J U D G M E N T

MINI PUSHKARNA, J: (ORAL)

CM APPL. 10380/2024 & CM APPL. 10422/2024 (For Exemptions)

1. Exemptions allowed, subject to just exceptions.

2. Applications are disposed of.

W.P.(C) 2543/2024 & CM APPL. 10379/2024

3. The present petition has been filed by the petitioners challenging the action of the respondent no. 2/IDBI Bank to declare the account of the petitioners as ‘Fraud’ purportedly in terms of Master Direction on Frauds-Classification and Reporting by Commercial Banks and select FIs bearing No. RBI/DBS/2016-17/28 DBS. CO. CMFC.BC. No. 1/23/04.001/2016-17 dated 1st July, 2016 updated as on 03rd July, 2017 issued by the respondent no.1-Reserve Bank of India (“RBI”).

4. Learned Senior Counsel appearing for the petitioners submits that the aforesaid action by the respondent no. 2-bank is patently illegal, as the same has been done without following the Principles of Natural Justice, as directed to be read in the Master Circular by the Supreme Court vide judgment in the case of State Bank of India & Ors Vs.

Rajesh Aggarwal & Ors, reported as 2023 SCC OnLine SC 342.

5. Learned Senior Counsel appearing for the petitioners has drawn the attention of this Court to the E-mail dat