AMIT SURESH BHATNAGAR Vs. BANK OF INDIA

JUDGEMENT

(1.) Heard learned Senior advocate Mr. Manish R. Bhatt with learned advocate Mr. Munjaal Bhatt for the petitioners. Learned advocate Mr. Abhishek Mehta for Bank of India and learned advocate Mr. Sahil Shah for ICICI Bank.

(2.) Learned Senior Advocate Mr. Manish Bhatt, upon instructions, states that the petitioners confine this petition only to the action of respondent No.1 Bank of India of classifying their loan accounts as 'fraud account' and does not press for rest of the prayers in this petition, keeping all the rights of the petitioners open to challenge rest of the actions for which the petition is preferred by availing appropriate legal remedy available to the petitioners under the law.

(3.) It is specific case of the petitioners as canvassed by learned Senior Advocate Mr. Bhatt that (1) before classifying the loan account of the petitioners as 'fraud account' the respondent bank has neither issued them show cause notice showing their intention to classify their account as fraud account; (2) that no forensic audit report was supplied to the petitioners before passing the order, whereby the loan account of the petitioners was classified as fraud account and (3) at no point of time the respondents have observed the principles of natural justice.