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Judgment
V. KAMESWAR RAO, J
This matter was heard by us and reserved for Judgment on September 10, 2018. Mr. Rajiv Nayar, learned Senior Counsel for the petitioner had
mentioned the matter before us on September 11, 2018, stating that the Supreme Court has heard petitions and directed status quo to be maintained.Â
He stated that the counsel is in the process of procuring the copy of the order. The copy of the order was handed over to the Court Master in the
evening of September 12, 2018. Mr. Nayar again mentioned the matter at 10.30 am on September 13, 2018 in the presence of the counsel for RBI
(respondent) and filed a written note. In the note, a reference has been made to the petitions filed in various High Courts / Transfer Petitions filed
by the RBI / Writ Petition (C) No. 1086/2018 filed by Ideal Energy Projects Ltd wherein the Supreme Court by adjourning the Transfer Petitions and
Writ Petition to November 14, 2018, had directed status quo as of that date shall be maintained.Â
In paras 8 and 9 of the note, it is stated as under:-
“8. The petitioners submit that the challenge to the Circular dated 12.02.2018 is pending before the Hon’ble Supreme Court and the
Hon’ble Supreme Court has been pleased to granted interim relief to all the parties, whose petitions were a subject matter of the Transfer Petition.
Accordingly, the petitioners humbly and most respectfully pray that this Hon’ble Court may be pleased to grant an Order of Status Quo as on
date pending adjudication of the validity of the Circular dated 12.02.2018 issued by the RBI by the Hon’ble Supreme Court on the basis of parity in
terms of the Order dated 11.09.2018 of the Hon’ble Supreme Court.â€Â
The Counsel for the RBI stated that the Supreme Court has not transferred this petition.Â
Having given our thoughtful consideration to the stand of the parties and perused the order dated September 11, 2018 passed by the Supreme Court
in Transfer Petition (C) Nos. 1399-1404/2018 and Writ Petition (C) No. 1086/2018, it is clear that the Supreme Court is seized of the issue relating to
circular dated February 12, 2018 (which is also under challenge in this petition) and adjourned the matters to 14th November, 2018 for final disposal.Â
We are of the view, the decision in this writ petition must await the outcome of the proceedings before the Supreme Court. We accordingly adjourn
the proceedings to a date beyond 14th November, 2018 i.e November 19, 2018. Till that date, status quo as of today shall be maintained.