JUDGMENT :

Anil S. Kilor, J. –

1. Rule. Rule is made returnable forthwith. Heard finally by consent of the parties.

2. In this petition, the petitioners are being declared as ‘wilful defaulter’, by the respondent Bank of Maharashtra, under Master Circular on ‘Wilful Defaulters’ issued by Reserved Bank of India, the same is under Challenge.

3. The brief facts which emerge from the present petition, are as under : The petitioners have availed following term loans, agricultural cash credit limit and other facilities from the respondent bank.

i) Agriculture Term Loan of Rs. 56 Lakh (take over)

ii) Agriculture Term Loan of Rs. 55 Lakh.

iii) The Term Loan of Rs. 74.72 Lakh in the name of petitioner No. 1.

iv) The Term Loan of Rs. 74.72 Lakh in the name of petitioner No. 2

v) Agricultural Cash Credit Limit of Rs. 7 lakh.

4. The respondent No. 3 on 12-4-2019 issued notice to the petitioners to show cause why they should not be declared as ‘wilful defaulter’ in terms of the Master Circular dated 1-7-2015 issued by the Reserve Bank of India (for short ‘the RBI Guidelines’), for alleged default made by them in making the repayment of aforesaid loan and cash credit facilities.

5. The petitione