JUDGMENT

Moushumi Bhattacharya, J. - The petitioners have assailed a Notice dated 27.4.2022 issued by the respondent no. 1 South Indian Bank by which the petitioners' accounts with the respondent Bank was classified as a Non Performing Asset (NPA). The petitioners were asked to discharge their liabilities in full within 60 days from the date of receipt of the impugned Notice beyond which the Bank threatened to take the measures prescribed under the provisions of the SARFAESI Act, 2002. The impugned Notice was issued under section 13(2) of the Act. The petitioners also seek a declaration that the Bank's failure to extend the restructuring of the three loans of the petitioners is arbitrary and contrary to the Resolution Framework (R.F) 2.0 dated 5.5.2021 issued by the Reserve Bank of India.

2. The petitioner no. 1 claims to be a small enterprise within the meaning of The Micro, Small and Medium Enterprises Development Act, 2006 (MSME Act) and the petitioner no. 2 is a shareholder and Managing Director of the petitioner no. 1.

3. The petitioners seek to enforce the RBI Circular R.F 2.0 and claim, through learned counsel appearing for the petitioners, that the said Circular casts a positi