JUDGMENT

Sabyasachi Bhattacharyya, J. - The petitioner nos. 1 and 2 are erstwhile promoters/directors and guarantors of a company named Rohit Ferro Tech Ltd. which is undergoing corporate insolvency resolution process vide order dated February 7, 2020 passed by the National Company Law Tribunal, Kolkata. Petitioner nos. 3, 4, 5 and 7 are erstwhile Independent Directors, petitioner no.6 an erstwhile Executive Director and petitioner nos. 8 to 12 Corporate Guarantors of the company.

2. By a letter dated February 28, 2019, show-cause was issued to the petitioners regarding proposed declaration of the petitioners as wilful defaulters under the RBI Master Circular dated July 1, 2015. The petitioners replied to the show-cause notice on June 6, 2019. By way of a letter dated July 10, 2019, the petitioners were informed that the Committee for Identification of Wilful Defaulters (Identification Committee) had classified the petitioners as wilful defaulters on April 19, 2019 and that such decision had been confirmed by a Review Committee. The petitioners, by a letter dated July 23, 2019, refuted the allegations made by the respondents and requested the latter to withdraw and/or cancel and/or