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Kerala High Court
Muthoot Finance Ltd vs Union Of India on 22 August, 2025
WP(C) NO. 27900 OF 2020 &
Connected cases 1 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 27900 OF 2020
PETITIONER:
MUTHOOT MERCANTILE LTD.
HAVING ITS REGISTERED OFFICE AT 1ST FLOOR,
NORTH BLOCK, MUTHOOT FLOORS, OPP W AND C
HOSPITAL, THYCAUD, THIRUVANANTHAPURAM-695 014,
REPRENTING ITS MANAGING DIRECTOR MR. RICHI
MATHEW.
BY ADVS. SRI.JAGAN ABRAHAM M.GEORGE
SRI.JAISON ANTONY
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY THE SECRETARY TO MINISTRY OF
FINANCE, NEW DELHI-110 001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE BUILDING, SHAHIDBHAGAT SINGH MARG,
MUMBAI MAHARSHTRA-400 001. REPRESENTED BY ITS
CHIEF GENERAL MANAGER-IN-CHARGE
3 GENERAL MANAGER,
DEPARTMENT OF SUPERVISION (NBFC), RESERVE BANK OF
INDIA, THIRUVANANTHAPURAM, BAKERY JUNCTION,
P.B NO. 6507, THIRUVANANTHAPURAM-695 033.
4 STATE BANK OF INDIA,
CORPORATE CENTER, STATE BANK BHAVAN,
WP(C) NO. 27900 OF 2020 &
Connected cases 2 2025:KER:63139
MADAME CAMA RAOD, MUMBAI, MAHARASHTRA-400 021,
REPRESENTED BY ITS CHAIRMAN
5 UNION BANK OF INDIA,
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG,
NIRIMAN POINT, MUMBAI-400 021,
REPRESENTED BY ITS CHAIRMAN
6 INDIAN OVERSEAS BANK,
CENTRAL OFFICE, 6TH FLOOR, ANNEX BUILDING, 763,
ANNA SALAI, CHENNAI-60002, REPRESENTED BY ITS
CHAIRMAN
7 ICICI BANK,
9TH FLOOR, SOUTHERN TOWERS, ICICI TOWERS,
MUMBAI-400 051, REPRESENTED BY ITS CHAIRMAN
8 AXIS BANK NO 82,
RADHAKRISHNAN SALAI, JAGADAMBAI COLONY,
ROTARY NAGAR, MYLAPORE, CHENNAI, TAMIL NADU-
60004, REPRESENTED BY ITS CHAIRMAN
9 STATE BANK OF INDIA,
COMMERCIAL BRANCH, THYCAUD, THIRUVANANTHAPURAM,
REPRESENTED BY ITS BRANCH MANAGER
BY ADVS. SHRI.S.VAIDYANATHAN, CGC
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.SANTHOSH MATHEW (SR.)
SRI.SUNIL SHANKAR, SC, INDIAN OVERSEAS BANK
SHRI.MADHU RADHAKRISHNAN
SMT.VIDYA GANGADHARAN
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.SHARAD JOSEPH KODANTHARA
SRI. P. VIJAYAKUMAR, ASGI
SRI. JITHESH MENON
SRI. A.S.G. KURUP
WP(C) NO. 27900 OF 2020 &
Connected cases 3 2025:KER:63139
SRI. POULOCHAN ANTONY
SRI. M. PREMCHAND
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).5387/2021, 7644/2021 AND
CONNECTED CASES, THE COURT ON 22.08.2025 DELIVERED THE
FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 4 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 5387 OF 2021
PETITIONERS:
1 M/S. INDEL MONEY PRIVATE LTD.,
INDEL HOUSE, CHANGAMPUZHA NAGAR, SOUTH
KALAMASSERY P.O., ERNAKULAM DISTRICT - 682 033
REPRESENTED BY ITS DIRECTOR, UMESHMOHANAN, AGED
38, S/O.MOHANAN GOPALAKRISHNAN.
2 UMESH MOHANAN, AGED 38 YEARS,
S/O.MOHANAN GOPALAKRISHNAN, RESIDING AT DHANNYA,
KANNADI I VILLAGE, KANNADI P.O.,
PALAKKAD DISTRICT - 678 701.
BY ADVS. SMT.MEERA V.MENON
SRI.L.RAJESH NARAYAN
SMT.K.KRISHNA
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI - 110 001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE MUMBAI - REPRESENTED BY THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
DEPARTMENT OF REGULATION, CENTRAL OFFICE,
WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI - 400 005.
WP(C) NO. 27900 OF 2020 &
Connected cases 5 2025:KER:63139
3 THE SOUTH INDIAN BANK LTD.
HEAD OFFICE, TD ROAD, MISSION QUARTERS,
THRISSUR - 680 001, REPRESENTED BY ITS GENERAL
MANAGER.
4 INDIAN BANK LTD.
66, RAJAJI SALAI, P.B.NO.1384, CHENNAI - 600 001,
REPRESENTED BY ITS GENERAL MANAGER.
5 DHANALAKSHMI BANK LTD.
DHANALAKSHMI BUILDINGS, NAICKANAL,
THRISSUR - 680 002, REPRESENTED BY ITS GENERAL
MANAGER.
6 CANARA BANK, CANARA BANK HEAD OFFICE
112 JC ROAD, TOWN HALL JUNCTION,
BENGALURU - 560 002, REPRESENTED BY ITS GENERAL
MANAGER.
7 AXIS BANK LTD.
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE,
PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400 025,
REPRESENTED BY ITS GENERAL MANAGER.
8 STATE BANK OF INDIA
STATE BANK BHAWAN, M.C.ROAD, NARIMAN POINT,
MUMBAI - 400 021, REPRESENTED BY ITS GENERAL
MANAGER.
9 IDFC LIMITED, 4TH FLOOR
CAPITALE TOWER, 555 ANNA SALAI, THIRU VI KA
KUDIYIRUPPU, TEYANAMPET, CHENNAI - 600 018,
REPRESENTED BY ITS GENERAL MANAGER.
10 SYNDICATE BANK
DOOR NO.16/355 AND 16/365A, MANIPAL - 576 104,
UDUPPI DISTRICT, KARNATAKA, REPRESENTED BY ITS
GENERALMANAGER.
11 THE KARUR VYSYA BANK LTD.
WP(C) NO. 27900 OF 2020 &
Connected cases 6 2025:KER:63139
REGISTERED AND CENTRAL OFFICE, NO.20, ERODE ROAD,
VADIVEL NAGAR, I.N.S., KARUR - 639 002,
REPRESENTED BY ITS GENERAL MANAGER.
12 UNION BANK OF INDIA,
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG,
NARIMAN POINT, MUMBAI - 400 021, REPRESENTED BY
ITS GENERAL MANAGER.
13 BANK OF BARODA
BARODA BHAVAN, R.C.DUTT ROAD, ALKAPURI,
BARODA - 390 007, REPRESENTED BY ITS GENERAL
MANAGER.
14 IDBI BANK LTD.
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, COLABA,
MUMBAI - 400 005, REPRESENTED BY ITS GENERAL
MANAGER.
BY ADVS. SHRI.HARIDAS P.NAIR, CGC
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.SUNIL SHANKER
SHRI.P.VIJAYARAGHAVAN
DR.PAULY MATHEW MURICKEN
SHRI.MADHU RADHAKRISHNAN
SHRI.R.S.KALKURA
SHRI.P.S.GEORGE
SMT.ASHA JOSE
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SMT.VIDYA GANGADHARAN
SRI.ASP.KURUP
SRI. BINOY VASUDEVAN
SRI.P.PAULOCHAN ANTONY
SRI.M.GOPIKRISHNAN NAMBIAR
SRI. M. PREMCHAND
SRI. M.JITHESH MENON
SRI. N. RAJENDRAN
SRI. K. ANAND
WP(C) NO. 27900 OF 2020 &
Connected cases 7 2025:KER:63139
SMT.R.REMA
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 8 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 7644 OF 2021
PETITIONER:
RATHY VENU, AGED 47 YEARS,
WIFE OF K.C VENU, PROPRIETRESS, KANDARUMADATHIL
AGENCIES, NELLIPARAMBIL BUILDING, OLLUR,
THRISSUR 680 306 RESIDING AT KANDARUMADATHIL
HOUSE, KALLUR, KADUKKUTTY, KAKKAD,
KATHIKUDAM P.O, THRISSUR 680 308
BY ADVS. SRI.B.ASHOK SHENOY
SMT.C.G.PREETHA
SRI.P.S.GIREESH
SRI.RIYAL DEVASSY
RESPONDENTS:
1 RESERVE BANK OF INDIA,
REPRESENTED BY ITS CHIEF GENERAL MANAGER,
DEPARTMENT OF BANKING REGULATION, CENTRAL OFFICE
BUILDING, 12TH FLOOR, SHAHID BHAGAT SINGH ROAD,
MUMBAI 400 001
2 STATE BANK OF INDIA,
ANNAMANADA BRANH, POZHOLIPARAMBIL SHOPPING
COMPLEX, ANNAMANADA, THRISSUR 680 741
3 CSB BANK LTD,
OLLUR BRANCH, MARATHAKKARA THRIKKUR ROAD,
OLLUR INDUSTRIAL ESTATE , OLLUR, THRISSUR 680 306
WP(C) NO. 27900 OF 2020 &
Connected cases 9 2025:KER:63139
BY ADVS. SRI.JOSEPH KODIANTHARA (SR.)
SRI.C.A.JOY
SHRI.ABRAHAM JOSEPH MARKOS
SRI.V.ABRAHAM MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI. JITHESH MENON
SRI. MADHU RADHAKRISHNAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 10 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 8205 OF 2021
PETITIONER:
KLM AXIVA FINVEST LIMITED,
CORPORATE OFFICE, 4TH FLOOR NO. 1871A24,
BM PLAZA, PALARIVATTOM, COCHIN-682 025,
REPRESENTED BY ITS AUTHORISED SIGNATORY
BY ADVS. SRI.PEEYUS A.KOTTAM
SHRI. HRITHWIK D. NAMBOOTHIRI
SHRI.JOMON J. MALIEKAL
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI-110 001
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, SHAHID BHAGAT SINGH ROAD MUMBAI-
400 001, REPRESENTED BY THE CHIEF GENERAL
MANAGER.
3 RESERVE BANK OF INDIA,
DEPARTMENT OF NON-BANKING SUPERVISION, SAIFABAD,
SECRETARIAT ROAD, HYDERABAD, TELENGANA-500 004.
4 HDFC BANK LTD., HDFC BANK HOUSE, SENAPATI BAPAT
MARG, LOWER PAREL (WEST), MUMBAI-400 013,
REPRESENTED BY ITS MANAGING DIRECTOR.
5 THE DEPUTY GENERAL MANAGER,
WP(C) NO. 27900 OF 2020 &
Connected cases 11 2025:KER:63139
HDFC BANK,NO. 56, SAI ARCADE, OPP. INDEL
MARATHAHALLI, SARJAPUR RING ROAD, DB HALLI,
BANGALORE, KARNATAKA-560 103
6 AXIS BANK, HEAD OFFICE, TRISHUL, 3RD FLOOR,
OPP. SAMARTHESHWAR TEMPLE, NEAR LAW GARDEN,
ELLISBRIDGE, AHAMMADABAD-380 006, REPRESENTED BY
ITS MANAGING DIRECTOR.
7 THE DEPUTY GENERAL MANAGER,
AXIS BANK, AXIS HOUSE, C-2, WADIA INTERNATIONAL
CENTER, PANDURANG, BUDHKAR MARG, WORLI, MUMBAI
400025.
8 IDFC FIRST BANK LIMITED,
KRM TOWER, 7TH FLOOR, NO.1 HARRINGTON ROAD,
CHETPET, CHENNAI-600 031, TAMIL NADU, REPRESENTED
BY ITS MANAGING DIRECTOR.
9 THE DEPUTY GENERAL MANAGER,
IDFC FIRST BANK LIMITED, NAMAN CHAMBERS, C-32,
G-BLOCK, BANDRA-KURLA COMPLEX, BANDRA EAST,
MUMBAI-400051.
BY ADVS. SMT.VANDANA P., CGC
SRI.JOSEPH KODIANTHARA (SR.)
SRI.PREMCHAND M.
SHRI.MADHU RADHAKRISHNAN
SHRI.P.SATHISAN
SMT.K.ANITHA JOHN
SMT.DONA AUGUSTINE
SRI.V.ABRAHAM MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SHRI.ABRAHAM JOSEPH MARKOS
SRI. P. VIJAYAKUMAR, ASG OF INDIA
SRI. A.S.P. KURUP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 12 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 8189 OF 2021
PETITIONER:
QUARTET INDUSTRIAL SOLUTIONS PRIVATE LTD.,
HAVING CORPORATE INDENTITY
NO.U27104KL2013PTC033998 HAVING ITS REGISTERED
OFFICE AT BUILDING NO.38/287,ASWATHY APARTMENTS,
AAKIPPADIKKAL LANE, CHUTTUPADUKARA,EDAPPALLY,
KOCHI-682024, REPRESENTED BY ITS DIRECTOR SUMESH
DAIS.M, S/O.M.V.DEVASSY, AGED 48 YEARS, RESIDING
AT MOOLAMATTATHIL HOUSE,POONITHURA,ERNAKULAM
DISTRICT- 682038.
BY ADVS. SRI.T.MADHU
SMT.C.R.SARADAMANI
SRI.SHAHID AZEEZ
SMT.CHANDRALEKHA SANU
RESPONDENTS:
1 THE RESERVE BANK OF INDIA,
REPRESENTED BY ITS GOVERNOR, 6 SANSAD MARG,
NEW DELHI-110001.
2 RESERVE BANK OF INDIA,
RESERVE BANK OF INDIA,REGIONAL OFFICE, KALOOR,
ERNAKULAM DISTRICT-682017.
