BIG CLASH BETWEEN TWO GIANTS | SHOCKING ARGUMENTS UNVEILED |

[00:00:00]One second. One second, sir. Allow me to complete. I have a serious.

[00:00:03]>> Please allow me, sir. You may have your >> No, but I have a preliminary objection.

[00:00:06]>> I have to request your very unfair. It's very wrong. 29 is decided against him by NCT.

[00:00:12]>> They're all very wrong.

[00:00:13]>> Some of them were not even hurt.

[00:00:14]>> No, no. They were very much present.

[00:00:16]They were there for 45 minutes. They were hurt.

[00:00:18]>> That's the only round.

[00:00:19]>> No, no, with respect. That's very 2022 mess. We are in 2026. So, please consider mess interest.

[00:00:29]It's a complete fraud with all respect.

[00:00:31]Committee was there as my friend just said my lord but >> your graciousness should not be abused.

[00:00:36]I'm with great respect.

[00:00:36]>> It's a complete I don't know I really have his son is the husband of daughter or promoter of the corporate completely 29 ineligible. So this is a company liquidation.

[00:00:50]>> Well listen I'm sorry if you're my friend's client. One second. One second sir. Allow me to complete. I have a serious >> please allow me sir. You may have your >> No, but I have a preliminary objection.

[00:00:59]>> Well, I had to request the >> It was argued for 45 minutes before a bench. He has filed something your lordship has castigated is not maintainable in MA to review an order.

[00:01:08]>> Yesterday I was inclined to miss this application before the before my sister.

[00:01:12]>> Yes.

[00:01:13]>> But she's on leave.

[00:01:14]>> There's no request.

[00:01:14]>> Then my register there they told me that there is an urgency created and they want the matter to be listed tomorrow.

[00:01:20]>> It's a full >> and I luckily saw that my brother was there in the bench.

[00:01:23]>> No, it's a full review mother sort. It's it's a full review s by an MA which will in a constitution where they said you can't have it like this.

[00:01:31]>> My social code below that my friend's client has taken the entire process into ransom for the simple reason under liquidation regulation we have timelines to make the payment of the auction purchase which is 90 days. It also says after 30 days in case you're making payment you have to pay interest. This is statutory.

[00:01:50]151221 is the option. 1,200 is the amount of the auction price. Kindly note out of that he only pays 100 crores notwithstanding an order made by the NCT granting him time of one year extension of one year which cannot the law noting that he deposit 100 crores and then lords the liquidator cancels the sales and he says since sale is canled amount has to be forfeited. The challenge goes to the ENCLAT. In the ENCLAT, member judicial says this appeal is dismissed.

[00:02:23]Member technical says cancellation validly done. But four features is not valid. Why? Because he's not at fault.

[00:02:30]And he requests the chairperson to constitute a third bench to decide this issue against which they come to a lawsuit court. The order says refund the amount of 150 crores which is the EMD and 100 crores to him back. He gets my lord's bonus of his own wrongdoms. This is a broad background. I I can show my lords that today we did a further due diligence and realize that my friend's client his son is the husband of daughter of promoter of the corporate dattor completely 29 inible.

[00:03:07]The promoter's daughter is married to his son and from back door entry he wanted to take over this company for peanuts and the ground which they sought for extension of time was that besides the ass corporate dattor you have to also give me posession of assets of all subsidy companies joint venture associates that that issue >> on merits on merits >> that issue was decided against we we affirmed The thing is when it comes to EMD, >> yes ma'am, >> EMD minus the other argument that you are making on 29A which is not before us.

[00:03:46]>> It is not before us. The thing is when it is a case of EMD only and only if it's a discretionary relief with regard to to feature to feature can only take place when it is a part of a consequence of contract perhaps we misinformed court the statutory rules are provided under liquor regulations saying if you don't pay the auction precise within 90 days by statuto indictment the amount of amount paid as EMD and the balance amount has to be forfeited. Kindly have a look at it's part of the terms proje kindly have a look at civil appeal and please see page 180 >> it is there >> that was dealt with by end class in fact this was discussed unfortunately >> one of the members held that this is not a case of unri unjust enrichment it's not a part of consideration of a contract >> can I with respect says have said that under the IPC there's no equity jury restriction contract that has no application. The regulations stipulate timelines to make payment. Regulations stipulate if you don't make payment amount has to be forfeited. The regulations stipulate we cannot travel beyond the statute is a request to ship court. The encl doesn't consider the regulations before your law code also no submission was made on our side that this is statutory there is no equity based jurisdiction with anyone once you default in making payment lord the amount has to be forfeited and please consider eventually encat only says let the chairperson constitute a bench who will decide one person says that amount be forfeited other person says don't forfeit forfeit the amount this is the order wanted a closure of this dispute and the exercise of having the company rehabilitated as a ongoing concern was our major work.

