RATUL PURI Vs. BANK OF BARODA

JUDGEMENT

(1.) By way of this Writ Petition filed under Article 226 of the Constitution of India, the Petitioner has challenged the impugned order dtd. 23/3/2023 passed by the Review Committee of the Respondent, Bank of Baroda ("Respondent Bank"). By the said impugned order, the Review Committee of the Respondent Bank confirmed the order dtd. 19/8/2022 passed by the Identification Committee, declaring the Petitioner as a Wilful Defaulter under the "Master Circular on Wilful Defaulters, 2015" ("Master Circular"), issued by the Reserve Bank of India ("RBI").

(2.) It is stated that the Petitioner is the Chairman of Hindustan Power Projects Pvt. Ltd., which runs a 1200 mega-watt power plant and supplies electricity to three States namely, U.P., M.P. and Haryana. The Petitioner's company has availed loan facilities amounting to thousands of crores from various banks and it is stated that there has never been any default in servicing the debt since inception.

(3.) However, the Respondent Bank sought to declare the Petitioner as a Wilful Defaulter with respect to his association in another company known as Moser Baer Solar Ltd. ("MBSL") under the Master Circular, thereby, depriving the Petitioner from availing credit facilities for his present and prospective business enterprises.