Rajiv Sahai Endlaw, J.

1. The Reserve Bank of India (RBI), from time to time, issued a number of Circulars to Banks and Financial Institutions (FIs), containing instructions on matters relating to wilful defaulters. To enable the Banks/FIs to have all the existing instructions on the subject at one place, a Master Circular dated 1st July, 2013, incorporating all the instructions/guidelines issued on cases of wilful default, was issued. The purpose thereof was defined as, to put in place a system to disseminate credit information pertaining to wilful defaulters for cautioning Banks/FIs so as to ensure that further bank finance is not made available to them. The said Circular inter alia provides for submission by Banks/Financial Institutions of data of wilful defaulters to RBI on a quarterly basis and preparation of a list of wilful defaulters by the RBI and communication thereof to the Securities Exchange Board of India (SEBI) and to Credit Information Bureau (India) Ltd. (CIBIL). The said Circular requires all the Scheduled Commercial Banks and All India Notified Financial Institutions to identify cases of wilful default and to constitute a committee of higher functionarie