[00:05:48]>> I think you will not dispute even the object of it.

[00:05:50]>> I am with your logic.

[00:05:52]>> So whether for procure or not but we we were not really >> my request request is but this will send a signal to every person who is a defaulter a rank defaulter to take money back. No signal business we do not >> can they kindly have a look at it.

[00:06:07]>> I agree. Kindly see on laws 183 for a minute in civil appeal. Please have a look at the provision in 183.

[00:06:13]>> Mr. However, we are not inclined so far as the question of court feature is concerned.

[00:06:19]>> It is statuto the case we decided when there was a difference of opinion >> in order to allow a IBC proceeding or a proceeding for rehabilitation to be expedited >> things not stand delayed because of these eddies because of these uh This is the RP rights that we are implementing. He comes in >> auction. Sorry, >> can I say with respect?

[00:06:48]>> Yes.

[00:06:49]>> Honorable court has permitted auction. I I ba with respect auction has to take place because when the question when the question is of 29A we completely agree with you. If there is a there is there is an association with a pharma promoter he will not be.

[00:07:08]Therefore, under the terms of the auction, if you are 29A ineligible, you have not disclosed this fact, your price, the amount given by you must be forbidded.

[00:07:18]>> We are not going to water under the bridge.

[00:07:21]>> It's not this is not the contract, my lord. With respect, >> water under the bridge in this case, we >> regulations today Mr. It's water under the bridge. This is no law declared nothing. This is a case where on the facts because of the divergence of view and to have a closure of this abortive auction exercise we just allowed the >> this closure only benefits him not to mess not to the institution.

[00:07:47]>> Are you going to get it?

[00:07:48]>> I'm sorry.

[00:07:49]>> Are you going to get it as a financial citor?

[00:07:52]>> Yes me lords. Yes me lords. The money paid by him has been distributed amongst the financial citors. kindly consider we have 14 banks nationalized bank most of them amount realized from him so far as AMD and the initial amount has been distributed debt is 2,000 crores plus auction was 1,200 crores he pays 100 crores only please see the problems >> well these are all wrong taxes not fair me 100 crores only he's making so much >> Mr. Power says the last thing is something which requires to be considered. The amount has been distributed >> numerous 100 kores was and your lordship heard this for 45 minutes and the two things my lord saw eight documents where he represented that the shares and the subsidiary is mine. It never came to me.

[00:08:42]So your lordship did complete justice by saying take your 100 go back have a new auction. The RP writes to me saying we are taking steps to implement the supreme court order. He sets up a committee. Committee comes here. amount has already been a portion among the creditor.

[00:08:57]>> Yes. And they are not they were not before >> money kindly see the what are the case why did the Lord pass the order on equity and justice the case was that the subsidiary which is the sole asset of this company will come to me >> no they say the shares are not the whole thing will be dissipated >> you are doing arguing the point which was not accepted >> no no I'm saying your lordship says okay back >> I think 36D a distinction I'm not on that value of shares and value of assets.

[00:09:29]>> I am not on that. Your lordship is right. Your lordship cited investment.

[00:09:34]>> You gave the amount and then >> earnest no I gave the amount of 100 crores. I did not get anything. Your lordship have a fresh option.

[00:09:42]>> Only on the point >> fresh auction.

[00:09:44]>> We are only on the point that the citors the secured ctors whom the amount has been aortioned.

[00:09:51]>> Yes.

[00:09:51]>> Some of them were not even hurt. No no no they were very much pres they were there for 45 minutes never hurt that is the only ground no mus with respect that's very on the on that day Mr. Dumata appeared somebody else appeared justice baki was there it was argued for 45 minutes today the who the >> Mr. Krishna duta appeared no this very unfair it's very wrong Mr. Christendu duta appeared that day for the financial creditors your lordship heard him yes it's recorded and this 29 is raised today 29 is decided against him by NCT all very wrong but let him say that the finers have been there I collect Mr. was there >> yes he was there Mr. Not fair bankers were not on the court.

[00:10:45]>> Mr. Tata was here for the SBI the lead bank your lordship record that your lordship heard him this is not fair at all and to do it like a review petition by an MA with your lordship so many judgment rank I'm on that principle point a rank defaulter this becomes watered under the bridge if financial condition was heard and there are foreign lenders that decision >> there are foreign lenders money has gone abroad they're distributed completely the entire >> 100 earnest money. He's saying that the main amount has come down the line. When money >> I mean it's 4 years down the line.

