Order on Board

Per, Ramesh Sinha, CJ.

1 The present writ petition under Article 226 of the Constitution of India has been filed by the petitioner seeking following reliefs:

“10.1 A writ and/or an order in the nature of writ of certiorari do issue calling for records and quashing the Impugned Letter dated 13.04.2026 (Annexure P-16) illegally, arbitrarily, and malafidely issued by Respondent No. 3 to Respondent No. 8 for holding/freezing an amount of Rs. 53,47,17,835/- in the bank account of the Petitioner.

10.2 A writ and/or an order in the nature of writ of mandamus do issue directing Respondent No. 8 to unconditionally defreeze and remove the hold/lien, if any on the Petitioner's bank account bearing No. 9913203430 in its entirety.

10.3 A writ of certiorari or any other appropriate writ against Respondent No. 3 as to how they could have frozen a bank account of a lending institution without probable cause or notice;

10.4 A writ of certiorari or any other appropriate writ against Respondent No. 4 to 6 as to how they could have given approvals and nod to Respondent No. 3 to freeze a bank account of a lending institution without probable cause or notice;

10.5 A writ and/or an order in the nature of writ of mandamus do issue directing Respondent No. 2 to set up a high-level inquiry against Respondent Nos. 3 to 6 and take strict disciplinary and penal action against delinquent and errant officials for abuse of process and acting as recovery agents.

10.6 A writ and/or an order in the nature of writ of mandamus do issue against Respondent No. 1 to compensate for the loss of goodwill, reputation, and actual loss of business to the petitioner caused by this persecution”

2 Brief facts of the case are that, the petitioner is a Non Banking Financial Company (in short, NBFC) duly registered with the Reserve Bank of India as well as under the Companies Act, 2013. It has its registered office at Shop No.G-22-C (UGF) D-1, Green Park Main, New Delhi and engaged in business of providing credit solutions and customized loan facilities to help SMEs expand operations. The petitioner account number 9913203430 with the Kotak Mahindra Bank, (Respondent No.8) at Ibis Commercial Block Aerocity New Delhi. There was regular receiving of rupees 12-15 Crores in daily in the form of return of loans (EMIs) from its borrowers into this account. The commercial loan transaction between the petitioner and respondent No.9 -Shreejikrupa Project Ltd. commenced in the year, 2023 and on 30.01.2026 they entered into a Purchase Financing Facility for an amount of Rs.10,00,00,000/-for 12 months with interest of 14.25 percent per annum. Subsequently, on 02.02.2026 a Master Facility Agreement (MFA) was executed between them and the respondent No.9 availed the said facility to finance its purchase of raw materials from several suppliers. It came to know to the petitioner company that suppliers from whom the respondent No.9 purchased the raw material, was OFB Tech. Ltd. which engaged in different business of trading of raw material and commodities and has separately contracted with respondent No.9. There was transaction between OFB and respondent No.9 since 2022 and the petitioner has no nexus in the transaction between OFB and respondent No.9.

3 On 20.03.2026, the respondent No.9 lodged a report to the police of Police Station Mandir Hasaud, Raipur, with the effect that they had a contract for construction of Women Hostel at Nawa Raipur and they placed their order for supply of TMT Iron Bar to OFB Amhedabad. The said consignment was to be supplied through the respondent No.9 to G&D Ispat Pvt. Ltd. Raipur. On 07.03.2026, the said TMT iron bar was sent through three Trucks bearing registration Nos. CG-04-JC-6215 (41.770 MT Iron bar), CG-04-JC-2484 (37.950 MT Iron bar) and also CG-04-JC-1381 (32.080 MT Iron bar). On 08.03.2026 and 09.03.2026 when the said Trucks i.e. CG-04-JC-1381 and CG-04-JC-2484 reached to its destination, the consignment was unload