The writ petition was filed by Mr. M. Suresh Kumar Reddy, the suspended director of M/s Kranthi Edifice Private Limited, seeking a Writ of Mandamus to declare the action of respondent banks (Canara Bank and formerly Syndicate Bank) in not accepting the proposal for rehabilitation and restructuring of the existing SOD (Stressed Assets). The petitioner argued that the banks' actions were illegal, arbitrary, unconstitutional, and violated his fundamental rights under Articles 14 and 19(1)(g) of the Constitution of India, as well as the Master Directions of the RBI. The petitioner sought to set aside the declaration of the respondent No. 4 company (Kranthi Edifice Private Limited) as a non-performing asset (NPA).
Mr. M. Suresh Kumar Reddy, the suspended director of M/s Kranthi Edifice Private Limited, filed a writ petition against the Union of India, Canara Bank (formerly Syndicate Bank), and Kranthi Edifice Private Limited. Kranthi Edifice Private Limited, incorporated under the Companies Act, 2013, and registered under the Micro, Small and Medium Enterprises Development Act, 2006, had been running infrastructure business for 35 years and was involved in irrigation projects. The company had availed credit card facilities from Canara Bank, including Rs. 12.00 Crores for working capital and Rs. 110.00 Crores for bank guarantee limit, maintaining a fixed deposit of Rs. 11.00 Crores as security. In 2018, due to a wrongful invocation of bank guarantees amounting to Rs. 8.40 Crores,
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The writ petition was filed by Mr. M. Suresh Kumar Reddy, the suspended director of M/s Kranthi Edifice Private Limited, seeking a Writ of Mandamus to declare the action of respondent banks (Canara Bank and formerly Syndicate Bank) in not accepting the proposal for rehabilitation and restructuring of the existing SOD (Stressed Assets). The petitioner argued that the banks' actions were illegal, arbitrary, unconstitutional, and violated his fundamental rights under Articles 14 and 19(1)(g) of the Constitution of India, as well as the Master Directions of the RBI. The petitioner sought to set aside the declaration of the respondent No. 4 company (Kranthi Edifice Private Limited) as a non-performing asset (NPA).
Mr. M. Suresh Kumar Reddy, the suspended director of M/s Kranthi Edifice Private Limited, filed a writ petition against the Union of India, Canara Bank (formerly Syndicate Bank), and Kranthi Edifice Private Limited. Kranthi Edifice Private Limited, incorporated under the Companies Act, 2013, and registered under the Micro, Small and Medium Enterprises Development Act, 2006, had been running infrastructure business for 35 years and was involved in irrigation projects. The company had availed credit card facilities from Canara Bank, including Rs. 12.00 Crores for working capital and Rs. 110.00 Crores for bank guarantee limit, maintaining a fixed deposit of Rs. 11.00 Crores as security. In 2018, due to a wrongful invocation of bank guarantees amounting to Rs. 8.40 Crores,
…Kranthi Edifice Private…
RBI issued Master…
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