3 THE STATE BANK OF INDIA,
VALLARPADAM BRANCH, REPRESENTED BY ITS
WP(C) NO. 27900 OF 2020 &
Connected cases 13 2025:KER:63139
MANAGER,DOOR NO.7/331E, FIRST FLOOR,
GOSREE TOWERS, VALLARPADAM JUNCTION,
VALLARPADAM.P.O, KOCHI-682304.
4 THE STATE BANK OF INDIA,
KANJIKODE BRANCH,REPRESENTED BY ITS
MANAGER,KANJIKODE.P.O, PALAKKAD DISTRICT-678621.
BY ADVS. SRI.JOSEPH KODIANTHARA (SR.)
SMT.VARNA MANOJ
SHRI.ABRAHAM JOSEPH MARKOS
SRI.V.ABRAHAM MARKOS
SRI.ISAAC THOMAS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI. JITHESH MENON, SC, SBI
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 14 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 11254 OF 2021
PETITIONER:
SAFE CITY, TC 48/955
THOTTAM AMBALATHARA, THIRUVANANTHAPURAM - 695 026
REPRESENTED BY ITS PROPRIETOR RAJESH J.,
AGED 44 YEARS, SON OF SRI.JANARDHANAN NAIR.
BY ADVS. SMT.ANILA PETER
SMT.P.P.BLESSY MOL
RESPONDENTS:
1 STATE BANK OF INDIA
POONTHURA BRANCH, BISMI PLAZA BUILDING,
POONTHURA P.O., THIRUVANANTHAPURAM - 695 026.
2 STATE BANK OF INDIA
HEAD OFFICE, STATE BANK BHAVAN, 16TH FLOOR,
MADAM CAMA ROAD, MUMBAI - 400 021 REPRESENTED BY
ITS MANAGING DIRECTOR.
3 THE RESERVE BANK OF INDIA
CENTRAL OFFICE, MUMBAI, REPRESENTED BY THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
DEPARTMENT OF REGULATION, CENTRAL OFFICE,
WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI - 400 005.
WP(C) NO. 27900 OF 2020 &
Connected cases 15 2025:KER:63139
BY ADVS. SRI.JOSEPH KODIANTHARA (SR.)
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI. JITHESH MENON
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 16 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 13787 OF 2021
PETITIONER:
SANTHIGIRI ASHRAM, (REG.NO.88/78), SANTHIGIRI
P.O., POTHENCODE, THIRUVANANTHAPURAM-695589,
REPRESENTED BY ITS GENERAL SECRETARY,
SWAMI GURURETHNAM JNANA THAPASWI.
BY ADVS. SRI.K.C.SANTHOSHKUMAR
SMT.K.K.CHANDRALEKHA
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY THE SECRETARY, MINISTRY OF
FINANCE, SANCHAR BHAWAN, 20, ASHOKA ROAD,
NEW DELHI-110001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, MUMBAI-400005, REPRESENTED BY ITS
CHIEF GENERAL MANAGER, DEPARTMENT OF REGULATION,
CENTRAL OFFICE, WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI-400005.
3 THE REGIONAL DIRECTOR, RESERVE BANK OF INDIA,
BAKERY JUNCTION, THIRUVANANTHAPURAM-695033.
4 STATE BANK OF INDIA,
REPRESENTED BY THE GENERAL MANAGER, STATE BANK
BHAVAN, M.C.ROAD, NARIMAN POINT, MUMBAI-400021.
WP(C) NO. 27900 OF 2020 &
Connected cases 17 2025:KER:63139
5 THE FEDERAL BANK,
REPRESENTED BY ITS GENERAL MANAGER,
FEDERAL TOWERS, MARKET ROAD, PERIYAR NAGAR,
ALUVA, ERNAKULAM-683101.
6 M/s BANK OF BARODA
REPRESENTED BY ITS GENERAL MANAGER, BARODA
BHAVAN, R.C.DATT ROAD, ALKAPURI, BARODA-390000.
7 M/s UNION BANK OF INDIA
REPRESENTED BY ITS GENERAL MANAGER, UNION BANK
BHAVAN, 239 VIDAN BHAVAN MARG, NARIMAN POINT,
MUMBAI-400021.
8 M/s PANJAB NATIONAL BANK,
REPRESENTED BY ITS BRANCH MANAGER, AROOR BRANCH,
ALAPPUZHA -688534.
BY ADVS. SMT. O.M. SHALINA, DSGI
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.SANTHOSH MATHEW (SR.)
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SHRI.SANTHEEP ANKARATH
SHRI.A.S.P.KURUP
SRI.P.PAULOCHAN ANTONY
SMT.R.REMA
SRI. JITHESH MENON
SRI. K. ANAND
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 18 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 14405 OF 2021
PETITIONERS:
1 M/S SABARI DISTRIBUTION (PVT.)LTD.
(DISTRIBUTOR FOR PROCTER & GAMBLE), V/950F,
KUTTIKATTUKARA P.O., ALUPURAM, KALAMASSERY,
PIN-683 501, REPRESENTED BY ITS AUTHORISED
REPRESENTATIVE SHRI.M.V RAJESH, DIRECTOR AND CEO
2 SHRI.M.V.RAJESH, DIRECTOR & CEO, M/S SABARI
DISTRIBUTION (PVT) LD., V/950F, KUTTIKATTUKARA
P.O., ALUPURAM, KALAMASSERY, PIN-683 501,
R/AT IX/555A, VAIKUNDAM, W.KADUNGALLUR,
MUPPATHDAM P.O., ERNAKULAM-683 110
BY ADVS. SRI.M.RAMESH CHANDER (SR.)
SMT.K.A.SANJEETHA
SRI.S.K.AJAY KUMAR
SRI.BALU TOM
SRI.P.M.RAJAGOPAL
SRI.BONNY BENNY
SHRI. BEJOY JOSEPH P.J.
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI-110 001
2 THE RESERVE BANK OF INDIA,
WP(C) NO. 27900 OF 2020 &
Connected cases 19 2025:KER:63139
CENTRAL OFFICE, MUMBAI REPRESENTED BY THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
DEPARTMENT OF REGULATION, CENTRAL OFFICE, WORD
TRADE CENTRE, CUFFE PARADE, MUMBAI-400005
3 THE DHANALAXMI BANK LTD.,
HEAD OFFICE, CORPORATE OFFICE, POONKUNNAM,
THRISSUR-680 002
4 THE SOUTH INDIAN BANK LTD.,
REGISTERED OFFICE, RETAIL BANKING DEPARTMENT,
CMPC, 2ND FLOOR, SHANU TOWERS, PREMIER JN.,
KALAMASSERY-683 104
5 THE BANK OF BARODA,
VARADOOR BRANCH, VARADOOR KSS BUILDING,
VARADOOR, WAYANAD DISTRICT-673 591
6 THE FEDERAL BANK LTD.,
KATTAPPANA, IDUKKI DISTRICT-685 508
ADDL.R7 STATE BANK OF INDIA, HEAD OFFICE,
STATE BANK BHAVAN, 16TH FLOOR, MADAM CAMA ROAD,
MUMBAI 400 020, REPRESENTED BY ITS MANAGING
DIRECTOR.
ADDL.R8 DEPUTY GENERAL MANAGER, STATE BANK OF INDIA,
INDUSTRIAL FINANCE BRANCH, NO.2, HARRINGTON ROAD,
CHETPET, CHENNAI 600 031
(ADDITIONAL R7 & R8 ARE IMPLEADED AS PER ORDER
DATED 30-07-24 IN IA 1/24 IN WP(C) 14405/2021)
BY ADVS. SHRI.S.BIJU, CGC
SRI.JOSEPH KODIANTHARA (SR.)
SRI.K.K.JOHN,SC,SOUTH INDIAN BANK
SRI.V.ABRAHAM MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
WP(C) NO. 27900 OF 2020 &
Connected cases 20 2025:KER:63139
SHRI.ABRAHAM JOSEPH MARKOS
SHRI.ASISH K.JOHN
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI.P.PAULOCHAN ANTONY
SMT.R.REMA
SRI.C.K.KARUNAKARAN
SHRI.JITHESH MENON
SRI. SUNIL SHANKER
SRI. K. ANAND
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 21 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 14457 OF 2021
PETITIONER:
UNIMONI FINANCIAL SERVICES LIMITED
HAVING ITS HEAD OFFICE AT FIRST FLOOR, AIRLINES
BUILDING, MG ROAD, KOCHI-682 011 REPRESENTED MR.
KRISHNAN R, DIRECTOR.
BY ADVS. SRI.R.BINDU (SASTHAMANGALAM)
SRI.PRASANTH M.P
SRI.C.THEJUS PURUSHOTHAMAN
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY THE SECRETARY, MINISTRY OF
FINANCE, NEW DELHI-110 001.
2 RESERVE BANK OF INDIA
CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH
MARG, MUMBAI-400 001, REPRESENTED BY ITS CHIEF
GENERAL MANAGER-IN-CHARGE.
3 STATE BANK OF INDIA
JEEVAN PRAKASH, LIC BUILDING, MG ROAD,
ERNAKULAM-682 011.
4 ICICI BANK
EMGEE SQUARE, M.G.ROAD, ERNAKULAM, KOCHI-682 035.
WP(C) NO. 27900 OF 2020 &
Connected cases 22 2025:KER:63139
5 FEDERAL BANK
GROUND FLOOR, FEDERAL TOWERS, BUILDING NO.2095,
MARINE DRIVE, ERNAKULAM-682 031.
6 HDFC BANK
HDFC BANK LTD., IST FLOOR, SL PLAZA,
PALARIVATTOM, KOCHI, KERALA-682 025.
7 SOUTH INDIAN BANK,
ERNAKULAM MG.R.ROAD BRANCH, XXXIX/2018 & 2019,
M G ROAD, KERALA-682 016.
BY ADVS. SHRI.S.VAIDYANATHAN, CGC
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.LAL K.JOSEPH
SRI.K.K.JOHN,SC,SOUTH INDIAN BANK
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.SHARAD JOSEPH KODANTHARA
SHRI.ALEXANDER JOSEPH MARKOS
SRI.P.MURALEEDHARAN (THURAVOOR)
SMT.T.A.LUXY
SHRI.SURESH SUKUMAR
SHRI.CHACKO MATHEWS K.
SHRI.ASISH K.JOHN
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI. M.JITHESH MENON
SRI.PREMCHAND M.
SRI.P.PAULOCHAN ANTONY
SRI. A.S.P KURUP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 23 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 14681 OF 2021
PETITIONERS:
1 SREE GOKULAM MEDICAL COLLEGE AND RESEARCH
FOUNDATION,
VENJARAMOODU, THIRUVANANTHAPURAM-695 607,
REPRESENTED BY ITS DIRECTOR DR.MANOJAN.K.K.,
S/O. K.K.KUNHIRAMAN, AGED 49 YEARS, RESIDING AT
SILVER OAK, VENJARAMOODU, PIRAPPANCODE P.O.,
THRIUVANANTHAPURAM-695 607
2 SREE GOKULAM MEDICAL COLLEGE HOSPITAL,
VENJARAMOODU, THIRUVANANTHAPURAM-695 607,
REPRESENTED BY ITS DIRECTOR DR.MANOJAN.K.K.,
S/O. K.K.KUNHIRAMAN, AGED 49 YEARS, RESIDING AT
SILVER OAK, VENJARAMOODU, PIRAPPANCODE P.O.,
THRIUVANANTHAPURAM-695 607
3 FOUNDATION OF NON RESIDENT INDIANS,
MATHU MEMORAIL BUILDING, KOCHULLOOR, MEDICAL
COLLAGE P.O., THIRUVANANTHAPURAM-695 011,
REPRESENTED BY ITS SECRETARY DR.MANOJAN.K.K.,
S/O. K.K.KUNHIRAMAN, AGED 49, RESIDING AT SILVER
OAK, VENJARAMOODU, PIRAPPANCODE P.O.,
THRIUVANANTHAPURAM-695 607
BY ADVS. SRI.M.SREEKUMAR
SRI.A.ABDUL KHARIM
WP(C) NO. 27900 OF 2020 &
Connected cases 24 2025:KER:63139
RESPONDENTS:
1 RESERVE BANK OF INDIA (RBI)
REPRESENTED BY ITS CHIEF GENERAL MANAGER,
RESERVE BANK OF INDIA MAIN BUILDING, P.O.BOX 901,
SHAHID BHAGAT SINGH ROAD, MUMBAI-400 001
2 STATE BANK OF INDIA,
REPRESENTED BY ITS CHIEF GENERAL MANAGER,
LOCAL HEAD OFFICE, THIRUVANANTHAPURAM CIRCLE,
POOJAPPURA P.O., THIRUVANANTHAPURAM-695 012
3 BRANCH MANAGER,
STATE BANK OF INDIA, VENJARAMOODU TOWN BRANCH
(10789), M.C ROAD, VENJARAMOODU P.O.,
THIRUVANANTHAPURAM-695 607
BY ADVS. SRI.JOSEPH KODIANTHARA (SR.)
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI. JITHESH MENON
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 25 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 14854 OF 2021
PETITIONERS:
1 MUTHOOT FINCORP LIMITED,
REGISTERED OFFICE, MUTHOOT TOWERS, PUNNEN ROAD,
THIRUVANANTHAPURAM - 695 031 REPRESENTED BY ITS
VICE PRESIDENT LEGAL (AUTHORISED SIGNATORY), RANA
JOSEPH, S/O.MR.T.J.JOSEPH, AGED 46 YEARS.
2 RANA JOSEPH, S/O.MR.T.J.JOSEPH, AGED 46 YEARS,
VICE PRESIDENT LEGAL, MUTHOOT FINCORP LIMITED,
REGISTERED OFFICE, MUTHOOT TOWERS, PUNNEN ROAD,
THIRUVANANTHAPURAM -695031.
BY ADVS. SRI.M.RAMESH CHANDER (SR.)
SMT.K.A.SANJEETHA
SRI.P.M.RAJAGOPAL
SRI.BALU TOM
SRI.BONNY BENNY
SHRI. BEJOY JOSEPH P.J.
