M/S. KAPOLE ADVERTISING AGENCY THRU. PROP. AND ORS vs STANDARD CHARTERED BANK AND ORS

Judgment text excerpt

901_WP_685_26.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 685 OF 2026 WITH INTERIM APPLICATION NO. 336 OF 2026 IN WRIT PETITION NO. 685 OF 2026 M/s. Kapole Advertising Agency, Through Proprietor, and others … Petitioners/Applicants vs. Standard Chartered Bank and others … Respondents Mr. Anirudh Hariani a/w. Ms. Kruti Bhavsar and Mr. Pratik Barot for petitioners/applicants. Mr. R. L. Motwani for respondent No.1-bank. CORAM : MANISH PITALE & SHREERAM V. SHIRSAT, JJ DATE : 21st APRIL, 2026 Order (Per Manish Pitale, J): . The petitioners are the original borrowers and they have approached this Court challenging two orders dated 09.01.2026 passed by the Debts Recovery Tribunal-II, Mumbai (DRT), whereby Interim Application Nos.2524 of 2025 and 2526 of 2025 filed by them in pending Securitisation Application No.411 of 2025, have been rejected. It is the case of the petitioners that the DRT failed to appreciate the effect of pendency of a petition filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal, Mumbai (NCLT) and consequently, the existence of interim moratorium under Section 96 of the IBC. It is claimed that the applications were rejected by the impugned orders on irrelevant considerations. Digitally signed by PRIYA PRIYA KAMBLI KAMBLI Date: 2026.04.21 1/20 15:43:18 +0530 901_WP_685_26.doc 2. In this petition, the petitioners also moved an interim application seeking urgent interim relief, in the light of the fact that respondent No.1 – bank (secured creditor) had already proceeded under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Securitisation Act), as a consequence of which auction