Supreme Court of India M/S. Pro Knits vs The Board Of Directors Of Canara Bank on 1 August, 2024 2024 INSC 565 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO …. OF 2024 (@ SPECIAL LEAVE PETITION (C) NO. 7898 OF 2024) M/S. PRO KNITS .....APPELLANT(S) VERSUS THE BOARD OF DIRECTORS OF CANARA BANK & ORS. ....RESPONDENT(S) WITH CIVIL APPEAL NO …. OF 2024 (@ SPECIAL LEAVE PETITION (C) NO. 3801 OF 2024) MR. ZUHAIR MOHAMEDALI MERCHANT .....APPELLANT(S) VERSUS IDFC BANK & ORS. ....RESPONDENT(S) WITH CIVIL APPEAL NO …. OF 2024 (SPECIAL LEAVE PETITION (C) NO. ….. OF 2024 (@ DIARY NO. 16667 OF 2024 NILESH SHAH .....APPELLANT(S) VERSUS BANK OF BARODA & ORS. Signature Not Verified ....RESPONDENT(S) Digitally signed by Nisha Khulbey Date: 2024.08.01 17:20:49 IST Reason: WITH 1 CIVIL APPEAL NO …. OF 2024 (@ SPECIAL LEAVE PETITION (C) NO. 9594 OF 2024) SADHANA BHARAT RAI .....APPELLANT(S) VERSUS THE BOARD OF DIRECTORS OF KOTAK MAHINDRA BANK & ORS. ....RESPONDENT(S) CIVIL APPEAL NO …. OF 2024 (SPECIAL LEAVE PETITION (C) NO. ………OF 2024 (@ DIARY NO. 19108 OF 2024) M/S. A. NAVINCHANDRA STEELS PVT. LTD. & ANR. .....APPELLANT(S) VERSUS UNION OF INDIA & ORS. ....RESPONDENT(S) AND CIVIL APPEAL NO …. OF 2024 (SPECIAL LEAVE PETITION (C) NO. ………OF 2024 (@ DIARY NO. 19341 OF 2024) M/S. SHREE SHANTINATH STEELS & ANR. .....APPELLANT(S) VERSUS UNION OF INDIA & ORS. ....RESPONDENT(S) JUDGMENT BELA M. TRIVEDI, J. 1. Leave granted. 2 2. The Appellants in this batch of Appeals, who claim themselves to be the Micro, Small and Medium Enterprises (MSMEs) registered under the Micro, Small and Medium Enterprises Development Act, 2006 (hereinafter referred to as the “MSMED Act”), have challenged the impugned common order dated 11.01.2024 passed by the High Court of Judicature at Bombay in Writ Petition (L) No. 20100 of 2023 and Others, whereby the High Court has dismissed the said Writ Petitions by holding that the Banks/ NonBanking Financial Companies (NBFCs) are not obliged to adopt the restructuring process as contemplated in the Notification dated 29th May, 2015 issued by the Ministry of Micro, Small and Medium Enterprises, on its own without there being any application by the Petitioners/ MSMEs. The High Court without expressing any opinion on the merits or the factual aspects of the writ petitions granted leave to the Appellants – Writ Petitioners to agitate the other issues by adopting alternative remedies as may be available to them under the law. 3. The learned Counsels for the parties in the instant Appeals have also restricted their submissions only to the said issue decided by the High Court, without addressing other issues on the facts and merits involved in the writ petitions. 3 4. The Appellants who were the Writ Petitioners before the High Court had basically challenged the actions of the Respondents Banks/ NBFCs taken by them against the appellants under the provisions contained in The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the “SARFAESI Act”). The bone of contention raised by the learned Counsel Mr. Mathews Nedumpara appearing for the Appellants in all the Appeals is that the respondents