JUDGMENT :

1. In this writ petition instituted under Article 226 of the Constitution of India, the petitioners including the petitioner no. 1, M/s Assam Air Products Private Limited, have laid challenge to an Order dated 31.08.2018 passed by the respondent no. 1, M/s Oil India Limited [‘the OIL’ and/or ‘the respondent company’, for short] through its Resident Chief Executive [In-Charge], whereby, the said authority as the Competent Authority in exercise of inherent power and as laid down in the respondent company’s Banning Policy had banned the petitioner no. 1, M/s Assam Air Products Private Limited for a period of 3 [three] years from entering into any contract with the respondent OIL and from carrying out any business with it. The impugned Order dated 31.08.2018 had further observed that the order of banning shall be effective from the date of placing M/s Assam Air Products Private Limited under suspension, that is, w.e.f. 21.07.2018.

2. Before going into the respective contentions raised by the rival parties and the issues involved in the writ petition, it would be apposite to de