Dear All
Today Mr Pali Nariman appeared for JAL and said that JAL is not insolvent as has been alleged by RBI and ICICI
Mr Nariman’s main arguement was that the dictionary meaning of JAL as per the law dictionary is water, and water is a solvent that dissolves into itself a number of other things. Therefore by definition JAL is always solvent and never insolvent. Mr Nariman also produced a report from Delhi JAL Board that explains the properties of JAL.
RBI vehemently argued against Nariman and said that the solvent has be viewed in context of what is sought to be dissolved in it. For example, mustard oil does not dissolve in water and therefore water is insolvent so far as mustard oil is concerned.
Mr Nariman opposed this and said that this contention is misleading, as cement and concrete need water, therefore why should the court look at solubility of mustard oil which does not go well with cement and concrete.
The bench deliberated on setting up a Supreme Court monitored committee to decide on the solvency issue.
The home buyers lawyers vehemently opposed this and said the court is being misled into a direction which does not solve home buyers issues. They need possession of houses instead of a decision on solvency status.
RBI said that without knowing the solvency status, it would be impossible to arrive at the appropriate solution for home buyers problems.
The court decided to hear this in greater detail tomorrow.
Regards
Fake News Team
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