JUDGMENT :

Vineet Saran, C.J.

The petitioner is a Company incorporated under the Companies Act, 1956 and is engaged in the business of manufacturing steel. On 25.05.2009, the petitioner had opened a current account with the opposite party no.1-Kotak Mahindra Bank. After a gap of more than two years, i.e. on 17.09.2011, the petitioner had availed a credit facility to the tune of Rs.30 crore from the opposite party no.2-ICICI Bank. Admittedly, the petitioner-Company ran into financial distress and could not pay the loan of ICICI Bank, regarding which proceedings are pending before various courts/Forums. Besides winding up petition having been filed by ICICI Bank before the Calcutta High Court, the matter is also pending consideration before the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industries Companies Act. It is not in dispute that the account of the petitioner-Company with the opposite party no.1-Kotak Mahindra Bank is a regular account, wherein there is no default.

2. The grievance of the petitioner is with regard to the letter dated 14.03.2016 (Annexure-5) issued by opposite party no.1-Kotak Mahindra Bank, freezing the bank account on the basis of c