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Calcutta High Court grants stay on auction on a swiss challenge, AK & Partners brings big relief

A writ petition was filed on behalf of an iron and steel conglomerate before the Hon’ble Calcutta High Court on account of the bank's non-consideration of OTS proposals by the borrower, without any reasoned order. AK & Partners team was successful in getting a stay of the auction that was to be conducted by the bank, to transfer stressed loan exposure to eligible ARC/Banks/NBFCs/FIs. The issues involved are compliance with RBI guidelines of 2019 and 2021 relating to the resolution of stressed assets.

Our Dispute Team comprised Founding Partner Anuroop Omkar, Head of Disputes Resolution Practice Shreyas Mehrotra, Director of Banking Sunetra Banerjee, Senior Advocate Prashanto Chandra Sen and Associates Shivangi Bajpai & Antarik Chakrabarty.

Disclaimer The note is prepared for knowledge dissemination and does not constitute legal, financial or commercial advice. AK & Partners or its associates are not responsible for any action taken based on its contents.

* Image credits: Calcutta High Court

For further queries or details, you may contact:

Mr Anuroop Omkar, Mr Shreyas Mehrotra

Founding Partner, AK & Partners Head of Practice, Dispute Resolution

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