IN THE HIGH COURT AT CALCUTTA (Constitutional Writ Jurisdiction)

ORIGINAL SIDE Present:

The Hon’ble Justice Krishna Rao W.P.O. No. 825 of 2024 Vishambhar Saran Vs.

Punjab National Bank & Anr.

-AND-

W.P.O. No. 840 of 2024 Vikas Agarwal Vs.

Punjab National Bank & Anr.

Mr. Sabyasachi Chowdhury, Sr. Adv.

Mr. Rahul Poddar Mr. Tridib Bose ....For the petitioners.

Ms. Parna Roy Choudhury Mr. Abhishek Banerjee Ms. Payel Ghosh Ms. Trisa Chanda ….For the Punjab National Bank Hearing Concluded On : 17.04.2026 Judgment On : 07.05.2026 Krishna Rao, J.:

1. In both writ applications, the writ petitioners have challenged the show cause notice dated 25th October, 2023 wherein the petitioners have called upon to show cause as to why their accounts/names should not be categorized and reported as fraud to the Reserve Bank of India and the order dated 9th August, 2024 wherein the bank has reported the account of the petitioners as fraud to the Reserve Bank of India on 16th July, 2024 vide FMR No. PNB2403-0361.

2. The petitioner Company (presently in liquidation) had availed loan from the consortium of banks led by the Punjab National Bank for setting up a Thermal Power Project in Raigarh District in the State of