RCC Infraventures Ltd vs Reserve Bank Of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(Del) 413

IN THE HIGH COURT OF DELHI AT NEW DELHI
VIKAS MAHAJAN
RCC Infraventures Ltd – Appellant
Versus
Reserve Bank Of India – Respondent

Advocates:
Advocate Appeared:
For the Appellant : Mr. Manik Dogra, Sr. Adv. with Ms. Priyadarshini Dewan, Ms. Aarohi Mikkilineni, Mr. Himanshu Singhal, Ms. Manisha and Mr. Dhruv Pandae, Advs.
For the Respondent: Mr. Vivek Jain, Ms. Aastha Tiwari and Mr.Sunny Verma, Advs., Mr. Siddharth Singh, Adv., Mr. O.P. Gaggar and Mr. Sachindra Karn, Advs.

JUDGMENT :

VIKAS MAHAJAN, J.

1. The present petition has been filed with the following prayer:

“i. Quash and set aside the Impugned Circular bearing number DBS. CO.CFMC.BC.No.1/23.04.001/2016-17 dated 01.07.2016 issued by the Respondent No. 1 to the extent it violates Article 14 of the Constitution of India in as much as it is vague and does not follow the basic principles of natural justice;

ii. Issue a Writ of Mandamus or any other appropriate Writ for quashing/setting aside the impugned action of Respondent No. 2 Bank, Respondent No. 4 Bank and Respondent No. 5 Bank, if any, in declaring the account of the Petitioner No. 1 Company as well as the Petitioners No. 2 - 4 as a Fraud Account;

iii. Issue a Writ of Mandamus or any other appropriate Writ for quashing/setting aside the impugned action of Respondent No. 3 Bank, in declaring the account of the Petitioner No. 1 Company as well as the Petitioners No. 2 -4 as a Fraud Account;

iv. Declare the Forensic Audit purported to have been conducted by the Respondent No. 2 Bank, Respondent No. 3, Respondent No. 4 Bank and Respondent No. 5 Bank as invalid and in complete contravention to the due process laid down by law;

v. Allow the present Pe