JUDGMENT

Prateek Jalan, J. (Oral)

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

CM APPL. 2176/2021 (for condonation of delay)

This application has been filed on behalf of the petitioners seeking condonation of delay of 44 days in filing the rejoinder to the counter affidavit filed by the respondent.

For the reasons stated in the application, it is allowed.

W.P.(C) 3605/2020 & CM APPL. 12834/2020 (for stay)

1. The petitioners have filed this petition under Article 226 of the Constitution against a notice dated 27.01.2020 issued by the respondent-Canara Bank ["the Bank"], pursuant to the Master Circular on Wilful Defaulters dated 01.07.2015 ["the Master Circular"] issued by the Reserve Bank of India.

2. The petitioners were directors and guarantors of loans taken by a company by the name of Bhushan Power and Steel Ltd. ["the Company"] from the Bank.

3. By a notice dated 27.01.2020, the Bank informed the petitioners that their accounts have been identified as wilful defaulters under the Master Circular, for the reasons stated in the said notice. The petitioners were given an opportunity to submit their representations within 15 days. The petitioner