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

Judgment text excerpt

$~14 * 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; Signature Not Verified W.P.(C) 16953/2022 Page 1 of 10 Digitally Signed By:DEEPAK SINGH Signing Date:01.09.2025 00:04:06 ii. Issue a Writ of Mandamus or any other appropriate Writ for quashing/setting aside the impugned action of Respondent No. 2 Bank, Respondent No. 4 Bank and Respondent No. 5 Bank, if any, in declaring the account of the Petitioner No. 1 Company as well as the Petitioners No. 2 - 4 as a Fraud Account; iii. Issue a Writ of Mandamus or any other appropriate Writ for quashing/setting aside the impugned action of Respondent No. 3 Bank, in declaring the account of the Petitioner No. 1 Company as well as the Petitioners No. 2 - 4 as a Fraud Account; iv. Declare the Forensic Audit purported to have been conducted by the Respondent No. 2 Bank, Respondent No