Avantha Holdings Limited v. Reserve Bank Of India & ANR.

$~117 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 1514/2024 & CM APPL. 6242/2024 & CM APPL. 62966/2024 AVANTHA HOLDINGS LIMITED .....Petitioner Through:

Mr. Sajan Poovayya, Sr. Advocate with Ms. Shruti Kanodia, Ms. Ishita Jain, Mr. Palash Maheshwari, Mr.Ravi Nair, Advocates.

versus RESERVE BANK OF INDIA & ANR.

.....Respondents Through:

Mr. Abhishek Baid with Mr. Mohit Kumar Bafna and Mr. Praneet Das, Advocates for respondent No.1.

Mr. L.R. Goyal, Advocate for respondent No.2/Axis Bank.

CORAM:

HON'BLE MR. JUSTICE MANOJ JAIN

O R D E R

% 09.01.2025 1.

The petitioner is having current account bearing No. 540010200001564 with Axis Bank and is aggrieved by the action of the respondent Bank whereby such account has been 'red flagged' and has also been declared 'fraud' without providing any notice or opportunity of hearing.

2.

However, learned counsel for the petitioner submits that as per the affidavit filed by Axis Bank/respondent No.2, said current account was neither marked 'Red flagged' nor declared 'fraud' at any point of time. This has been specifically mentioned by Axis Bank/ respondent No.2 in para 8 of its counter affidavit.

W.P.(C) 1514/2024 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 24/01/2025 at 12:40:35

3.

Learned Senior Counsel for the petitioner also submits that even as per the affidavit filed by the Reserve Bank of India, the Fraud Monitoring Report qua the petitioner has been deleted on 05.04.2024. 4.

Be that as it may, since the affidavit of Axis Bank is very clear and specific and it has clearly been mentioned therein that the account in question was neither 'red flagged' nor declared 'fraud' by them at any point of time, learned Senior Counsel for the petitioner, on instructions, submits that the petitioner is no longer interested in pursuing with the present petition in light of the above said specific averments made in the counter affidavit.

5.

The petition stands disposed of in the aforesaid terms. 6.

Needless to say, the Bank would always be at liberty to initiate fresh process, if so required and once initiated, it shall strictly be in accordance with law.

MANOJ JAIN, J JANUARY 9, 2025 st W.P.(C) 1514/2024 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 24/01/2025 at 12:40:35