AMBEY IRON PRIVATE LIMITED Vs. PUNJAB NATIONAL BANK THROUGH ITS BRANCH MANAGER, HAVING OFFICE AT CALISTO MANSION

JUDGEMENT

(1.) Heard Shri Shivan Desai, learned Counsel appearing for the petitioners and Shri P. Vengurlekar, learned Counsel appearing for the respondent.

(2.) Rule. Heard forthwith with the consent of the learned Counsel. Learned Counsel appearing for the respondents waives service.

(3.) The short point for consideration in the writ petition is whether the impugned order dated 29.11.2016 communicated on 06.04.2017 stands vitiated, whereby, the petitioners have been declared to be as wilful defaulters in terms of the Reserve Bank of India's circular dated 01.07.2015, as the petitioners were not afforded a personal hearing.