Icici Lombard General Insurance ... vs Indiabulls Housing Finance Ltd & ...
2020 Latest Caselaw 1763 Del

I
NTHEHI
     GHCOURTOFDELHIATNEW DELHI

                        JudgmentDel
                                  i
                                  ver
                                    edOn:04.
                                           05.
                                             2020

LPA146/
      2020

I
CICILOMBARDGENERALI
                  NSURANCECOMPANYLTD.
                              .
                              ..
                               ..
                                Appel
                                    l
                                    ant

                        v
                        ersus

I
NDI
  ABULLSHOUSI
            NGFI
               NANCELTD.&ORS.
                             .
                             ..
                              ..
                               .Respondent
                                         s


Advocat
      eswhoappear
                edi
                  nthi
                     scase:
FortheAppel
          l
          ant      :
                   Mr.SandeepSet
                               hi,
                                 SeniorAdvocat
                                             ewithMs.
                  PadmajaKaul,
                             Mr.VarunKhanna,Mr.Aman
                  Chaudharyand Mr.SidhantKumar Mar wah,
                   Adv
                     ocates.


Fort
   heRespondent
              s    :
                   Mr .Harish Salv
                                 e,Seni  orAdv ocat
                                                  e wi t
                                                       h Mr .
                   Raji
                      vNay ar,SeniorAdv  ocatewi t
                                                 hMr  .Karan
                   Luthr
                       a,Mr .Ri
                              shiAgr awala,Mr.AnkitBanatiand
                   Mr.Karti
                          kNay arAdv ocatesforR-1.
                   Mr.TusharMeht  a,Sol ici
                                          torGener alofI ndia
                   wit
                     hMr .NeerajMal hotra,SeniorAdv ocat
                                                       ewi th
                   Mr.AshishAggar  wal,Adv ocateandMr  .D. V.
                   Sekhar,
                         CGM SEBIf  orR-2.
                   Mr.AbhishekBaid,Adv ocateforR-10/ I
                                                     DBI.

CORAM:
HON'BLEMR.JUSTI
              CESI
                 DDHARTHMRI
                          DUL
HON'BLEMR.JUSTI
              CETALWANTSI
                        NGH

                        JUDGMENT

SI DDHARTH MRI DUL, J. ( OPEN COURT - VI DEO CONFERENCI NG)

LPA146/ 2020 Page1of7 Thepr esentmat terhasbeent akenupf orhear ingbyway

ofVi deoConf erenci ngonaccountofl ockdownduet oCOVI D-19.

CM APPL. Nos.

10579/ 2020, 10580/ 2020 & 10584/

(Exempt ions)

Exempt ionsal l owed, subj ectt oal lj ustexcept ions.

Theappl i cat ionsar edi sposedofaccor dingl y.

C.

M.APPL.No.

10581/

Thepr esentappl i cat ionunderSect ion151oft heCodeof

Ci vi lPr ocedur e,1908 has been f il ed on behal f of t he

appl i cant /appel l antseeki ngexempt ionf rom af fi xi ngcour tfees

wi tht heaccompany ingappeal .

Fort her easonsst atedi ntheappl i cat ionandi nvi ew of

t he pr esentpr evai l ing si tuat ion,t he same i s al l owed. The

appl i cant /appel l anti sal l owedt oaf fi xther equi sit ecour tfees

wi tht heaccompany ingappealwi thi naper iodoft hreeday s

af tert hel ockdowni sov er.

Theappl i cat ioni sdi sposedofaccor dingl y.

C.

M.APPL.No.

10582/

Thepr esentappl i cat ionunderSect ion151oft heCodeof

LPA146/ 2020 Page2of7 Ci vi lPr ocedur e,1908 has been f il ed on behal f of t he

appl i cant /appel l antseeki ng exempt ion t ofi l ethe not ari zed

af fi dav its i n suppor t of t he accompany ing appeal and

appl i cat ions.

Fort her easonsst atedi ntheappl i cat ionandi nvi ew of

t he pr esentpr evai l ing si tuat ion,t he same i s al l owed. The

appl i cant /appel l anti sal l owedt ofi l etheaccompany ingappeal

andt heappl i cat ionswi thoutnot ari zedaf fi dav its,subj ectt othe

condi ti ont hatt her equi sit enot ari zedaf fi dav itsbef il edwi thi na

per iodofoneweekaf tert hel ockdowni sov er.

Theappl i cat ioni sdi sposedofaccor dingl y.

C.

M.APPL.No.

10583/

Thepr esentappl i cat ionunderSect ion151oft heCodeof

Ci vi lPr ocedur e,1908 has been f il ed on behal f of t he

appl i cant /appel l antseeki ngexempt ionf rom obt aini ngphy sical

si gnat ures of t he aut hor ised si gnat ory of t he

appl i cant /appel l antandaf fi xi ngr equi sit ecompanyseal .

Hav ing hear d counsel appear ing on behal f of t he

appl i cant /appel l antand i nvi ew of t he pr esentpr evai l ing

LPA146/ 2020 Page3of7 si tuat ion,t he appl i cat ion i s al l owed wi th a di rect ion t othe

appl i cant /appel l antt ofi l ethe dul yexecut ed accompany ing

appealandal lot herpl eadi ngs/ document sal ongwi thcompany

seal wit hinaper iodofoneweekaf tert hel ockdowni sov er.