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI - 110 001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, MUMBAI, REPRESENTED BY THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
WP(C) NO. 27900 OF 2020 &
Connected cases 26 2025:KER:63139
DEPARTMENT OF REGULATION, CENTRAL OFFICE, WORLD
TRADE CENTRE, CUFFE PARADE, MUMBAI - 400 005.
3 UNION BANK OF INDIA (ERSTWHILE ANDHRA BANK)
PAN AFRICAN PLAZA, THIRUVANANTHAPURAM - 695 001,
KERALA.
4 PUNJAB NATIONAL BANK
EXTRA LARGE CORPORATE BRANCH, MAKER TOWER,
CUFFE PARADE, MUMBAI MAHARASHTRA - 400 005,
INDIA, MAHARASHTRA.
5 ALLAHABAD BANK,
ALLAHABAD BANK, HANSI, 112/17 SAJJAN GAS AGENCY
ROAD HABSI, DIST.HISAR HARYANA 125 033, HARYANA.
6 AXIS BANK, CORPORATE BANKING, AXIS BANK,
CIRCLE OFFICE, NO.41/418, 5TH FLOOR, CHICAGE
PLAZA, RAJAJI ROAD, ERNAKULAM, KOCHI - 682 035,
KERALA.
7 BANK OF BARODA, COIMBATORE MAIN BRANCH, 82,
BANK ROAD, COIMBATORE - 641 018, TAMIL NADU.
8 BANK OF INDIA, ANDHERI LARGE CORPORATE BR.,
MDI BUILDING, 1ST FLOOR, 28, S.V.ROAD, ANDHERI
(WEST), MAHARASHTRA.
9 BANK OF MAHARASHTRA, CORPORATE FINANCE BRANCH,
NO.9, RED BARRON, 80FT ROAD, 4TH BLOCK,
KORAMANGALA, BANGALORE - 560 034, KARNATAKA.
10 CANARA BANK, SPECIALIZED LARGE CORPORATE BRANCH,
3RD FLOOR, SPENCER JUNCTION, M.G.ROAD,
TRIVANDRUM - 695 001, KERALA.
11 CENTRAL BANK OF INDIA
TRIVANDRUM BRANCH, TC NO.28/885(5), CSI BUILDING,
M.G.ROAD, TRIVANDRUM - 695 001, KERALA.
WP(C) NO. 27900 OF 2020 &
Connected cases 27 2025:KER:63139
12 CITY UNION BANK, BLUE TOWER, POWER HOUSE ROAD,
TRIVANDRUM - 695 036, KERALA.
13 DHANALAXMI BANK, KARIMPANAL ARCADE, FORT,
THIRUVANANTHAPURAM, KERALA - 695 023, KERALA.
14 FEDERAL BANK, CORPORATE AND INSTITUTIONAL
BANKING, THE FEDERAL BANK LTD., FEDERAL TOWERS,
MG ROAD, STATUE, TRIVANDRUM, PIN- 695 001,
KERALA.
15 ICICI BANK LTD., SIKAR, ICICI BANK LTD., JOGANI
PLAZA, KALYAN CIRCLE, SIKAR - 332 001, RAJASTHAN.
16 IDBI BANK, SPECIALISED CORPORATE BRANCH, KOCHI,
PANAMPILLY NAGAR, PB 4253, KOCHI - 682 036,
KERALA.
17 IDUKKI DISTRICT CO-OPERATIVE BANK LTD.
VAZHATOPE, VAZHATHOPE BRANCH, THADIYAMDU P.O.,
PIN- 685 602, KERALA.
18 INDIAN BANK, CORPORATE BRANCH CHENNAI, NO.480,
ANNA SALAI, KHIVRAJ COMPLEX, NANDANAM,
CHENNAI - 600 035, TAMIL NADU.
19 INDIAN OVERSEAS BANK, TRIVANDRUM MAIN BRANCH,
YWCA BUILDING, MG ROAD, TRIVANDRUM- 695 001,
KERALA.
20 INDUS IND BANK, KOCHI BRANCH, FIRST FLOOR,
GOWRINARAYAN (OPP TO NEW JAYALAKSHMI SILKS),
40/8399, 8400, MG ROAD, KOCHI - 682 035, KERALA.
21 THE JAMMU AND KASHMIR BANK LTD.
NAVIN SHADRA, NAVEEN SHAHDARA 1/1051, BABARPUR
ROAD, ROHTAS NAGAR, SHAHDRA, NEW DELHI - 110 032,
DELHI.
22 KARNATAKA BANK
WP(C) NO. 27900 OF 2020 &
Connected cases 28 2025:KER:63139
TRIVANDRUM BRANCH, THAKARAPARAMBU ROAD,
TRIVANDRUM - 695023, KERALA.
23 KARUR VYSYA BANK
CORPORATE BUSINESS UNIT COIMBATORE, NO.577,
II FLOOR, KVB BUILDING, OPPANAKKARA STREET,
COIMBATORE - 641 001, TAMILNADU.
24 KERALA GRAMIN BANK
ARUVIKKARA, AR BUILDING ARUVIKKARA, ARUVIKKARA
P.O - 695 564, THIRUVANANTHAPURAM DT., KERALA.
25 KOTAK MAHINDRA BANK,
MUMBAI - KALINA, (CD) GROUND FLOOR, 159,
VINAY BHAVYA COMPLEX (SAMSUNG BUILDING), KALINA,
MUMBAI - 400 098, MAHARASHTRA.
26 THE LAKSHMI VILAS BANK LTD.
TC 9/885, VELLAYAMBALAM SASTHAMANGALAM ROAD,
THIRUVANANTHAPURAM - 695 010, KERALA.
27 PUNJAB AND SIND BANK,
LARGE CORPORATE BRANCH, 27/29, AMBALAL DOSHI
MARG, FORT, MUMBAI - 400 001, MAHARASHTRA.
28 SOUTH INDIAN BANK, CORPORATE BRANCH, SOUTH INDIAN
BANK, THAMPANOOR - 695 014, TRIVANDRUM, KERALA.
29 SYNDICATE BANK, KUMBALAM, HOUSE NO.349 WARD 7,
SANJAY VILAS, VALIYAVILA NAGAR, KUMBALAM, VIA
KUNDARA, KOLLAM DIST., PIN- 691 503, KERALA.
30 TAMILNAD MERCANTILE BANK
TC NO.39/1276, 1ST FLOOR, SP BHAGYA TOWERS,
ATTAKULANGARA, KILLIPALAM BY-PASS ROAD,
THIRUVANANTHAPOURAM - 695 036, KERALA.
31 UCO BANK, III FLOOR, 328,
THAMBU CHETTY STREET, CHENNAI - 600 001,
TAMIL NADU.
WP(C) NO. 27900 OF 2020 &
Connected cases 29 2025:KER:63139
32 VIJAYA BANK, ADUGODI, BANGALORE, P.B.NO.8227,
29, HOSUR ROAD, ADUGODI, BANGALORE, KARNATAKA,
560 030, KARNATAKA.
33 YES BANK LTD., SADAR BAZAR, GROUND FLOOR OF
PROPERTY BEARING NO.2725-2729, GREEN MARKET,
SADAR THANA ROAD, SADAR BAZAR, DELHI - 110 006,
DELHI.
34 AU SMALL FINANCE BANK LIMITED
JAIPUR SUKHAIPURA.
35 IDFC BANK LIMITED
DBS WESTMINISTER, 108, R.K.SALAI, 3RD FLOOR,
CHENNAI - 600 004.
ADDL.R36 STATE BANK OF INDIA, HEAD OFFICE, STATE BANK
BHAVAN, 16TH FLOOR, MADAM CAMA ROAD,
MUMBAI-400020, REPRESENTED BY ITS MANAGING
DIRECTOR
ADDL.R37 THE DEPUTY GENERAL MANAGER, STATE BANK OF INDIA,
INDUSTRIAL FINANCE BRANCH, NO.2 HARRINGTON ROAD.
CHETPET, CHENNAI - 600031
(ADDITIONAL RESPONDENTS 36 AND 37 ARE IMPLEADED
AS PER ORDER DATED 21.06.2023 IN IA 2/2023)
BY ADVS. SMT.G.MAHESWARY
SRI.V.ABRAHAM MARKOS
SHRI.MADHU RADHAKRISHNAN
SRI.SAIJO HASSAN
DR.PAULY MATHEW MURICKEN
SHRI.LAL K.JOSEPH
SHRI.V. SUNIL KUMAR
SRI.K.K.JOHN
SHRI. BEJOY JOSEPH P.J.
SRI.BENOJ C AUGUSTIN
SHRI.RAFEEK. V.K.
SMT.P.PARVATHY
WP(C) NO. 27900 OF 2020 &
Connected cases 30 2025:KER:63139
SMT.AATHIRA SUNNY
SHRI.ELDHO.N.MONCY
SMT.VIDYA GANGADHARAN
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.SHARAD JOSEPH KODANTHARA
SRI.ANZIL SALIM
SHRI.NELSON JOSEPH
SHRI.DEEPAK ASHOK KUMAR
SHRI.ASISH K.JOHN
SRI. ALEXANER JOSEPH MARKOS
SRI.SUNIL SHANKER
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SHRI.A.S.P.KURUP, SC, UBI
SHRI.SANTHEEP ANKARATH
SRI.LEO GEORGE
SRI.V.SUNIL KUMAR (PANACHAMOODU)
SHRI.M.GOPIKRISHNAN NAMBIAR
SRI.C.K.KARUNAKARAN
SRI.N.RAJENDRAN
SRI. SAJU N.A.
SRI.NAGARAJ NARAYANAN
SRI.H.RAMANAN
SRI. M. PREMCHAND
SRI. K. ANAND
SRI. BINOY VASUDEVAN
SRI. K.M. ANEESH
SRI. P. POULOCHAN ANTONY
SRI. JAWAHAR JOSE
SRI. JITHESH MENON
SRI. DEEPAK JOY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT on 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 31 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 15273 OF 2021
PETITIONER:
FINVENT FINANCE AND INVESTMENTS LTD.,
THROUGH ITS AUTHORISED REPRESENTATIVE SH.AMAL
ABRAHAM, VIII/228 B, GROUND FLOOR, SH TRADE
CENTRE SH MOUNT P.O., MC ROAD, KOTTAYAM-686 006.
BY ADVS. SRI.SUKUMAR NAINAN OOMMEN
SRI.SHERRY SAMUEL OOMMEN
SMT.NIDHI JACOB
SHRI.NITISH SATHESH SHENOY
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY SECRETARY, MINISTRY OF FINANCE,
NEW DELHI-110 001.
2 RESERVE BANK OF INDIA,
REPRESENTED BY CHIEF GENERAL MANAGER - IN CHARGE
CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH
MARG, MUMBAI-400 001.
3 GENERAL MANAGER, DEPARTMENT OF SUPERVISION(NBFC),
RESERVE BANK OF INDIA, BAKERY JUNCTION,
THIRUVANANTHAPURAM-695 033.
4 SOUTH INDIAN BANK LTD.,
REPRESENTED BY ITS CHAIRMAN, T.B.ROAD, MISSION
WP(C) NO. 27900 OF 2020 &
Connected cases 32 2025:KER:63139
QUARTERS, THRISSUR, KERALA-680 001.
5 AXIS BANK LTD.,
REPRESENTED BY ITS CEO, AXIS HOUSE, C-2, WADIA
INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG,
WORLI, MUMBAI-400 025.
BY ADVS. SRI.JOSEPH KODIANTHARA (SR.)
SRI.K.K.JOHN
SHRI.MADHU RADHAKRISHNAN
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI.ISAAC THOMAS
SHRI.ASISH K.JOHN
SRI. ANISH JAIN, CGC
SRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI. A.S.P. KURUP
SRI. SUNIL SHANKER
SRI. M. PREMCHAND
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 33 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 15439 OF 2021
PETITIONER:
MANGALAM PUBLICATIONS INDIA PRIVATE LIMITED,
REP. BY ITS MANAGING DIRECTOR, SH MOUNT P.O.
KOTTAYAM 686 006.
BY ADV SHRI.GEORGEKUTTY MATHEW
RESPONDENTS:
1 UNION OF INDIA,
REP. BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI 110001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, MUMBAI, REP. BY THE CHIEF GENERAL
MANAGER, RESERVE BANK OF INDIA, DEPARTMENT OF
REGULATION, CENTRAL OFFICE, WORLD TRADE CENTRE,
CUFF PARADE, MUMBAI 400005.
3 STATE BANK OF INDIA,
HEAD OFFICE, STATE BANK BHAVAN, 16TH FLOOR,
MADAM CAMA ROAD, MUMBAI 400021. REP. BY ITS
MANAGING DIRECTOR.
4 THE DEPUTY GENERAL MANAGER,
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,
NO. 2, HARRINGTON ROAD, CHETPET, CHENNAI 600 031.
5 THE BRANCH MANAGER,
STATE BANK OF INDIA, KOTTAYAM TOWN BRANCH,
KOTTAYAM P.O. 686 001.
WP(C) NO. 27900 OF 2020 &
Connected cases 34 2025:KER:63139
6 THE BRANCH MANAGER,
STATE BANK OF INDIA, KATHRIKKADAVU BRANCH,
ERNAKULAM 682 017.
7 STATE BANK OF INDIA,
THRISSUR ROUND SOUTH BRANCH, THRISSUR 680 001.
8 STATE BANK OF INDIA,
KALLAI BRANCH, CALICUT 673 003.
9 STATE BANK OF INDIA,
SANTHINAGAR BRANCH, THIRUVANANTHAPURAM 695 001.
10 THE CHIEF GENERAL MANAGER,
SOUTH INDIAN BANK, HEAD OFFICE, TB ROAD,
THRISSUR 680 001.
11 THE REGIONAL MANAGER,
SOUTH INDIAN BANK, KOTTAYAM REGION,
COLLECTORATE ROAD, KOTTAYAM 686 002.
12 THE BRANCH MANAGER,
SOUTH INDIAN BANK, KOTTAYAM BRANCH 686 001.
