JINDAL COCOA LLP Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) Rule. Rule is made returnable forthwith. Respondents waive service. By consent, heard finally.

(2.) This Petition essentially challenges the interpretation of the Reserve Bank of India's Master Circular on Rupee/Foreign Currency Export Credit & Customer Service to Exporters, dated July 1, 2015 ("Master Circular") by the Banking Ombudsman (Respondent No.3) appointed by the Reserve Bank of India (Respondent No.1, "RBI"). The Banking Ombudsman dismissed the Petitioners' grievance against the very same interpretation that had been taken by HDFC Bank Limited (Respondent No.4, "HDFC Bank").

(3.) Jindal Cocoa LLP ("Borrower"), is a limited liability partnership engaged in the business of exporting cocoa and cocoa products. HDFC Bank had extended Indian Rupee-denominated preshipment credit by way of a running account facility under the Master Circular to the Borrower. The Borrower, along with its two partners Mr. Vijay Jindal and Ms. Jayshree Vijay Jindal, are collectively the Petitioners.