[00:11:21]>> No, it's 90 days.

[00:11:23]>> The money should not be distributed now appeared. It's very unfair to say it didn't appear in the appearance or not >> SBI leaders committee. He appeared the lead lead bank very understand but 150 crores distributed already among him again way back in 2021 kindly note distribute 2022 mess we are in 2026 well please consider mess >> I should get interest >> and fraud yes please fraud >> it's a complete fraud with all respect there has been collusion there has been fraud ballots with all respect and statute says amount has to be forfeited Please consider mess amount has gone back to everyone in 2022 2021 in 2026 mess may protect that part today on court has said consistently if you are a defaulter amount has been forfeited and here the regulations reported so not just I want to say something on behalf of not on merits your lordship of direction obliged me to refund 150 crores within 4 weeks >> we'll extend that extend weeks because he writes to me back from the lenders Yes. Then I can >> we'll give you 3 months.

[00:12:50]>> Yes. I would still this is your code not to consider to order refund again. See >> this is this will this will amount.

[00:12:58]>> He has delayed but we have spent 300 crores on the auction. Please note this is not >> 21 onward 26 5 years you have spent >> rehearing the matter.

[00:13:06]>> Sir may have to consider in some cases by request court.

[00:13:10]>> The bankers have incurred 300 crores on the auction in last 5 years. 150 crores has come is to go back. Please see we are all we are all all bots use public money is there we have incurred 300 crores in the process my friend delayed 5 years the entire process of auction 150 crores EPS he was refund I would request honorable court this for a person like him lord who is a 29A ineligible not disclosed suppressed misrepresented today he should not get the money back on the ground of equity also lord I would receive your lordship court not to make the order for refund please considerable lords Right.

[00:13:46]Consider >> I would request court to have a look at this this situation on the ground of equity also a rank below defaulter rank defaulter today one person defaults for one month the amount gets out in tender matters mess one month statutoship gracious can't be used like this >> the creditor committee of creditors were not notified not heard we would have definitely reconsidered but after that rehearing >> the committee The committee was there as my friend just said my lord but the creators my lords and we allowed >> your graciousness should not be abused I'm with great respect complete I don't know I really have >> if you have been hurt then willing 45 minutes >> but kindly kind just one second I'll leave it at this 29A was not known to us we done the duties now under the terms in case you are 29A iligible not disclosed they disclose that we are eligible >> it was raising the NC rival bidder and INC closed it. I have given the relationship direct relationship my friends client is participating and you have evidence of 219 >> for a second for a second is there is there >> your lordship have granted that liberty so the lordship may allow us to inspect and verify >> sir lordship have said they can participate yes they can >> in accordance with law always >> no your lordship is because ultimately otherwise >> in accordance with law >> given that have a look at the order just have a look at page 28 >> Dr. singly says in accordance with words to our mouth in accordance with what happened to fresh >> they've delayed it he's ineligible >> that's right so I should be allowed >> instructed this is very important >> a rival bidder >> he doesn't want me to participate >> and particip raised the 29 line objection in the NCT it was not rejected >> I'm still saying in accordance with law >> let us put it that you clarify that the >> in accordance with will be in accordance with law >> that's all I'm saying so myself in accordance but don't because already been rejected by NCL don't say anything more can I just say one last thing is stop at this only one second I'm opposing my friend's client the corporate dattor I have said just one second I'll leave it at that stage the corporate main person main promoter his daughter is married to his son direct relationship I venture so in my oath no denial of course there can't be a denial guided by the NC and the CD's promoter is the sitting minister in Telangana because of the influence whatever has happened has happened in different places so they'll disqualify please consider this isify with all respect >> Mr. powersify why we are leaving it open to the liquidator to take a decision on this >> in accordance with law >> because I would still >> we are not going to open this issue again >> they are not come back for a second >> the money goes mess >> person like him a ranked defaulter he takes advantage of the law by abusing it >> fifth oral review petition >> by abusing ital 4 years was spent on this four years.

[00:17:16]>> While we are not inclined to recall the order date June 24, 2026, the official negator shall be at liberty to determine eligibility of the petitioner in accordance uh to participate in the press auction.

[00:17:36]In accordance with law, regardless of any adjudication by observations like this one earlier by >> an extension of time I have to refer months 03 of 2026 taken on the court Which more time is granted for refunding?

[00:18:14]3 months. 3 months.

[00:18:19]>> For refund for refund. Three months. 3 months.

[00:18:24]If he has the money, he can please Jin do