BY ADVS. SMT. O.M. SHALINA, DSGI
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI.JOSEPH KODIANTHARA (SR.)
SMT.VARNA MANOJ
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI.V.ABRAHAM MARKOS
SRI. A.S.P KURUP
SRI. JITHESH MENON
SRI. SUNIL SHANKER
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 35 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 15485 OF 2021
PETITIONER:
CITIZEN MONEY LINE INDIA LTD
N.B.F.C. REGISTERED UNDER RESERVE BANK OF INDIA)
REGISTERED OFFICE AT 1ST FLOOR, HOLY ANGELS
BUILDING, S.KALAMASSERY, ERNAKULAM DISTRICT-
683104., REPRESENTED BY ITS MANAGING DIRECTOR,
GEORGE ALEXANDER, AGED 72 YEARS,
S/O T.G.ALEXANDER, THIRUVANAL, THUMPAMON P.O,
PATHANAMTHITTA-689502.
BY ADVS. SRI.JOSE ABRAHAM(J-1406)
SRI.E.ADITHYAN
RESPONDENTS:
1 THE UNION OF INDIA, REPRESENTED BY THE SECRETRY,
MINISTRY OF FINANCE, NEW DELHI - 110 001
2 THE RESERVE BANK OF INDIA
REPRESENTED BY THE CHIEF GENERAL MANAGER-IN-
CHARGE, CENTRAL OFFICE BUILDING, SHAHID BHAGAT
SINGH, MARG, MUMBAI-400001.
3 THE GENERAL MANAGER
DEPARTMENT OF SUPERVISION (NBFC), RESERVE BANK OF
INDIA, BAKERY JUNCTION, THIRUVANANTHAPURAM-
695033.
WP(C) NO. 27900 OF 2020 &
Connected cases 36 2025:KER:63139
4 THE SOUTH INDIAN BANK LTD
REPRESENTED BY ITS CHAIRMAN, T.B.ROAD,
MISSION QUARTERS, THRISSUR, KERALA-680001.
5 THE PUNJAB NATIONAL BANK
REPRESENTED BY ITS CHAIRMAN, PLOT NO.4,
SECTOR-10, DWARAKA NEW DELHI-110075.
6 THE UNION BANK OF INDIA
REPRESENTED BY ITS CHAIRMAN, 239,
VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI-400021.
7 THE BANK OF INDIA
REPRESENTED BY ITS CHAIRMAN, STARHOUSE, C-5,
G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI-400051.
8 CSB BANK LTD
REPRESENTED BY ITS BRANCH HEAD, SOUTH KERALA
CLUSTER, SME OFFICE, TRIVANDRUM OFFICE, PALAYAM,
THIRUVANANTHAPURAM-695034.
9 STATE BANK OF INDIA
REPRESENTED BY ITS MANAGING DIRECTOR, HEAD
OFFICE, STATE BANK BHAVAN, 16TH FLOOR,
MADAM CAMA ROAD, MUMBAI-400021.
10 INDIAN BANK, REPRESENTED BY ITS CHAIRMAN AND
MANAGING DIRECTOR, HEAD OFFICE, RAJAJI SALAI,
CHENNAI-600001.
11 CANARA BANK, REPRESENTED BY BRANCH MANAGER,
EDATHUA BRANCH, MOONNUTHAICKAL BUILDING, EDATHUA,
KUTTANAD TALUK, KERALA-689573.
BY ADVS. SHRI.S.BIJU, CGC
SRI.V.ABRAHAM MARKOS
SHRI.MADHU RADHAKRISHNAN
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
WP(C) NO. 27900 OF 2020 &
Connected cases 37 2025:KER:63139
SHRI.NELSON JOSEPH
SRI.M.D.JOSEPH
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI.SANTHEEP ANKARATH
SRI.PAULY MATHEW MURICKEN
SRI.K.K.JOHN,SC,SOUTH INDIAN BANK
SRI. M.JITHESH MENON
SRI.K.M.ANEESH
SRI.ASP.KURUP
SRI. SUNIL SHANKER
SRI. K. ANAND
SRI. BINOY VASUDEVAN
SRI. M. GOPIKRISHNAN NAMBIAR
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 38 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 15619 OF 2021
PETITIONER:
G&M TRANSPORTING COMPANY
HOUSING BOARD NO.37, SOUTH BRIDGE AVENUE,
ERNAKULAM, KOCHI - 682036, REPRESENTED BY ITS
PARTNER, MR. EMMANUEL SURRAO, RESIDING AT 8C,
TOC H RETREAT, NOW TOC H ROAD, NEAR TOC H SCHOOL,
VYTTILA P.O, ERNAKULAM - 682019.
BY ADVS. SRI.N.RAGHURAJ (SR.)
SMT.SAYUJYA RADHAKRISHNAN
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY THE PRINCIPAL SECRETARY, MINISTRY
OF FINANCE, SANCHAR BHAVAN 20, ASHOKA ROAD,
NEW DELHI - 110001.
2 RESERVE BANK OF INDIA
CENTRAL OFFICE, MUMBAI - 400005,
REPRESENTED BY ITS CHIEF GENERAL MANAGER.
3 THE REGIONAL DIRECTOR
RESERVE BANK OF INDIA, BAKERY JUNCTION,
THIRUVANANTHAPURAM - 695033.
4 THE UNION BANK OF INDIA
REPRESENTED BY ITS GENERAL MANAGER,
WP(C) NO. 27900 OF 2020 &
Connected cases 39 2025:KER:63139
UNION BANK OF BHAVAN, 239, VIDAN BHAVAN MARG,
NARIMAN POINT, MUMBAI - 400021.
5 THE AXIS BANK LTD
REPRESENTED BY ITS CHAIRMAN, 'AXIS' HOUSE, C-2,
WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR
MARG, WORLI, MUMBAI - 400025.
6 THE BANK OF BARODA
REPRESENTED BY ITS CHAIRMAN, BARODA BHAVAN,
R.C. DUTT ROAD, ALKAPURI, BARODA - 390007
7 THE HDFC BANK
REPRESENTED BY ITS CHAIRMAN, RAMON HOUSE, 169,
BACKBAY, RECLAMATION, HT PAREKH MARG, CHURCH
GATE, MUMBAI, MAHARASHTRA, INDIA - 400002.
8 ICICI BANK
REPRESENTED BY ITS CHAIRMAN, ICICI BANK TOWER,
NEAR CHAKLI CIRCLE, OLD PADRA ROAD, VADODARA,
GUJARAT - 390007.
9 STATE BANK OF INDIA
REPRESENTED BY THE GENERAL MANAGER, STATE BANK
BHAVAN, M.C. ROAD, NARIMAN POINT, MUMBAI -
400021.
BY ADVS. SRI.K.SUDHINKUMAR
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.LAL K.JOSEPH
SHRI.SANTHOSH MATHEW (SR.)
SHRI.ABRAHAM JOSEPH MARKOS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI.V.ABRAHAM MARKOS
SHRI.SURESH SUKUMAR
SMT. O.M. SHALINA, DSGI
SRI. P. VIJAYAKUMAR, ASGI
SMT.R.REMA,
SRI.M.JITHESH MENON
SHRI.A.S.P.KURUP
WP(C) NO. 27900 OF 2020 &
Connected cases 40 2025:KER:63139
SRI.PREMCHAND M
SRI. K. ANAND
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 41 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 15646 OF 2021
PETITIONER:
WHITEFIELD MINERALS,
HOUSING BOARD NO.37, SOUTH BRIDGE AVENUE,
ERNAKULAM, KOCHI-682 036, REPRESENTED BY ITS
PROPRIETOR, JOHN P.SURRAO, SURRAO DALE, 3692A-28,
W E R A LANE, WATER FRONT ENCLAVE, CHILAVANNOOR
ROAD, KADAVANTHRA S.O., KADAVANTHRA,
ERNAKULAM-682 020.
BY ADVS. SRI.N.RAGHURAJ (SR.)
SMT.SAYUJYA RADHAKRISHNAN
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY THE SECRETARY, MINISTRY OF
FINANCE, SANCHAR BHAWAN, ASHOKA ROAD,
NEW DELHI-110 001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, MUMBAI-400 005,
REPRESENTED BY ITS CHIEF GENERAL MANAGER.
3 THE REGIONAL DIRECTOR, RESERVE BANK OF INDIA,
BAKERY JUNCTION, THIRUVANANTHAPURAM-695 033.
4 THE UNION BANK OF INDIA,
REPRESENTED BY ITS GENERAL MANAGER, UNION BANK
BHAVAN, 239 VIDAN BHAVAN MARG, NARIMAN POINT,
MUMBAI-400 021.
5 THE AXIS BANK LTD.,
REPRESENTED BY ITS CHAIRMAN, AXIS HOUSE, C-2,
WP(C) NO. 27900 OF 2020 &
Connected cases 42 2025:KER:63139
WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR
MARG, WORLI, MUMBAI-400 025.
6 THE HDFC BANK,
REPRESENTED BY ITS CHAIRMAN, RAMON HOUSE, 169,
BACKBAY, RECLAMATION, HT PAREKH MARG, CHURCH
GATE, MUMBAI, MAHARASHTRA, INDIA-400 002.
7 ICICI BANK,
REPRESENTED BY ITS CHAIRMAN, ICICI BANK TOWER,
NEAR CHAKLI CIRCLE, OLD PADRA ROAD, VADODARA,
GUJARAT-390 007.
8 FEDERAL BANK,
REPRESENTED BY ITS CHAIRMAN, FEDERAL TOWERS,
MARKET ROAD, PERIYAR NAGAR, ALUVA,
KERALA-683 101.
9 STATE BANK OF INDIA,
REPRESENTED BY THE GENERAL MANAGER, STATE BANK
BHAVAN, M.C.ROAD, NARIMAN POINT, MUMBAI-400 021.
BY ADVS. SHRI.K.K.SETHUKUMAR, CGC
SRI.JOSEPH KODIANTHARA (SR.)
SRI.PREMCHAND M.
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SMT.K.ANITHA JOHN
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI. JITHESH MENON, SC SBI
SRI.ASP.KURUP, SC.
SRI.PREMCHAND M.
SRI.P.PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 43 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 18628 OF 2021
PETITIONER:
MUTHOOTU MINI FINANCERS LIMITED,.
HAVING ITS REGISTERED OFFICE AT MUTHOOTTU
BUILDINGS, MARKET ROAD, KOZHENCHERRY,
PATHANAMTHITA , KERALA 689 B641, REPRESENTED BY
ITS MANAGING DIRECTOR, MR. MATHEW MUTHOOTTU.
BY ADVS. SRI.N.RAGHURAJ (SR.)
SMT.SAYUJYA RADHAKRISHNAN
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY THE SECRETARY, MINISTRY OF
FINANCE, SANCHAR BHAWAN, ASHOKA ROAD,
NEW DELHI 110001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, MUMBAI 400005,
REPRESENTED BY ITS CHIEF GENERAL MANAGER.
3 THE REGIONAL DIRECTOR,
RESERVE BANK OF INDIA, BAKERY JUNCTION,
THIRUVANANTHAPURAM 695 033.
4 UNION BANK OF INDIA,
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG,
NARIMAN POINT, MUMBAI, MAHARASTRA 400021.
WP(C) NO. 27900 OF 2020 &
Connected cases 44 2025:KER:63139
5 CANARA BANK, 112, J C ROAD, HEAD OFFICE,
BANGALORE, KARNATAKA 560002.
6 CATHOLIC SYRIAN BANK LTD
CSB BHAVAN, P.O. BOX NO. 502,
ST. MARY'S COLLEGE ROAD, THRISSUR 680 020.
7 DHANLAXMI BANK,
DHANLAXMI BANK LIMITED, DHANALAKSHMI BUILDINGS,
NAICKANAL, THRISSUR 680 001.
8 INDUSIND BANK,
2401, GENERAL THIMMAYYA ROAD, CANTONMENT, PUNE,
MAHARASHTRA 411001.
9 KARUR VYSYA BANK,
REGISTERED AND CENTRAL OFFICE, NO. 20,
ERODE ROAD, VADIVEL NAGAR, L.N.S. KARUR 639003.
10 PUNJAB NATIONAL BANK, PLOT NO. 4, SECTOR -10,
DWARKA NEW DELHI 110075.
11 HDFC BANK, HDFC BANK HOUSE, SENAPTI BAPAT MARG,
LOWER PAREL (WEST), MUMBAI, MAHARASHTRA 400013.
12 DCB BANK, 601 & 602, PENINSULA BUSINESS PARK,
6TH FLOOR, TOWER A , SENAPATI BAPAT MARG,
LOWER PAREL, MUMBAI, MAHARASHTRA 400013.
13 BANK OF BARODA, BARODA HOUSE, MANDVI, VADODARA,
GUJARAT 390006.
14 BANK OF INDIA, STAR HOUSE, C-5, G- BLOCK, BANDRA
KURLA COMPLEX BANDRA (EAST), MUMBAI 400 051.
15 BANK OF MAHARASHTRA,
BANK OF MAHARASHTRA HEAD OFFICE, 'LOKMANGAL'
1501, SHIVAJINAGAR PUNE 411 005.
WP(C) NO. 27900 OF 2020 &
Connected cases 45 2025:KER:63139
16 CENTRAL BANK OF INDIA,
CHANDER MUKHI, NARIMAN POINT, MUMBAI 400 021.
17 CITY UNION BANK, OFFICE NO. 149, T S R BIG
STREET, KUMBAKONAM, TAMIL NADU 612 001.
18 FEDERAL BANK, FEDERAL TOWERS, P B NO. 103, ALUVA,
ERNAKULAM KERALA 683 101.
19 INDIAN BANK, NO. 66, RAJAJI SALAI, CHENNAI,
TAMIL NADU 600001.
20 INDIAN OVERSEAS BANK, 763 ANNA SALAI,
CHENNAI 600 002, TAMIL NADU.
21 KARNATAKA BANK, KARNATAKA BANK LIMITED, POST BOX
NO. 599, MAHAVEERA CIRCLE, KANKANADY,
MANGALURU 575 002.
