SANJIB BANERJEE, J. : –

The writ petitioners question a decision of April 7, 2009 by the grievance redressal committee of the respondent private bank declaring the petitioner company to be a willful defaulter within the meaning of a Reserve Bank of India master circular dated July 1, 2008. There are several levels on which the challenge has been launched. The petitioners allege that the master circular is unconstitutional and, in any event, the grievance redressal mechanism contemplated thereunder is a meaningless, facile exercise. They say that even if the master circular is upheld in its entirety, the relevant committee of the bank may still be found to have acted without jurisdiction since the master circular applies to lender-borrower transactions between a bank and another; and, the nature of the agreement which is the subject matter of the proceedings did not involve a lender-borrower relationship between the bank and the petitioner company. The petitioners also allege violation of the principles of natural justice in the bank committing procedural impropriety and maintain that the decision is tainted by institutional and personal bias.

2. The prayers are resisted pri