ZYNC GLOBAL PRIVATE LIMITED vs PUNJAB NATIONAL BANK

Judgment text excerpt

$~49 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision: 12th March, 2025 + W.P.(C) 13135/2024 ZYNC GLOBAL PRIVATE LIMITED .....Petitioner Through: Ms. Astha Gumber and Mr. Manohar Malik, Advocates (through V.C.) versus PUNJAB NATIONAL BANK .....Respondent Through: Mr. S.S. Hooda with Mr. Aayushman Aeron, Advocates. CORAM: HON'BLE MR. JUSTICE MANOJ JAIN J U D G M E N T (oral) CM APPL. 15070/2025 1. For the reasons stated in the application, the delay, which is stated to be of 18 days, is hereby condoned. The counter affidavit is taken on record. 2. The application stands disposed of. W.P.(C) 13135/2024 1. However, with the consent of both the sides, the writ petition, as such, has also been taken up for consideration today itself. 2. It needs to be highlighted that the present writ petition has been filed with the prayer that the decision of the respondent/Bank, declaring account of petitioner as ‘fraud’, be set aside being illegal, arbitrary and unconstitutional. 3. The writ petition was filed on 18.09.2024 and it was taken up by this Court for the first time on 19.09.2024. Thereafter, a detailed order was passed by this Court on 27.09.2024, in the presence of learned counsel for respondent/Bank. Signature Not Verified Digitally Signed W.P.(C) 13135/2024 1 By:SONIA THAPLIYAL Signing Date:18.03.2025 11:55:23 4. It is important to reiterate that when the writ petition was filed, the petitioner merely apprehended that its account had been classified as ‘fraud’ and no such order was placed on record. 5. When the present matter was taken up by this Court on 12.02.2025, the counsel for respondent/Bank made a statement that only a show cause notice had been issued and no final order had yet been passed against the petitioner. He also submitted that, therefore, he wa