22 DBS BANK LTD.,
GROUND FLOOR NOS. 11 & 12, CAPITOL POINT,
BABA KHARAK SINGH MARG, CON NAUGHT PLACE,
NEW DELHI 110 001.
23 SOUTH INDIAN BANK,
P B NO. 28, SIB HOUSE, T B ROAD,
MISSION QUARTERS, THRISSUR 680 001.
24 TAMIL NADU MERCANTILE BANK,
57, V.E. ROAD, TUTICORIN, TAMIL NADU, 628 002.
BY ADVS. SMT. O.M. SHALINA, DSGI
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.MADHU RADHAKRISHNAN
SHRI.P.VIJAYARAGHAVAN
SHRI.SUNIL SHANKER
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
WP(C) NO. 27900 OF 2020 &
Connected cases 46 2025:KER:63139
SHRI.SHARAD JOSEPH KODANTHARA
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SRI. SAJU N.A.
SRI.LEO GEORGE
SRI.P.PAULOCHAN ANTONY
SMT.R.REMA, SC, BANK OF BARODA
SRI.K.ANAND
SHRI.SANTHEEP ANKARATH, SC, PUNJAB NATIONAL BANK
SHRI.A.S.P.KURUP, SC, UBI
SRI.LAL K.JOSEPH
SRI.P.S.GEORGE
SRI.K.J.SAJI ISAAC
SRI.K.M.ANEESH
SRI.V.SUNIL KUMAR (PANACHAMOODU)
SRI.THOMAS T.VARGHESE
SRI.K.K.JOHN,SC,SOUTH INDIAN BANK
SRI. A.S.P. KURUP
SRI. M. GOPIKRISHNAN NAMBIAR
SRI. K.M. ANEESH
SRI.BINOY VASUDEVAN
SRI. T.A. PRAKASH
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 47 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 23275 OF 2021
PETITIONERS:
1 MUTHOOT FINANCE LTD., MUTHOOT CHAMBERS,
OPPOSITE SARITHA THEATRE COMPLEX, BANERJI ROAD,
KOCHI - 680 018 REPRESENTED BY ITS CHIEF GENERAL
MANAGER (AUTHORISED SIGNATORY) K.R.BIJIMON,
S/O.RAGHAVAN RAJAPPAN, AGED 51 YEARS.
2 K.R.BIJIMON, CHIEF GENERAL MANAGER,
MUTHOOT FINANCE LIMITED, MUTHOOT CHAMBERS,
OPPOSITE SARITHA THEATRE COMPLEX, BANERJI ROAD,
KOCHI - 680 018.
BY ADVS. SRI.M.RAMESH CHANDER (SR.)
SRI.P.M.RAJAGOPAL
SRI.BALU TOM
SRI.BONNY BENNY
SHRI. BEJOY JOSEPH P.J.
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI - 110 001.
2 RESERVE BANK OF INDIA
CENTRAL OFFICE, MUMBAI REPRESENTED THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
DEPARTMENT OF REGULATION, CENTRAL OFFICE,
WP(C) NO. 27900 OF 2020 &
Connected cases 48 2025:KER:63139
WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI - 400 005.
3 HDFC BANK LTD., HDFC HOUSE, H T PAREKH MARG,
165-166, BACKBAY RECLAMATION, CHURCHGATE,
MUMBAI - 400 020.
4 UNION BANK OF INDIA LTD.
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG,
NARIMAN POINT, MUMBAI - 400 021, MAHARASHTRA
INDIA.
5 PUNJAB NATIONAL BANK, PLOT NO.4, SECTOR 10,
DWARKA, NEW DELHI - 110 075.
6 CANARA BANK, 112, JC ROAD, BANGALORE, KARNATAKA,
INDIA - 560 002.
7 AXIS BANK LTD.
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE,
PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400 025.
8 BANK OF BARODA, BARODA CORPORATE CENTRE,
PLOT NO.C-26, BLOCK G, BANDRA KURLA COMPLEX,
BANDRA (EAST), MUMBAI - 400 051.
9 INDIAN BANK,CORPORATE OFFICE, NO.254-260, AVVAI
SHANMUGAM SALAI, ROYAPETTAH, CHENNAI - 600 014.
10 ICICI BANK LTD., ICICI BANK TOWERS, BANDRA KURLA
COMPLEX, MUMBAI - 400 051, MAHARASTRA.
11 INDUSIND BANK LIMITED,
2401 GEN. THIMMAYYA ROAD (CANTONMENT),
PUNE- 411 001, INDIA.
12 CENTRAL BANK OF INDIA,
CHANDER MUKHI, NARIMAN POINT, MUMBAI - 400 021.
13 FEDERAL BANK LTD.
WP(C) NO. 27900 OF 2020 &
Connected cases 49 2025:KER:63139
FEDERAL TOWERS, MARKET RD., PERIYAR NAGAR,
ALUVA, KERALA - 683 101.
14 BANK OF INDIA, STAR HOUSE C-5, "G" BLOCK, BANDRA
KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400 051.
15 KOTAK MAHINDRA BANK LTD.
27 BKC, C-27, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA (E) MUMBAI - 400 051.
16 UCO BANK, UCO BANK HEAD OFFICE, 10, B T M SARANI,
KOLKATA - 700 001, WEST BENGAL, INDIA.
17 IDBI BANK LTD.
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, COLABA,
MUMBAI - 400 005.
18 YES BANK LTD, YES BANK TOWER, IFC-2, 15TH FLOOR,
SENAPATI BAPAT MARG, ELPHINSTONE (W),
MUMBAI - 400 013, MAHARASHTRA INDIA.
19 SOUTH INDIAN BANK LTD.
HEAD OFFICE, T.B.ROAD, MISSION QUARTERS,
THRISSUR - 680 001, KERALA, INDIA.
20 INDIAN OVERSEAS BANK LTD.
CENTRAL OFFICE, 6TH FLOOR, ANNEX BUILDING, 763,
ANNA SALAI, CHENNAI - 600 002, TAMIL NADU, INDIA.
21 THE KARUR VYSYA BANK LTD.
ERODE ROAD KARUR, TAMIL NADU - 639002.
22 PUNJAB AND SIND BANK, 1ST FLOOR, 21, RAJENDRA
PLACE, NEW DELHI - 110 008.
23 DHANLAXMI BANK LTD.
CORPORATE OFFICE, PUNKUNNAM, THRISSUR,
KERALA - 680 002.
24 STANDARD CHARTERED BANK
WP(C) NO. 27900 OF 2020 &
Connected cases 50 2025:KER:63139
CLIENT SERVICES GROUP, CRESCENZO BUILDING, 3RD
FLOOR, C-38/39, G BLOCK, BEHIND MCA CLUB, BANDRA
KULA COMPLEX, BANDRA (E), MUMBAI - 400 051,
INDIA.
25 RBL BANK LTD., ONE WORLD CENTER, TOWER 2B, 6TH
FLOOR, 841, SENAPATI BAPAT MARG, LOWER PAREL (W),
MUMBAI - 400 013.
26 THE JAMMU AND KASHMIR BANK LTD.
CORPORATE HEADQUARTERS M.A.ROAD, SRINAGAR,
J AND K., INDIA.
27 THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD.
P.B.NO.2, IDUKKI COLONY P.O. - 685 602.
28 CSB BANK LTD., CSB BHAVAN, HEAD OFFICE,
P.B.NO.502, ST.MARY'S COLLEGE ROAD,
THRISSUR - 680 020, KERALA, INDIA.
29 DBS BANK, THE LAKSHMI VILAS BANK LTD., CORPORATE
OFFICE, LVB HOUSE, #4, SARDAR PATEL ROAD, GUINDY,
CHENNAI - 600 032, TAMIL NADU.
30 KARNATAKA BANK LIMITED
POST BOX NO.599, MAHAVEERA CIRCLE, KANKANADY,
MANGALURU - 575002, DAKSHINA KANNADA DIST.,
KARNATAKA STATE.
31 BANKOF MAHARASHTRA LTD.
HEAD OFFICE, 'LOKMANGAL', 1501,
SHIVAJINAGAR PUNE - 411 005.
ADDL.R32 STATE BANK OF INDIA, HEAD OFFICE,
STATE BANK BHAVAN, 16TH FLOOR, MADAM CAMA ROAD,
MUMBAI - 400020, REPRESENTED BY ITS
MANAGING DIRECTOR
ADDL.R33 THE DEPUTY GENERAL MANAGER,
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,
NO.2 HARRINGTON ROAD, CHETPET, CHENNAI-600031
WP(C) NO. 27900 OF 2020 &
Connected cases 51 2025:KER:63139
(ADDITIONAL RESPONDENTS 32 AND 33 ARE IMPLEADED
AS PER ORDER DATED 30/07/2024 IN IA 1/24 IN WP(C)
No.23275/2021.)
BY ADVS.SMT. O.M. SHALINA, DSGI
SHRI.VISHNU PRADEEP
SRI.JOSEPH KODIANTHARA (SR.)
SRI.SANTHEEP ANKARATH
SHRI.MADHU RADHAKRISHNAN
SRI.V.SUNIL KUMAR (PANACHAMOODU)
SHRI.H.RAMANAN
SMT.GIRIJA K GOPAL
SHRI.SUNIL SHANKER
SRI.C.K.KARUNAKARAN
SRI.C.VIVEK
SRI.C.A.JOY
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SMT.SREEKALA KRISHNADAS (SREEKALA VIVEK)
SMT.VIDYA GANGADHARAN
SHRI.P.VIJAYAKUMAR, ASG OF INDIA
SHRI.JITHESH MENON
SRI. A.S.P.KURUP
SRI. GOPIKRISHNAN NAMBIAR
SRI. M. PREMCHAND
SRI. BINOY VASUDEVAN
SRI. K. ANAND
SRI. K.M. ANEESH
SRI. P.POULOCHAN ANTONY
SRI. DEEPAK JOY
SRI. T.A. PRAKASH
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 52 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 27633 OF 2021
PETITIONER:
MANAPPURAM FINANCE LIMITED,
MANAPPURAM HOUSE, VALAPPAD, THRISSUR DISTRICT,
PIN 680 567 REPRESENTED BY ITS AREA MANAGER
NATARAJN R
BY ADVS. SRI.R.BINDU (SASTHAMANGALAM)
SRI.G.RAJAGOPAL (KUMMANAM)
SRI.C.THEJUS PURUSHOTHAMAN
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY THE SECRETARY MINISTRY OF FINANCE,
NEW DELHI 110 001
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH
MARG, MUMBAI 400 001 REPRESENTED BY ITS CHIEF
GENERAL MANAGER-IN-CHARGE
3 GENERAL MANAGER,
DEPARTMENT OF SUPERVISION (NBFC), RESERVE BANK OF
INDIA, BAKERY JUNCTION, THIRUVANANTHAPURAM,
PIN 695 033
4 STATE BANK OF INDIA, HEAD OFFICE, STATE BANK
BHAVAN, 16TH FLOOR, MADAM CAMA ROAD,
WP(C) NO. 27900 OF 2020 &
Connected cases 53 2025:KER:63139
MUMBAI 400 021, REPRESENTED BY ITS MANAGING
DIRECTOR.
5 KOTAK MAHINDRA BANK
HEAD OFFICE, RAJ NIKETHAN, BHANDARKAR ROAD,
MATUNGA, MUMBAI, PIN 400 019 REPRESENTED BY ITS
MANAGING DIRECTOR.
6 IDBI BANK LIMITED
HEAD OFFICE, IDBI TOWER, WTC COMPLEX,
CUFFEPARADE, COLABA, MUMBAI, PIN 400 005
REPRESENTED BY ITS MANAGING DIRECTOR.
BY ADVS. SHRI.VISHNU PRADEEP
SRI.JOSEPH KODIANTHARA (SR.)
SRI.GEORGE THOMAS (MEVADA)(SR.)
SHRI.LAL K.JOSEPH
SRI.AMAL GEORGE
SRI.V.ABRAHAM MARKOS
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SHRI.JITHESH MENON
SMT. O.M. SHALINA, DSGI
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 54 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 28605 OF 2020
PETITIONERS:
1 M/S INDEL MONEY PRIVATE LTD
INDEL HOUSE, CHANGAMPUZHA NAGAR, SOUTH
KALAMASSERY P. O., ERNAKULAM DISTRICT - 682 033,
REPRESENTED BY ITS DIRECTOR, UMESH MOHANAN,
AGED 38, S/O. MOHANAN GOPALAKRISHNAN.
2 UMESH MOHANAN, AGED 38 YEARS,
S/O. MOHANAN GOPALAKRISHNAN, RESIDING AT
'DHANNYA', KANNADI - I VILLAGE, KANNADI P. O.,
PALAKKAD DISTRICT - 678 701.
BY ADV SMT.MEERA V.MENON
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI - 110 001.
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE MUMBAI - REPRESENTED BY THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
DEPARTMENT OF REGULATION, CENTRAL OFFICE,
WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI - 400 005.
3 THE SOUTH INDIAN BANK LTD.
WP(C) NO. 27900 OF 2020 &
Connected cases 55 2025:KER:63139
HEAD OFFICE, TD ROAD, MISSION QUARTERS,
THRISSUR - 680 001, REPRESENTED BY ITS GENERAL
MANAGER.
4 INDIAN BANK LTD.
66, RAJAJI SALAI, P. B. NO.1384,
CHENNAI - 600 001, REPRESENTED BY ITS GENERAL
MANAGER.
5 DHANALAKSHMI BANK LTD.
DHANALAKSHMI BUILDINGS, NAICKANAL,
THRISSUR - 680 002, REPRESENTED BY ITS GENERAL
MANAGER.
6 CANARA BANK, CANARA BANK HEAD OFFICE, 112 JC
ROAD, TOWN HALL JUNCTION, BENGALURU - 560 002,
REPRESENTED BY ITS GENERAL MANAGER.
