SURENDRA KUMAR AGRAWAL Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) The petitioners have filed the present writ petition challenging the order dated 24th July, 2018, passed by the respondent no.3 'Review Committee for Identification of Willful Defaulters and Non-Co-operative Borrowers'(herein after referred to as "The Review Committee") of the respondent no.2, Kotak Mahindra Bank Limited, and also the recommendations of the Committee dated 19 th July, 2018 as well as the Willful Default Assessment Note dated 21st November, 2017.

(2.) The petitioners No.1 to 3 are the promoters of the petitioner No.4 Company which had made a secured borrowing from Union Bank of India as well as from the respondent no.2 Kotak Mahindra Bank Limited for which the petitioners No.5 and 6 Companies had given corporate guarantee.

(3.) The petitioner No.4 Company is registered and incorporated under the provisions of the Companies Act , 1956. The respondent No.1 had issued a Master Circular dated 1st July, 2015 on 'Wilful Defaulters' laying thereby guidelines for identification of wilful defaulters and other legal remedies available to the banks and financial institutions against wilful defaulters.