JUDGMENT :

BHARGAV D. KARIA, J.

1. Heard learned Mr. B.M. Mangukiya for the petitioners and learned advocate Mr. Bhaskar Sharma for the respondent.

2. By way of this petition under Article of the 226 of the Constitution of India, the petitioners have challenged the action of the Committee of the Executives of Willful Defaulters (Identification Committee) and the Review Committee of the respondent-Bank of India identifying the accounts of the petitioners as willful defaulter and subsequent reporting of the name of the petitioners to Reserve Bank of India/CIBIL as willful defaulter.

3. It is the case of the petitioners that the petitioners were informed about the decision of declaring the petitioners as willful defaulter vide communication dated 20th April, 2021.

4. The facts leading to the declaration of the petitioners as willful defaulter are as under:

4.1 For the purpose of expanding the business, the petitioner No. 1 company required finance and, therefore, the petitioners approached the respondent Bank for loan. The respondent Bank vide sanction letter dated 01.05.2014 sanctioned various credit facilities i.e. cash credit, hypothecation limit (stock-cum-book debts) of Rs. 2.60 crores