M/S RCC INFRAVENTURES LTD & ORS. vs RESERVE BANK OF INDIA & ORS.

IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment Delivered on:29.08.2025 W.P.(C) 16953/2022 & CM APPL. 53728/2022 (stay) M/S RCC INFRAVENTURES LTD & ORS. .....Petitioners Through: Mr. Manik Dogra, Sr. Adv. with Ms. Priyadarshini Dewan, Ms. Aarohi Mikkilineni, Mr. Himanshu Singhal, Ms. Manisha and Mr. Dhruv Pandae, Advs. versus RESERVE BANK OF INDIA & ORS. .....Respondents Through: Mr. Vivek Jain, Ms. Aastha Tiwari and Mr.Sunny Verma, Advs. for R- 2/PNB. Mr. Siddharth Singh, Adv. for R- 4/HDFC Mr. O.P. Gaggar and Mr. Sachindra Karn, Advs. for R-3/UBI and R- 5/BOB. CORAM: HON'BLE MR. JUSTICE VIKAS MAHAJAN JUDGMENT VIKAS MAHAJAN, J (ORAL) 1. The present petition has been filed with the following prayer: “i. Quash and set aside the Impugned Circular bearing number DBS. CO.CFMC.BC.No.1/23.04.001/2016-17 dated 01.07.2016 issued by the Respondent No. 1 to the extent it violates Article 14 of the Constitution of India in as much as it is vague and does not follow the basic principles of natural justice; 2. Essentially, the grievance of the petitioners in the present petition is that accounts of the petitioners have been classified as ‘Fraud’ by respondent nos. 2 to 5 without complying wi