JUDGMENT

Prateek Jalan, J. - The proceedings in the matter have been conducted through video conferencing.

1. The petitioners assail an order dated 30.03.2020, passed by the respondent-Punjab National Bank ["the Bank"], by which the petitioners have been declared as 'wilful defaulters' under the Master Circular issued by the Reserve Bank of India ["RBI"] dated 01.07.2015.

Facts

2. The Bank issued a show cause notice to the petitioners in this regard on 19.07.2019. The petitioners responded to the show cause notice by a communication dated 24.07.2019. The Screening Committee (stated to be constituted under Clause 3 (a) of the Master Circular) held two meetings on 14.10.2019 and 14.11.2019, at which the petitioners were permitted to present their case.

3. It appears that at the meeting on 14.11.2019, the Screening Committee decided to declare the petitioners as wilful defaulters. However, this was communicated to the petitioners only on 31.01.2020. The communication dated 31.01.2020 stated as follows:-

"With regard to the subject we inform you that your matter along with show cause notice and all other records along with your representation, if any, and record of hearing / proceeding was