayyar and Mr. Ashish Mohan, Senior Advocates with Mr. Samarth Chowdhury, Advocates. versus PUNJAB NATIONAL BANK & ORS. .....Respondents Through: Ms. Nishi Chaudhary, Mr. Yashartha Gupta Advocates for respondent no.1/PNB Mr. Santosh Kumar Rout, Standing Counsel for Indian Bank/respondent no.2 with Mr. Dhama Veragi, Ms. Shruti Tripathi and Mr. Shakshi Raj, Advocates (M:9990432878). Mr. Brijesh Kumar Tamber, Ms. Avani Mukherjee, Mr. Prateek Kushwaha, Mr. Yashu Rustagi and Mr. Sahas Bhasin, Advocates for respondent no.3/UCO Bank. Mr. Sandeep Sethi, Mr. Jeevesh Nagrath, Senior Advocates with Mr. Hardeep Sachdeva, Mr. Parag Maini, Mr. Sanjeev Sachdeva, Mr. Raghav Chadha, Ms. Swati Sharma, Mr. Maaz Ahmed, Ms. Hema Sakhija and Ms. Kritika Rajpal, Advocates for respondent no.4. CORAM: HON'BLE MR. JUSTICE MANOJ KUMAR OHRI JUDGMENT (ORAL) Signature Not Verified Signed By:GAUTAM W.P.(C) 7939/2025 Page 1 of 10 ASWAL Signing Date:31.05.2025 05:56:49 1. By way of present petition under Article 226/227 of Constitution of India, the petitioners seek the following prayers:- A. Direct Respondents No. 1 to 3 to adhere to and implement the binding terms of the One Time Settlement recorded in the Joint Lenders Meeting dated 28 March 2025; B. Restrain Respondent No. 3, UCO Bank, from taking any coercive measures concerning the Secured Assets of the Petitioners in furtherance of Sale Notices issued on 28 March 2025 and 05 May 2025; C. Quash and set aside the auctions/sale carried out pursuant to the Sales Notices issued on 28 March 2025 and 05 May 2025 in breach of the OTS recorded in the Joint Lender