Senior Advocate Navroz Seervai and Dr. Birendra Saraf for IDBI submitted that IDBI had sent several letters to the company but failed to receive any response with regards to the transaction, and due to this they were compelled to approach the Civil Court.
If no protection was granted, the debenture holders would have borne the brunt of the delay, their suit stated adding that the bondholders had subscribed debentures to the tune of ₹1,070 crore.
Justice Anuja Prabhudessai allowed Future’s appeal.
The Court stated that reasons for stay will be given in a detailed order which will be rendered later.
Source: Barandbench
