JUDGMENT :

PRATEEK JALAN, J.

The proceedings in the matter have been conducted through video conferencing.

CM APPLs. 16328-16329/2021 (exemption) in W.P.(C) 5309/2021

CM APPLs. 16352-16353/2021 (exemption) in W.P.(C) 5313/2021

Exemptions allowed, subject to all just exceptions.

The applications are disposed of.

W.P.(C) 5309/2021 with CM APPLs. 16327/2021 (interim relief)

W.P.(C) 5313/2021 with CM APPLs. 16351/2021 (interim relief)

1. Issue notice. Mr. O.P. Gaggar, learned counsel for respondent no. 1-Union Bank of India [“the Bank”], accepts notice. In view of the order which I propose to pass, it is not necessary to issue notice to the other respondents. The petitions are taken up for disposal with the consent of learned counsel for the parties.

2. These proceedings arise out of actions taken by the Bank against the petitioners under the Master Circular on Wilful Defaulters dated 01.07.2015 [“the Master Circular”], issued by the Reserve Bank of India. The petitioners have challenged a show cause notice dated 22.10.2020 issued to them, the order of the Identification Committee dated 04.02.2021, and the order of the Review Committee dated 06.04.2021. [The terms “Identification Committee” and