Wi tht heabov edi rect ions, theappl i cat ioni sdi sposedof .

LPA146/ 2020, CM APPL.No.

10578/ 2020( Stay )

1. I ssuenot ice.

2. Mr .Ri shiAgr awal a,l ear nedcounselaccept snot iceon

behal foft heI ndi abul l sHousi ngFi nanceLt d/r espondentNo.

3. Wi tht heconsentoft hel ear nedcounselappear ingon

behal foft hepar ti es,t hepr esentappealal ongwi tht heot her

connect edappeal sbei ngLPA 141/ 2020,LPA 142/ 2020and

LPA143/ 2020hav ebeenhear dandar edi sposedofbywayof

t hef oll owi ngor der .

4. Theappeal sincl udi ngt hepr esentone,al lassai lanor der

dat ed 15.

04. 2020 passed i n W.

P.( C)2963/ 2020 t it led as

I "ndi abul l sHousi ngFi nanceLt d.v s.Secur it iesandExchange

Boar dofI ndi a",i nst it utedonbehal foft her espondentNo.

her ein,wher eby t he l ear ned Si ngl e Judge had di rect ed as

LPA146/ 2020 Page4of7 f oll ows:

"

11.Gi v enthepeculi arfactsofthi scaseandt hepresent l ockdown,ti llt henextdateofheari ng,t her eshallbeanad i nteri m order,int er ms of pr ay er (a) in CM APPL. No.10281/ 2020,t il lthenextdat eofhearing."

5. The subj ect pr ayer cl ause (

a) i n CM APPL.

No.

10281/ 2020f il edi nW.

P.( C)2963/ 2020i srepr oducedf or

t hesakeoff eli ci ty, her einbel ow:

"(

a)Di r ecttheRespondentt onotif ymai nt enanceofst atus quodur i ngthet imet heRespondenti ssuest hecircularunder Secti on11Boft heSEBIAct ,1992tor est orethelev elpl aying fi eldamongstsi mi larlysituatedpersonsbypost poningt he Peti ti oner'sliabil ityunderCommer cialPaper/bondst i llthe ti met hePet i tioner'sr i ghtt orecovertheloansprov i dedbyi ts toit scust omer si sr estr ictedduri ngt hepandemi cCOVI D-19 i nter-

ali aduet ot heci rcularofRBIdat ed27.03.2020bear ing No.RBI/2019-20/186. "

6. We hav e hear dlear ned Seni orCounselappear ing on

behal foft hepar ti esi nal ltheconnect edappeal s,i ncl udi ngMr .

SandeepSet hi,l ear nedSeni orCounselappear ingonbehal fof

t he pr esent appel l ant ,ICI CILombar d Gener alI nsur ance

CompanyLt d., atl engt h.

7. Mr .Har ishSal ve,l ear nedSeni orCounselappear ingon

behal foft heI ndi abul l sHousi ngFi nanceLt d.,af teraddr essi ng

somear gument sbef oreus,on i nst ruct ionsst atest hat ,the

LPA146/ 2020 Page5of7 r espondentNo.

1doesnotwi sht opr osecut eanyf urt hert he

W.

P.( C)2963/ 2020i nst it utedbyt hem,wher eint hei mpugned

or derdat ed15.

04. 2020camet ober ender ed;andt hat ,thi s

Cour tmaybepl easedt ogr antt hem l eav etowi thdr awt hesame,

wi thl i ber tyt oinst it uteanappr opr iat epr oceedi ng,asmaybe

adv ised, inaccor dancewi thl aw.

8. Leav eandl i ber tygr ant ed.

9. Mr .Har ishSal ve,l ear nedSeni orCounselappear ingon

behal foft heI ndi abul l sHousi ngFi nanceLt d.,oni nst ruct ions,

f urt herunder takest hat ,al ltheaf fect edpar ti es,i ncl udi ngt he

appel l ant sint heseconnect edappeal s,wi l lbej oinedaspar ti es

i nthepr oposedpr oceedi ngs, ifany ,asmaybef il ed.

10. Di rect edaccor dingl y.

11. The W.

P.( C)2963/ 2020 t it l I ed as "ndi abul l s Housi ng

Fi nance Lt d.v s.Secur it ies and Exchange Boar d ofI ndi a",

cur rent lypendi ngont heboar doft heconcer nedLd.Si ngl e

Bench,i saccor dingl ydi smi ssedaswi thdr awnaspr ayedand

di sposedof .

12. Thead-

int eri mimpugnedor derdat ed15.

2020,passed

LPA146/ 2020 Page6of7 i nthesai dwr itpet it ioni sconsequent lysetasi deandquashed;

andt hepr esentappeali s,r esul tant ly,al l owedanddi sposedof

al ongwi tht heot herconnect edappeal sbei ngLPA141/ 2020,

LPA142/ 2020andLPA143/ 2020.

13. A copyoft his or derbe pr ovi ded t olear ned counsel

appear ingonbehal foft hepar ti esel ect roni cal l y.Acopyoft his

or derbeupl oadedont hewebsi teoft hisCour tfor thwi th.

SI DDHARTHMRIDUL (JUDGE)

TALWANTSINGH ( JUDGE)

MAY04,

as

LPA146/ 2020 Page7of7