7 AXIS BANK LTD.
'AXIS HOUSE', C-2, WADIA INTERNATIONAL CENTRE,
PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400 025,
REPRESENTED BY ITS GENERAL MANAGER.
8 STATE BANK OF INDIA,
STATE BANK BHAWAN, M. C. ROAD, NARIMAN POINT,
MUMBAI - 400 021, REPRESENTED BY ITS GENERAL
MANAGER.
9 IDFC LIMITED,
4TH FLOOR, CAPITAL TOWER, 555 ANNA SALAI, THIRU
VI KA KUDIYIRUPPU, TEYNAMPET, CHENNAI - 600 018,
REPRESENTED BY ITS GENERAL MANAGER.
10 SYNDICATE BANK,
DOOR NO.16/355 AND 16/365A, MANIPAL - 576104,
UDUPPI DISTRICT, KARNATAKA, REPRESENTED BY ITS
GENERAL MANAGER.
11 THE KARUR VYSYA BANK LTD.
REGISTERED AND CENTRAL OFFICE, NO.20, ERODE ROAD,
VADIVEL NAGAR, I.N.S., KARUR - 639 002,
WP(C) NO. 27900 OF 2020 &
Connected cases 56 2025:KER:63139
REPRESENTED BY ITS GENERAL MANAGER.
12 UNION BANK OF INDIA,
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG,
NARIMAN POINT, MUMBAI - 400 021,
REPRESENTED BY ITS GENERAL MANAGER.
13 BANK OF BARODA,
BARODA BHAVAN, R.C.DUTT ROAD, ALKAPURI,
BARODA - 390 007, REPRESENTED BY ITS GENERAL
MANAGER.
14 IDBI BANK LTD.
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, COLABA,
MUMBAI - 400 005, REPRESENTED BY ITS GENERAL
MANAGER.
BY ADVS. SHRI.K.K.SETHUKUMAR, CGC
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.SUNIL SHANKER
SHRI.MADHU RADHAKRISHNAN
SRI.GEORGE THOMAS (MEVADA)(SR.)
SRI.AMAL GEORGE
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODIANTHARA
SRI.V.ABRAHAM MARKOS
SMT.VIDYA GANGADHARAN
SRI. P. VIJAYAKUMAR, ASG OF INDIA
SHRI. M. GOPIKRISHNAN NAMBIAR
SRI. BINOY VASUDEVAN
SRI. C.K. KARUNAKARAN
SRI. JITTHESH MENON, SC
SRI. N. RAJENDRAN
SRI. A.S.P. KURUP, SC
SRI. K. ANAND
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 57 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 28999 OF 2020
PETITIONER:
YOGAKSHEMAM LOANS LTD.,
THROUGH ITS EVP AND COMPANY SECRETARY SH. RAJESH
KUMAR K PILLAI, 3RD FLOOR, OTTAPPATH TOWER,
ASWINI JUNCTION, THIRUVAMBADY, THRISSUR,
KERALA-680 022
BY ADVS. SRI.SHERRY SAMUEL OOMMEN
SRI.SUKUMAR NAINAN OOMMEN
SMT.NIDHI JACOB
SHRI.NITISH SATHESH SHENOY
RESPONDENTS:
1 UNION OF INDIA, REPRESENTED BY SECRETARY,
MINISTRY OF FINANCE, NEW DELHI-110 001
2 RESERVE BANK OF INDIA,
REPRESENTED BY CHIEF GENERAL MANAGER- IN CHARGE,
CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH
MARG, MUMBAI-400 001.
3 GENERAL MANAGER, DEPARTMENT OF SUPERVISION
(NBFC), RESERVE BANK OF INDIA, BAKERY JUNCTION,
THIRUVANANTHAPURAM-695 033.
4 STATE BANK OF INDIA,
REPRESENTED BY ITS CHAIRMAN, CORPORATE CENTRE,
STATE BANK BHAVAN, MADAME CAMA ROAD,
MUMBAI-400 021
WP(C) NO. 27900 OF 2020 &
Connected cases 58 2025:KER:63139
5 ICICI BANK, REPRESENTED BY ITS CHAIRMAN, 9TH
FLOOR, SOUTHERN TOWERS, ICICI TOWERS,
MUMBAI-400 051
6 FEDERAL BANK, REPRESENTED BY ITS CHAIRMAN,
P.B. NO. 103, FEDERAL TOWERS, ALUVA,
KERALA-683 101
7 DHANALAXMI BANK LTD.
REPRESENTED BY ITS CHAIRMAN, DHANALAKSHMI
BUILDINGS, NAICKANAL, THRISSUR, KERALA-680 001
8 HDFC BANK LTD.,
REPRESENTED BY ITS CHAIRMAN, 1ST FLOOR,
C.S. NO. 6/242, SENAPATI BAPAT MARG, LOWER PAREL,
MUMBAI-400 013.
9 SOUTH INDIAN BANK LTD.,
REPRESENTED BY ITS CHAIRMAN, T.B. ROAD,
MISSION QUARTERS, THRISSUR, KERALA-680 001
10 INDIAN BANK,
REPRESENTED BY ITS CHAIRMAN, P.B. NO. 555,
254-260, AVVAI SHANMUGAM SALAI, ROYAPETTAH,
CHENNAI-600 014.
11 KARUR VYSYA BANK, REPRESENTED BY ITS CHAIRMAN,
NO.20, ERODE ROAD, VADIVEL NAGAR, L.N.S.,
KARUR-639 002
12 AU SMALL FINANCE BANK LTD.,
REPRESENTED BY ITS CHAIRMAN, BANK HOUSE,
AJMERI ROAD, JAIPUR-302 001.
13 ESAF BANK, REPRESENTED BY ITS CHAIRMAN,
ESAF BHAVAN, MANNUTHY P.O, THRISSUR,
KERALA-680 651
14 FINCARE SMALL FINANCE BANK,
WP(C) NO. 27900 OF 2020 &
Connected cases 59 2025:KER:63139
REPRESENTED BY ITS CHAIRMAN, FLOOR 5,
BREN MERCURY, KAIKONDANAHALLI,
SARAJPUR MAIN ROAD, BENGALORE-560 035
15 IDBI BANK, REPRESENTED BY ITS CHAIRMAN, IDBI
TOWER, WTC COMPLEX, CUFFE PARADE, COLABA,
MUMBAI- 400 005.
16 IDFC FIRST BANK, REPRESENTED BY ITS CHAIRMAN, KRM
TOWER, 7TH FLOOR, NO.1, HARRINGTON ROAD, CHETPAT,
CHENNAI-600 031.
17
TREASURY SAVINGS ACCOUNT, THRISSUR,
REPRESENTED BY TREASURY OFFICER, COLLECTORATE
BUILDING, COLLECTORATE JUNCTION, AYYANTHOLE,
THRISSUR-680 003
BY ADVS. SHRI.SUVIN R.MENON, SENIOR PANEL COUNSEL
SRI.JOSEPH KODIANTHARA (SR.)
SRI.GEORGE THOMAS (MEVADA)(SR.)
SHRI.MADHU RADHAKRISHNAN
SRI.VIVEK VARGHESE P.J
SHRI.SUNIL SHANKER
SRI.B.S.SURESH KUMAR
SHRI.MANOJ RAMASWAMY
SRI.V.ABRAHAM MARKOS
SRI.AMAL GEORGE
SHRI.ABRAHAM JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.ALEXANDER JOSEPH MARKOS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.SHARAD JOSEPH KODANTHARA
SMT.VIDYA GANGADHARAN
SR. GOVERNMENT PLEADER SMT. SURYA BINOY
SRI. A.S.P. KURUP
SRI. JITHESH MENON
SRI. BINOY VASUDEVAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 60 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 28998 OF 2020
PETITIONER:
GEO VPL FINANCE PVT. LTD.,
THROUGH ITS MANAGING DIRECTOR SH.PRADEESH
LAWRENCE, 16/1265, GEO CPL COMPLEX, THOPPUMPADY,
KOCHI, KERALA-682 005
BY ADV SRI.SHERRY SAMUEL OOMMEN
RESPONDENTS:
1 UNION OF INDIA,
REPRESENTED BY SECRETARY, MINISTRY OF FINANCE,
NEW DELHI-110 001
2 RESERVE BANK OF INDIA,
REPRESENTED BY CHIEF GENERAL MANAGER-IN CHARGE
CENTRAL OFFICE BUILDING, SHAHID BHAGAT SINGH
MARG, MUMBAI-400 001
3 GENERAL MANAGER,
DEPARTMENT OF SUPERVISOR (NBFC),
RESERVE BANK OF INDIA, BAKERY JUNCTION,
THIRUVANANTHAPURAM-695 033
4 STATE BANK OF INDIA,
REPRESENTED BY ITS CHAIRMAN, CORPORATE CENTRE,
STATE BANK BHAVAN, MADAME CAMA ROAD,
MUMBAI-400 021
WP(C) NO. 27900 OF 2020 &
Connected cases 61 2025:KER:63139
5 SOUTH INDIAN BANK LTD,
REPRESENTED BY ITS CHAIRMAN, T.B ROAD,
MISSION QUARTERS, THRISSUR, KERALA-680 001
6 AU SMALL FINANCE BANK LTD,
REPRESENTED BY ITS CHAIRMAN, BANK HOUSE,
AJMER ROAD, JAIPUR-302 001
7 ESAF SMALL FINANCE BANK LTD
REPRESENTED BY ITS CHAIRMAN, ESAF BHAVAN,
MANNUTHY P.O., THRISSUR,KERALA-680 651
BY ADVS. SMT.O.M.SHALINA, DSGI
SRI.JOSEPH KODIANTHARA (SR.)
SHRI.SUNIL SHANKER
SRI.B.S.SURESH KUMAR
SHRI.MANOJ RAMASWAMY
SHRI.ABRAHAM JOSEPH MARKOS
SMT.VARNA MANOJ
SMT.VIDYA GANGADHARAN
SRI.V.ABRAHAM MARKOS
SRI.ISAAC THOMAS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.ALEXANDER JOSEPH MARKOS
SHRI.SHARAD JOSEPH KODANTHARA
SRI.P.VIJAYAKUMAR, SCGC
SRI.P. POULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 62 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 35704 OF 2022
PETITIONERS:
1 KOSAMATTAM FINANCE LTD
KOSAMATTAM CITY CENTRE, 4TH & 5TH FLOOR,
T.B. ROAD, KOTTAYAM - 686 001, REPRESENTED BY ITS
CHIEF MANAGER, HUMAN RESOURCE DEPARTMENT
(AUTHORISED SIGNATORY), TOMY AUGUSTINE,
S/O.LATE AUGUSTINE, AGED 49 YEARS.
2 TOMY AUGUSTINE, AGED 49 YEARS,
S/O.LATE AUGUSTINE, CHIEF MANAGER, HUMAN RESOURCE
DEPARTMENT (AUTHORISED SIGNATORY), KOSAMATTAM
FINANCE LTD., KOSAMATTAM CITY CENTRE, 4TH & 5TH
FLOOR, T.B. ROAD, KOTTAYAM - 686 001, RESIDING AT
KARIKATTIL HOUSE, VELLASSERY, KADUTHURUTHY P.O.,
KOTTAYAM.
BY ADVS. SRI.M.RAMESH CHANDER (SR.)
SRI.BALU TOM
SRI.BONNY BENNY
SHRI. GOVIND G. NAIR
SHRI. BEJOY JOSEPH P.J.
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY SECRETARY TO MINISTRY OF FINANCE,
NEW DELHI - 110 001.
WP(C) NO. 27900 OF 2020 &
Connected cases 63 2025:KER:63139
2 RESERVE BANK OF INDIA,
CENTRAL OFFICE, MUMBAI, REPRESENTED BY THE CHIEF
GENERAL MANAGER, RESERVE BANK OF INDIA,
DEPARTMENT OF REGULATION, CENTRAL OFFICE, WORLD
TRADE CENTRE, CUFFE PARADE, MUMBAI - 400 005.
3 STATE BANK OF INDIA,
HEAD OFFICE, STATE BANK BHAVAN, 16TH FLOOR, MADAM
CAMA ROAD, MUMBAI - 400 021, REPRESENTED BY ITS
MANAGING DIRECTOR.
4 THE DEPUTY GENERAL MANAGER,
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,
NO.2 HARRINGTON ROAD, CHETPET, CHENNAI -600 031.
5 BRANCH MANGER, STATE BANK OF INDIA,
VADAMADURAI BRANCH, TAMIL NADU-624802.
6 CHIEF BRANCH MANAGER, STATE BANK OF INDIA,
BRANCH OFFICE, PATTAZHI, KOLLAM-691 522.
7 CHIEF BRANCH MANAGER, STATE BANK OF INDIA,
BRANCH OFFICE, NEDIYAVILA, KOLLAM-690 540.
8 BRANCH MANAGER,
STATE BANK OF INDIA, SINDHANUR BRANCH,
DR.TIMMANA GOUDAR COMPLEX, KUSTAGI ROAD,
(GUNJ ROAD), KARNATAKA STATE, PIN CODE-584 128.
9 BRANCH MANAGER,
STATE BANK OF INDIA, MALKIPURAM BRANCH, DR.NO.3-
235, MAIN ROAD, MALKIPURAM, EAST GODAVARI
DISTRICT, ANDHRA PRADESH, PIN CODE - 533 250.
10 BRANCH MANAGER,
STATE BANK OF INDIA, VANASTHALIPURAM,
OPP. POLICE STATION, VANASTHALIPURAM,
HYDERABAD DISTRICT, PIN CODE -500070.
11 BRANCH MANAGER,
STATE BANK OF INDIA, ARUMBAKA, MAIN ROAD,
WP(C) NO. 27900 OF 2020 &
Connected cases 64 2025:KER:63139
CHERUKUPALLI (PO) & MAND,
GUNTUR DISTRICT, PIN- 522 309.
BY ADVS. SHRI.ABRAHAM JOSEPH MARKOS
SHRI.ALEXANDER JOSEPH MARKOS
SRI.ISAAC THOMAS
SHRI.SHARAD JOSEPH KODANTHARA
SHRI.JOHN VITHAYATHIL
SHRI.AIBEL MATHEW SIBY
SRI.JOSEPH KODIANTHARA (SR.)
