JUDGMENT

a.S.Chandurkar, J. - Rule. Rule made returnable forthwith and heard the learned counsel for the parties.

2] The petitioner in this writ petition filed under article 226 of the Constitution of India has challenged the action of the respondents of declaring him a wilful defaulter by publication of his name vide public notice dated 29.06.2019. The petitioner seeks a declaration that the said action is in violation of guidelines prescribed by Reserve Bank of India on 01.07.2015.

3] It is the case of the petitioner as pleaded in the writ petition that in 1995, M/s. Munis Forge Ltd was incorporated under the provisions of the Companies act, 1956 in which the petitioner was one of the Directors. The said Company obtained financial assistance from the Central Bank of India (for short, the Bank). The petitioner furnished his personal guarantee for repayment of the credit facility as availed. It is the further case of the petitioner that he resigned as a Director of Company on 14.09.1998 and this fact was informed to the Bank. The Bank found that the Company had failed to maintain its account regularly and hence it declared the Company as a Non Performing asset (NPa). Recovery proceedi