ANKIT BHUWALKA vs IDBI BANK LIMITED

Judgment text excerpt

901-WP-12-2025-J-.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.12 OF 2025 Ankit Bhuwalka Erstwhile Director of Bhuwalka Steel Industries Limited, Flat No. B1 101, Oberoi Esquire, Oberoi Garden City, Opposite Oberoi Woods, Goregaon East, Mumbai, Mumbai Suburban, Maharashtra - 400063 …..Petitioner Vs. 1. IDBI Bank Limited Acting through Chief General Manager / Authorized Signatory, Wilful Defaulters Review Committee Having its registered office at, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400005 2. Union of India Room No. 272, 2nd Floor, Aaykar Bhavan, Maharshi Karve Road, New Marine Lines, Churchgate, Mumbai-400020, Maharashtra …..Respondents Mr. Simil Purohit, Senior Advocate, with Ms. Supriya Majumdar, Mr. Rishabh Chandra i/b Vaish Associates, for the Petitioner. Mr. Prakash Shinde, with Mr. Harsh Sheth, Ms. Niyati Merchant i/b MDP Legal, for the Respondent No.1-IDBI Bank Mr. Mohamedali M. Chunawala, for Respondent No.2. Shivgan 1/33 901-WP-12-2025-J-.doc CORAM : REVATI MOHITE DERE & DR. NEELA GOKHALE, JJ. RESERVED ON : 10th JANUARY 2025. PRONOUNCED ON : 16th JANUARY 2025. Judgment: (Per Dr Neela Gokhale J.) 1) Rule. Rule made returnable forthwith. With consent of the parties the matter is taken up for final hearing. 2) The Petitioners seek quashing of Show Cause Notice (‘SCN’) dated 5th April 2023 issued by the Respondent No.1-Bank and Order dated 14th September 2023 issued by the Wilful Defaulter Committee of the Bank. He also assails the subsequent Order dated 25th October 2024 passed by the Wilful Defaulter Review Committee (‘WDRC’) and Order dated 13th June 2024 issued by the Wilful Defaulter Committee (‘WDC’). 3) The Petitioner is the erstwhile Director of the company known as Bhuwalka Steel Industries L