Delhi High Court
Ligare Aviation Limited vs Reserve Bank Of India & Ors. on 30 September, 2021
$~59
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of Decision: 30th September, 2021
+ LPA 217/2021 & CM APPL. 23607/2021 (Interim relief)
LIGARE AVIATION LIMITED & ANR. ..... Appellants
Through Mr. Gauri Shanker Saikumar,
Advocate
versus
RESERVE BANK OF INDIA & ORS. ..... Respondents
Through Mr. Krishendu Datta, Senior
Advocate with Ms.Anindita Roy Chowdhury and
Ms.Vatsala Rai and Mr.Rajkanwar Singh Kumar,
Advocates for Respondent No.1/RBI.
Mr.Arjun Krishnan, Ms.Khushboo Mittal and
Mr.Kaustav Som, Advocates for R-2/Yes Bank.
CORAM:
HON'BLE THE CHIEF JUSTICE
HON'BLE MS. JUSTICE JYOTI SINGH
JUDGMENT
D.N. PATEL, CHIEF JUSTICE (ORAL)
Proceedings have been conducted through video conferencing.
1. Learned counsel appearing on behalf of the Appellants fairly submits
that it would suffice for the disposal of this appeal if Appellants are allowed
to open an Escrow Account with Respondent No.2/ Yes Bank for purposes
of meeting statutory dues, taxes, operational expenses with the balance to be
utilised for payment of dues of Yes Bank, as mentioned in para 13 of the
short affidavit filed by Respondent No.2.
Signature Not Verified
Digitally Signed
By:KAMAL KUMAR
Signing Date:05.10.2021
20:52:29
2. It is submitted by learned counsel appearing for the Appellants that
the Appellants are willing to open an Escrow Account with Respondent
No.2/ Yes Bank for the aforesaid purposes in accordance with para 13 of the
short affidavit.
3. Learned counsel appearing on behalf of Respondent No.2 does not
have any objection if the Appellants make an application to the Bank for
opening of an Escrow Account with Respondent No.2/ Yes Bank for the
purposes of meeting statutory dues, taxes and operational expenses with
the balance to be utilised for the payment of dues of the Respondent
No.2/ Yes Bank.
4. In view of this submission, we grant liberty to the Appellants to take
necessary steps for opening an Escrow Account with Respondent No.2/ Yes
Bank, subject to their complying with the conditions mentioned in the
affidavit of Respondent No. 2, in para 13, i.e., the account shall be for the
purpose of meeting statutory dues, taxes and operational expenses with
the balance to be utilised for the payment of dues of the Respondent
No.2/Bank.
5. We, however, direct the Appellants to give proof of operational
expenses to Respondent No.2/Yes Bank and also to comply with the
provisions of Circular issued by Reserve Bank of India bearing No.
RBI/2020-21/20 DOR.No.BP.BC/7/21.04.048/2020-21 dated 06.08.2020,
as clarified by subsequent Circulars issued by Reserve Bank of India
bearing No.RBI/2020-21/62 DOR.No.BP.BC.27/21.04.048/2020-21 dated
02.11.2020; No.RBI/2020-21/79 DOR.No.BP.BC.30/21.04.048/2020-21
dated 14.12.2020 and Circular bearing No.RBI/2021-22/77 DOR.CRE.
REC.35/21.04.048/2021-22 dated 04.08.2021, in letter and spirit.
Signature Not Verified
Digitally Signed
By:KAMAL KUMAR
Signing Date:05.10.2021
20:52:29
6. The opening of the Escrow Account for the aforesaid purposes and
with the aforesaid conditions as well as compliance with the RBI Circulars
including furnishing of proof of the operational expenses, as directed above,
needless to state, shall be without prejudice to the rights and contentions of
the respective parties to the lis.
7. This appeal along with pending application is accordingly disposed of
as not pressed at this stage, with the aforesaid direction.
CHIEF JUSTICE
JYOTI SINGH, J
SEPTEMBER 30, 2021
pst
Signature Not Verified
Digitally Signed
By:KAMAL KUMAR
Signing Date:05.10.2021
20:52:29
