Swastik Cooper Pvt. Ltd vs Reserve Bank Of India
2021 Latest Caselaw 6163 Raj/2

       HIGH COURT OF JUDICATURE FOR RAJASTHAN
                   BENCH AT JAIPUR

               S.B. Civil Writ Petition No. 12267/2021

Swastik Cooper Pvt. Ltd. & anr.
                                                                   ----Petitioner
                                   Versus
Reserve Bank Of India & Ors.
                                                                 ----Respondent

For Petitioner(s) : Mr. A.K. Sharma, Senior Counsel assisted by Mr. Vikas Jain For Respondent(s) :

HON'BLE MR. JUSTICE INDERJEET SINGH

Order

29/10/2021

Learned Senior Counsel appearing for the petitioners

submitted that the issue involved in this writ petition has been

considered by the Coordinate Bench of this court in the matter of

M/s Airen Metals Pvt. Ltd. Vs. Reserve Bank of India wherein on

01.04.2021, the following order was passed:-

"Learned counsel for the petitioners seeks to challenge the circular issued by the Bank, whereby the accounts are to be classified as fraudulent accounts on the ground that the said circular does not provide any scope/opportunity of hearing although the effect of the circular and action of the Bank results in civil and penal consequences.

Learned counsel relies on the judgment passed by the Supreme Court in the case of State Bank of India Vs. Jah Developers Private Limited & Ors., reported in (2019) 6 SCC 787.

Learned counsel also relies on the judgment passed by the Telangana High Court in Mr. Rajesh Agarwal Vs. Reserve Bank of India, Writ Petition No.19102/2019, decided vide judgment dated 10.12.2020, whereby the High Court has vide its judgment held

(2 of 2) [CW-12267/2021]

the principle of "audi alteram partem" in the master circular.

Learned counsel submits that identical writ petitions are also pending before the Delhi High Court wherein interim protection has been granted to the concerned parties.

Issue notice of the writ petition as well as the stay application, returnable within six weeks.

In the meanwhile and till further orders, the respondents shall maintain the status quo as it exists today and no coercive steps shall be taken against the petitioners on the basis of Master Circular dated 1st July, 2016."

In that view of the matter, issue notice to the respondents

on the writ petition as well as on the stay application returnable

by eight weeks.

List this matter alongwith S.B. Civil Writ Petition

No.4070/2021.

In the meanwhile, the respondents shall maintain the status

quo as it exists today and no coercive action shall be taken

against the petitioner on the basis of Master Circular dated 01 st

July, 2016.

(INDERJEET SINGH),J

JYOTI /296

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