ORAL JUDGMENT

1.Heard learned advocate Mr. Ravi Pahwa for Thakkar and Pahwa Advocates for the petitioner and learned advocate Mr. Bhaskar Sharma with learned advocate Mr. Mihir H.

Pathak for respondent no.1.

2.Rule returnable forthwith. Learned advocate Mr. Bhaskar Sharma waives service of notice of rule on behalf of respondent no.1.

3.By this petition under Article 226 of the Constitution of India, the petitioner has challenged the impugned action of the respondent bank identifying the account of the petitioner as Willful Defaulter and subsequent reporting of the name of the petitioner and its Directors to Reserve Bank of India/CIBIL as Willful Defaulter.

4.Brief facts of the case are as under :

4.1) The petitioner is a company registered under the provisions of the Companies Act, 1956 and is engaged in the business of manufacturing of TMT Bars, MS Round Bars, SS Flats and MS Billets.

4.2) In the year 2010, the petitioner company was acquired by Electrotherm (India) Ltd. and therefore, the petitioner is a wholly owned subsidiary of Electrotherm (India) Ltd.

4.3) The petitioner company availed financial assistance from consortium of banks having State Bank of India and Bank of Baroda as