SRI.P.G.CHANDAPILLAI ABRAHAM
SRI. JITHESH MENON
SMT. O.M. SHALINA, DSG
SRI. V. ABRAHAM MARKOS
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 65 2025:KER:63139
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
WEDNESDAY, THE 22nd DAY OF AUGUST 2025 / 31ST SRAVANA, 1947
WP(C) NO. 31743 OF 2024
PETITIONER:
MUTHOOTTU MINI FINANCIERS LIMITED
HAVING ITS REGISTERED OFFICE AT 65/623 K,
MUTHOOTTU ROY TOWER, KALOOR, KOCHI, REPRESENTED
BY ITS MANAGING DIRECTOR, MR. MATHEW MUTHOOTTU,
PIN - 682017
BY ADVS. SHRI.VIVEK MENON
SMT.SAYUJYA RADHAKRISHNAN
SRI.N.RAGHURAJ (SR.)
SHRI.RANCE R.
RESPONDENTS:
1 UNION OF INDIA
REPRESENTED BY THE SECRETARY, MINISTRY OF
FINANCE, SANCHAR BHAWAN, ASHOKA ROAD, NEW DELHI,
PIN - 110001
2 RESERVE BANK OF INDIA
CENTRAL OFFICE, MUMBAI, REPRESENTED BY ITS CHIEF
GENERAL MANAGER, PIN - 400005
3 THE GENERAL MANAGER
DEPARTMENT OF SUPERVISION (NBFC), RESERVE BANK OF
INDIA, THIRUVANANTHAPURAM, PIN - 695033
4 THE REGIONAL DIRECTOR
WP(C) NO. 27900 OF 2020 &
Connected cases 66 2025:KER:63139
RESERVE BANK OF INDIA, BAKERY JUNCTION,
THIRUVANANTHAPURAM, PIN - 695033
5 STATE BANK OF INDIA
CORPORATE CENTER, STATE BANK BHAVAN, MADAME CAMA
ROAD, MUMBAI, MAHARASTRA, REPRESENTED BY ITS
CHAIRMAN, PIN - 400021
6 THE BRANCH MANAGER
STATE BANK OF INDIA, COMMERCIAL BRANCH,
PALARIVATTOM, ERNAKULAM, PIN - 682025
7 THE BRANCH MANAGER
STATE BANK OF INDIA, PATTIKKAD, THRISSUR,
PIN - 680652
BY ADVS. SHRI.ALEXANDER JOSEPH MARKOS
SHRI.K.JAYESH MOHANKUMAR
SHRI.ABRAHAM JOSEPH MARKOS
SRI.V.ABRAHAM MARKOS
SRI.ISAAC THOMAS
SRI.P.G.CHANDAPILLAI ABRAHAM
SHRI.JOHN VITHAYATHIL
SMT.O.M.SHALINA, DSGI
SRI. JITHESH MENON
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR HEARING
ON 28.07.2025, ALONG WITH WP(C).27900/2020 AND CONNECTED
CASES, THE COURT ON 22.08.2025 DELIVERED THE FOLLOWING:
WP(C) NO. 27900 OF 2020 &
Connected cases 67 2025:KER:63139
JUDGMENT
[WP(C) Nos.27900/2020, 5387/2021, 7644/2021, 8205/2021, 8189/2021, 11254/2021,
13787/2021, 14405/2021, 14457/2021, 14681/2021, 14854/2021, 15273/2021,
15439/2021, 15485/2021, 15619/2021, 15646/2021, 18628/2021, 23275/2021,
27633/2021, 28605/2020, 28999/2020, 28998/2020, 35704/2022, 31743/2024]
The present batch of writ petitions — being W.P.(C) 27900
of 2020, 28605 of 2020, 28998 of 2020, 28999 of 2020, 5387 of 2021,
7644 of 2021, 8189 of 2021, 8205 of 2021, 11254 of 2021, 13787 of
2021, 14405 of 2021, 14457 of 2021, 14681 of 2021, 14854 of 2021,
15273 of 2021, 15439 of 2021, 15485 of 2021, 15619 of 2021, 15646 of
2021, 18628 of 2021, 23275 of 2021, 27633 of 2021, 35704 of 2022 and
31743 of 2024 — challenge the series of circulars issued by the
Reserve Bank of India (“RBI”) restricting the opening and operation
of current accounts for borrowers availing credit facilities from the
banking system.
2. The first in the series, circular dated 06.08.2020, issued
to all Scheduled Commercial Banks and payment banks, stipulated
WP(C) NO. 27900 OF 2020 &
Connected cases 68 2025:KER:63139
that no bank shall open current accounts for customers enjoying
Cash credit and overdraft (“CC/OD”) facilities and mandated that all
transactions be routed exclusively through such CC/OD accounts.
Paragraph 4 of the circular further mandates compliance within a
period of three months from the date of issuance of the circular.
This deadline was later extended through a subsequent circular
dated 02.11.2020 (2nd circular in series). Petitioners in WP(C)
Nos.14854/2021 and 35704/2022 have earlier filed WP(C)
Nos.22768/2020 and 25652/2020 before this court, challenging the
1st circular, which was disposed of on 09.04.2021, directing that the
petitioners and their banks to sit together and try to arrive at a
workable solution in the matter. In case issues were not resolved or
any issue remains, the constituent banks were directed to approach
the Reserve Bank of India for a workable resolution of the issue. Till
such time the issues are resolved as stated above by mutual
consultation or till such time the Reserve Bank of India passes
orders on the specific issues raised by the petitioners, the status
WP(C) NO. 27900 OF 2020 &
Connected cases 69 2025:KER:63139
quo as regards the accounts of the petitioners as on the date of
filing of the writ petitions was ordered to be maintained.
3. The petitioner in WP(C) No.14854/2021 contends that
the above directions were not complied with and therefore seeks a
prayer to declare that the implementation and enforcement of the
RBI Circular dated 06.08.2020 prohibiting banks from opening
current accounts for borrowers with Rs.50 crore or more exposure
unless under escrow/collection arrangement and introducing
exposure-based categorisation, as modified by circular dated
14.12.2020 extending time and providing operational clarity, shall
be done only after resolution of the issue as per the judgment of
this Court in W.P.(C) No.22768/2020.
4. The petitioner in WP(C) No.31743/2024, aggrieved by
the 1st and 2nd circulars, approached this Court through WP(C)
No.25470/2020. After admitting the said writ petition on file on
19.11.2020, this Court directed the RBI to consider the
WP(C) NO. 27900 OF 2020 &
Connected cases 70 2025:KER:63139
representation of the petitioner and further ordered the parties to
maintain the status quo till a decision is taken in the matter. During
the pendency of the above writ petition, the RBI issued another
circular dated 14.12.2020 (3rd circular), thereby removing certain
restrictions placed on opening the current accounts stipulated
under various statutes and instructions of other
regulations/regulatory departments and permitting the banks to
open such current accounts. However, petitioners in W.P.(C) Nos.
8189/2021, 8205/2021, 15273/2021, 15439/2021, 14457/2021,
14681/2021, 15646/2021, 15619/2021, 14854/2021, 14405/2021,
18628/2021, 27633/2021, 5387/2021, 15485/2021, 23275/2021
challenging the said circular, contended that this did not address
operational hardships, as the core restriction against maintaining
multiple current accounts remained intact. RBI, in purported
compliance with the direction issued by this court in WP(C)
No.25470/2020, considered the Ext.P5 representation of the
petitioner in WP(C) No.31743/2024 and rejected the same by a
WP(C) NO. 27900 OF 2020 &
Connected cases 71 2025:KER:63139
cryptic order dated 23.12.2020. WP(C) No.25470/2020 was then
disposed of by this court on 14.07.2021, by upholding the judgment
dated 9.4.2021 in WP(C) No.22768/2020 and connected cases. This
Court, thereby in WP(C) No.25470/2020 reiterated the above-said
contentions and has disposed of in terms of paragraph 5 of the
judgment in WP(C) No.22768 of 2020, directing the petitioner and
their banks to sit together and try to arrive at a workable solution
in the matter, and further observing that in case issues are resolved
or any issue remains, the banks may approach the RBI for an
appropriate resolution of the issues and ordered status quo as
regards the accounts of the petitioner as on the date of filing of the
writ petition till a decision as directed has arrived.
5. Further, on 04.08.2021, the RBI issued a further circular
(4th circular) to consolidate and clarify prior directions, but
according to the petitioners, it again failed to mitigate their
operational constraints. Certain scheduled banks, on the basis of
WP(C) NO. 27900 OF 2020 &
Connected cases 72 2025:KER:63139
this circular, froze the current accounts of the petitioners in their
branches. Aggrieved, the petitioner in WP(C) No.31743/2024 again
approached this court by filing WP(C) No.18628/2021. After
admitting the said writ petition on file, this court was pleased to
issue an interim direction dated 13.09.2021, to those banks which
were arrayed as respondents 4 to 24 therein, to permit the
petitioner to operate their current accounts in the respective
branches. Ultimately, on 19.04.2022, the RBI issued the last and
consolidated circular, incorporating earlier instructions while
continuing the prohibition on multiple current accounts for
borrowers with CC/OD facilities, with certain conditional
relaxations. The petitioners submit that the said circular, along
with earlier circulars, is legally unsustainable and practically
unworkable, and they cause severe prejudice to the functioning of
regulated entities like NBFCs and others similarly placed. The
reliefs sought by the petitioners are to quash the above series of
circulars, declare them arbitrary, illegal, and violative of Article
WP(C) NO. 27900 OF 2020 &
Connected cases 73 2025:KER:63139
19(1)(g), and to restrain RBI from interfering with the petitioner’s
current accounts, and grant costs and other just and proper reliefs.
6. The details of the petitioners and their activities are
listed below for reference:
NBFCs
Details of branches,
Sl. Writ Petition
Nature of Activity accounts, and the size of
No. Number
the businessEngaged in
financial services
WP(C) No. and mainly in the
27900/2020 business of
150 branches and has 175
Muthoot granting loans
1 current accounts
Mercantile against the pledge
Limited v. of gold ornaments,
Union of India lending to
microfinance
groups.
WP(C)
3559 branches spread over
No.14854/202
21 states. Total gold loan
1 Engaged in
customers are 29.58 lakhs.
2 Muthoot financing gold
Serving around 2.5 lakh
Fincorp Ltd. v. loans
investors and employs
Union of
16700.
India
3 WP(C) No. Providing money 1000 current accounts
WP(C) NO. 27900 OF 2020 &
Connected cases 74 2025:KER:63139
transfer services,
insurance services,
18628/2021
lending to micro
Muthoot Mini
finance groups, and
Financiers
pledge of gold
Ltd. v. Union
ornaments. Listed
of India
on the Bombay
Stock Exchange.
4619 branches
WP(C) No. Maturity yield as income
23275/2021 from investment works out
Engaged in
Muthoot to 7.5%
4 financing gold
Finance Ltd. v. p.a. for a 60-month
loans
Union of investment as against 5.50 5
India p.a. Serving about 1.19 lakh
investors.
Engaged in
financial services
and mainly in the
WP(C) No. business of
31743/2024 granting loans
Muthoot Mini against the pledge 216 branches in Kerala with
5
Financiers of gold ornaments, 950 current accounts
Ltd. v. Union lending to micro
of India finance groups,
insurance services,
and money transfer
services.
6 WP(C) No. Engaged in 166 branches
28605/2020 financial services,
Indel Money with gold loans,
Pvt. Ltd v. MSME loans, small
Union of business loans, and
India consumer durable
WP(C) NO. 27900 OF 2020 &
Connected cases 75 2025:KER:63139
loans in Kerala,
Karnataka, and
Tamil Nadu
WP(C) No. Providing gold
5387/2021 loans, MSME loans,
Indel Money small business
7 166 branches
Pvt Ltd v. loans, and
Union of consumer durable
India loans
WP(C) No.
Engaged in gold 200 branches with 246
8205/2021
loan, MSME, and current accounts. The
8 KLM Axiva
micro finance to a maturity yield as income
Finvest Ltd. v.
self-help group of from Investment works out
Union of
women to currently 10.5% to 12 p.a.
India
319 Branches and 3000
customers, with 385 current
Licensed as an accounts with 32 banks. The
WP(C) No. authorised dealer petitioner company is
14457/2021 for carrying out permitted to disburse Rs.
Unimoni foreign exchange 50,000/- in cash to customers
9 Financial services, also for all foreign currency
Services Ltd. certified under the purchases, and for the
v. Union of money transfer inward money remittances,
India service scheme, the petitioner company is
etc. allowed to disburse up to Rs.
50,000/- to the beneficiaries
in India.
10 WP(C) No. Engaged in vehicle Authorised share capital-Rs.
15273/2021 loans, MSME, term, 7,50,00,000/- and paid up
Finvent and gold loans. capital as Rs. 6,08,52,520/-
Finance and with 13 current accounts, 9
Investments branches, and 20,000
WP(C) NO. 27900 OF 2020 &
Connected cases 76 2025:KER:63139
customers. The total loan
book as on 31.03.2021 is
Rs.52.59 crores, comprising
vehicle loans amounting to
Rs. 34.02 crores, micro-
finance related lending
Ltd v. Union
amounting to Rs. 13.21
of India
crores, term loans
amounting to Rs. 3.44 crores,
and gold loans amounting to
1.90 crores.
Capital adequacy ratio is
15.47%.
WP(C) No.
15485/2021 Financial services Maintains a total of 16
Citizen Money with several years current accounts with
11
Line India Ltd of experience and several banks, including CSB,
v Union of goodwill. PNB, and Indian Bank.
India
3524 branches and 486
branches in Kerala, 20500
employees. An average of 2-4
WP(C) No.
transactions takes place at
27633/2021
each branch during peak
Manappuram
Engaged mainly in seasons. A year, operations
12 Finance
gold loans through various current
Limited v.
accounts maintained by
Union of
branches were to the tune of
India
Rs. 9477 crores, involving
about 3.2 lakhs
transactions.
