JUDGMENT :

SANGEETA K. VISHEN, J.

1. The petitioners are aggrieved by the decision of the respondent banks taken in the Joint Lenders Meeting dated 29.09.2020 declaring the account of M/s Syntex Industries Limited (hereinafter referred to as “the Company”) as fraud.

2. Facts, in brief, are that, the petitioners are the promoters, suspended directors and share holders of the company. Company vide order dated 06.04.2021 is currently in the Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code of 2016”). It is around 04.07.2020, the company came to know about the South Indian Bank i.e. a member of the consortium banks i.e. respondent nos. 3 to 19 having taken steps to notify fraud in relation to the loan account of the company.

2.1 It is the case of the petitioners that meetings were convened on 18.08.2020 and 29.09.2020 and during that period, forensic audit reports dated 11.08.2020 and 18.09.2020 were discussed. Also, issues were discussed including the issue about the account being declared as a fraud by the South Indian Bank. In the meeting dated 29.09.2020 on the basis of the forensic audit re