JUDGMENT :

Rajasekhar Mantha, J.

1. The writ petitioners are aggrieved by order/communication dated 20th March, 2021 issued by the Review Committee/ Second Committee, respondents declaring them Wilful Defaulters. Prior thereto on 7th June, 2019 the Wilful Defaulter Identification Committee (WDIC)/First Committee in terms of the Master Circular of the Reserve Bank of India on Wilful Defaulters dated 1st July, 2015 (vide no. RBI/2015-16/100DBR.No.CID.BC.22/20.16.003/2012-16) identified the petitioners as Wilful Defaulters on, inter alia, the grounds that:-

a) The petitioners defaulted in meeting payment/repayment obligations to the Bank, even though they had the capacity, to do so.

b) The petitioners have not utilised the finance from the lender for the purpose for which it was availed. The petitioners have diverted funds for other purposes.

c) Short term working capital funds have been utilised for long term purposes.

d) Investments were made in other companies by acquiring equity without approval of the bank.

e) The petitioners have siphoned off funds without using the same for the purpose of which funds were availed.

2. Against each of the aforesaid allegations the evidence and documents