13 WP(C) No. Core business is 940 branches and 955
35704/2022 gold loans current accounts with 26
Kosamattam banks all over India. Annual
WP(C) NO. 27900 OF 2020 &
Connected cases 77 2025:KER:63139
turnover account is approx.
Rs. 500 crores and 18 lakhs in
number.
Maturity yield as income
from investment works out
Finance to 10% for a 24-month
Limited v. investment, as against 6-
Union of 6.5%.
India In a year, the operations
through the various current
accounts maintained by the
branches accounted for Rs.
3000 crores in value terms
and 12 lakhs in number.
Share Capital: Rs.
60,00,00,000/- and paid up
capital stands as Rs.
WP(C) No. 55,44,94,200/-and over 650
Engaged in
28999/2020 employees.
financing gold
Yogakshema 139 current accounts and 112
14 loans, vehicle
m Loans Ltd v. branches, extended loans to
loans, and loans for
Union of 40,000 categories. The
MSMEs.
India petitioner's capital adequacy
ratio is 24.16%. Daily
transactions range between
1200 to 5700.
15 WP(C) No. Engaged in Maintains 28 current
28998/2020 financing gold accounts with three banks
Geo VPL loans, vehicle across the states of Kerala
Finance Pvt. loans, and loans for and Tamil Nadu. 56
Ltd v. Union MSMEs branches. Extended loans
of India under categories to over
80,000 customers. Total loan
book of the petitioner as on
30.11.2020 is about Rs.174
WP(C) NO. 27900 OF 2020 &
Connected cases 78 2025:KER:63139
crores, of which around Rs.
170 crores, constituting 98%
is gold loans, and around Rs.
4 crores, constituting 2% is
two-wheeler and other loans.
100% of the loans are
secured. The capital
adequacy ratio is 23%.
Non-NBFCs
The company
engaged in the
business of
establishment,
installation, and
setting up of mini
WP(C) No.
steel plants,
8189/2021 Difficulty in managing
integrated steel
Quartet branches from the main
16 plants, hot rolling
Industria office, as the distance is
steel mills,
Solutions Pvt. about 200km
induction furnaces
Ltd. v. RBI
for the
manufacturing,
converting,
extracting, or
processing of all
types of trades.
Proprietorship
WP(C) No. concern engaged in
11254/2021 the business of
17 No. of branches not
Safe City v. contract works,
mentioned. Maintains a
SBI including public
current account
and private works.
18 WP(C) No. Santhigiri 24 branches
WP(C) NO. 27900 OF 2020 &
Connected cases 79 2025:KER:63139
Ashramam, a
charitable
organisation with
24 branch ashrams
nationwide,
manages spiritual
and income-
generating
13787/2021 activities through
Santhigiri 31 Area offices.
Ashram v. Each branch
Union of maintains current
India accounts for local
statutory
payments, salaries,
and daily affairs.
Educational
institutions run by
the Ashram also
have separate
accounts
Private limited 41 branches with 47 current
company, accounts and Rs. 700 crores
WP(C) No.
distributor of turnover, and raises 12 lakhs
14405/2021
various MNCs, invoices per annum. Overall
Sabari
19 including production is around 2.2
Distribution
Britannia crores per day, of which 1
Pvt. Ltd. v.
Industries, Procter crore is by way of cash and
UOI
and Gamble home handling about 900 cheques
products, etc per day.
20 WP(C) No. The 1st petitioner 9 current accounts are
14681/2021 is a medical college maintained under different
Sree Gokulam and research banks.
Medical foundation, and
College and 2nd petitioner is a
WP(C) NO. 27900 OF 2020 &
Connected cases 80 2025:KER:63139
Research
Foundation v. hospital.
RBI
WP(C) No.
15439/2021 Publishing
Mangalam company,
Publications Mangalam Daily, is Maintained current accounts
21
India Pvt. the major with SBI
Limited v. newspaper
Union of publication
India
Partnership firm
engaged in
transporting
WP(C) No. liquid-bulk cargo to
15619/2021 various
G&M destinations all
17 branches and 18 current
22 Transporting over India for a
accounts
Company v. large number of
Union of public limited
India companies,
including
Hindustan Lever
Ltd.
A proprietary
concern engaged in
WP(C) No.
the manufacturing
15646/2021
and mining of
Whitefield 3 branches and 14 current
23 various minerals,
Minerals v. accounts.
namely, Talc, China
Union of
Clay Powder, Stone
India
Powder, Bauxite,
etc.
WP(C) NO. 27900 OF 2020 &
Connected cases 81 2025:KER:63139
Retail distributor of
WP(C) NO. LPG, manufactured
7644/2021 and marketed by Maintains a current account
24
Rathy Venu v. Bharat Petroleum with SBI since 11.09.2009
RBI Corporation Ltd.
for the Ollur area.
7. Comparative Chart of RBI Circulars dated 06.08.2020,
02.11.2020, 14.12.2020, 04.08.2021 and 29.10.2021.
Remarks / Changes
Date Circular No. Key Features Over Previous
circular
06.08.2020 DOR.No.BP.B Stipulates, no bank First circular in the
C/7/21.04.04 shall open current series. No account
8/2020-21 accounts for except for
customers who have escrow/collection if
availed credit exposure ≥ Rs. 50
facilities in the form crore.
of Cash
Credit(CC/Overdraft(
OD) from the banking
system, and all
transactions shall be
routed through the
CC/OD accounts. As
regards existing
current and CC/OD
accounts, banks shall
ensure compliance
with the above
instructions within a
period of three
WP(C) NO. 27900 OF 2020 &
Connected cases 82 2025:KER:63139
months from the
date of this circular.
Extended time for
DOR.No.BP.B another three
Extended deadline
02.11.2020 C.27/21.04.0 months from the
for compliance.
48/2020-21 date of issuance of
the circular.
An indicative list of
specific accounts
which are stipulated Removed certain
under various restrictions placed
statutes and on the opening of
instructions of other current accounts
regulators/regulator stipulated under
DOR.No.BP.B y departments on various statutes and
14.12.2020 C.30/21.04.0 which no restrictions instructions of other
48/2020-21 are placed in terms regulations/regulat
of the above circulars ory departments,
was given, which and permitted banks
includes accounts for to open such current
real estate projects, accounts.
accounts permitted
under FEMA, etc.
04.08.2021 DOR.CRE.REC Extended time till Time extension and
.35/21.04.048 October 31, 2021. direction to banks to
/2021-22 implement the same
after engaging with
their borrowers to
arrive at mutually
satisfactory
resolutions, and if
WP(C) NO. 27900 OF 2020 &
Connected cases 83 2025:KER:63139
unable to resolve
themselves, shall be
escalated to IBA.
Residual issues shall
be flagged by IBA to
RBI.
29.10.2021 DOR.CRE.REC Banks may open Recognised sector-
.63/21.04.048 current accounts for specific needs.
/2021-22 borrowers who have
availed credit
facilities in the form
of cash
credit/overdraft
from the banking
system as per the
provisions given
which include,
exposure if less than
Rs. 5 crore, no
restriction to open
current accounts
subject to obtaining
an undertaking for,
such borrowers that
they shall inform the
banks as and when
the credit facilities
reach Rs. 5 crore. If
the exposure is more
than Rs. 5 crore, they
can maintain current
accounts with any
bank, provided that
such a bank has at
least 10% of the
WP(C) NO. 27900 OF 2020 &
Connected cases 84 2025:KER:63139
exposure of the
banking system.
Expanded the list of
exempted accounts.
8. The Changes introduced by the last RBI Circular No.
DOR.CRE.REC.23/21.08.008/2022-23 dated 19.04.2022 which
consolidated all prior circulars are outlined below:
Account Who Can
Borrower Impact on
Opening Open the Conditions
Exposure petitioners
Allowed AccountUndertaking
No impact – NBFCs
required if
Less than Current freely operate
Any Bank exposure
Rs. 5 crore Account accounts with
crosses Rs 5
preferred banks
croreNBFCs must
restructure
Rs. 5 crore
Only Non-lenders accounts; lose
to < Rs.50 Current
Lending cannot open access to non-
crore (No Account
Banks any account lender operational
CC/OD)
banks like Federal
or Axis bank
Rs. 5 crore Current Only banks Other NBFCs are
to < Rs. 50 Account with ≥10% lending restricted from
crore (With exposure banks: operating current
CC/OD) (or the Collection accounts with
WP(C) NO. 27900 OF 2020 &
Connected cases 85 2025:KER:63139
most banks; they
accounts need to route
largest only; Non- funds via a few
lender) lenders: Not large lenders
allowed
Mandatory Significant
Escrow Escrow disruption; escrow
Rs. 50 structure
Managing mechanism;
crore or Escrow impractical for
Bank (any Others:
more (No Account daily high-volume
lender Collection
CC/OD) NBFC collections
bank) accounts
only
NBFCs can operate
Other current accounts
Only banks
lending only with select
Rs. 50 with ≥10%
banks: major banks,
crore or Current exposure
Collection affecting
more (With Account (or the
accounts; integration, field
CC/OD) largest
Non-lenders: operations
lender)
Not allowed
No impact - unless
Credit only
Current Circular not the NBFC itself
from Any Bank
Account applicable borrows from
NBFCs
banks ≥ Rs. 5 crore
WP(C) NO. 27900 OF 2020 &
Connected cases 86 2025:KER:63139
9. The repercussions faced by the NBFC petitioners if
their current accounts are closed under the directions of the
circular are stated to be the following:
9.1. The petitioners in these writ petitions, being Non-
Banking Financial Companies (NBFCs), uniformly contend that the
series of RBI circulars issued in 2020, 2021, and culminating in the
final modified circular of 2022, have had a severe and direct impact
on their operational viability. In W.P.(C) No.31743/2024, the
petitioner submits that it meets the financial requirements of its
business through various credit facilities, such as Cash Credit/Over
Draft facilities and working capital demand loans from several
banks. For day-to-day management of its branches, it maintains
current accounts with various banks opened within the proximity
of each branch. Closing all such current accounts and routing all
transactions entirely through a few cash credit accounts
maintained at the corporate office would be highly impractical.
Branch funds are allotted by the corporate office based on each
WP(C) NO. 27900 OF 2020 &
Connected cases 87 2025:KER:63139
branch’s needs, and the cash credit accounts are managed centrally
to maintain financial discipline. Allowing branches to transact
directly in cash credit accounts would result in loss of financial
control and overwhelm the processing capacity of bank branches
handling these accounts. Several statutory provisions under the
Companies Act, SEBI regulations, Income Tax, GST, Labour Laws,
and even RBI’s mandates for certain transactions require the use of
current accounts. It is unclear how compliance with these
requirements can be ensured without current accounts.
9.2. In W.P.(C) No. 23275/2021, the petitioner highlights
that disbursement usually occurs in the forenoon and repayments
in the afternoon, necessitating substantial cash availability at
branches, which was made through current accounts. In W.P.(C)
No. 8205/2021, the same operational and regulatory concerns are
reiterated by the petitioner.
9.3. In W.P.(C) No. 28999/2020 (Yogakshemam Loans Ltd.),
the petitioner emphasises the indispensability of current accounts
WP(C) NO. 27900 OF 2020 &
Connected cases 88 2025:KER:63139
for fund transfers between head office and branches, cash
withdrawals for gold loan disbursements, payment of contingencies
and salaries, and specific statutory transactions including NCD-
related payments and escrow accounts under co-lending models.
9.4. In W.P.(C) No.27633/2021, reiterating the above
implications, the petitioner stresses that denial of current accounts
amount to denial of access to the banking system and thus the right
to trade.
9.5. In W.P.(C) Nos.35704/2022, 27900/2020, 18628/2021,
and 15273/2021, the petitioners raise similar grievances.
9.6. In W.P.(C) No. 14457/2021, the petitioner stresses the
necessity of current accounts for foreign exchange, remittance,
gold loan transactions, and numerous local cash-based payments.
They maintain that moving all such transactions to a centralised
head office account is unfeasible.
9.7. In W.P.(C) No.15485/2021, the petitioner submits that
billions of transactions nationwide are routed through current
WP(C) NO. 27900 OF 2020 &
Connected cases 89 2025:KER:63139
accounts, and eliminating this facility without effective alternatives
is regulatory overreach, amounting to a total prohibition on
business under Article 19(1)(g) rather than a reasonable restriction.
10. The consequences faced by the Non-NBFC
petitioners if their current accounts are closed under the
directions of the circular are stated to be the following:
10.1. The petitioners in the following writ petitions of
non-banking financial entities such as publishing companies,
educational, medical institutions, transport companies,
manufacturing units, distributors, retail businesses, contractors,
and charitable organisations, contend that the restrictions in
circulars cause severe operational difficulties, legal compliance
issues, and practical impossibilities in carrying on their day-to-day
business or institutional activities.
10.2. In WP(C) No.15439/2021, the petitioner submits that
they have no CC/OD facilities and asserts that the circular infringes
WP(C) NO. 27900 OF 2020 &
Connected cases 90 2025:KER:63139their freedom to choose their banking partners. They submit that
their operations through current accounts do not cause any
financial indiscipline or banking risk, and that routing transactions
through current accounts does not prejudice any bank.
10.3. In WP(C) No.14681/2021, the petitioner maintains
current accounts as it is essential for the receipt of government fee
payments for SC/ST students, and statutory remittances like TDS,
GST, EPF, and ESI. It is also required for receiving payments under
schemes like ECHS, CGHS, ESI, and SHA. Without these, statutory
compliance and financial inflows would be disrupted.
10.4. In WP(C) No. 15646/2021, the petitioner reiterates the
above grievances and submits that the closure of these accounts
would severely affect cash flow management in different regions.
10.5. The petitioners in WP(C) No. 15619/2021, WP(C) No.
14405/2021, WP(C) No. 7644/2021, WP(C) No. 8189/2021, WP(C) No.
WP(C) NO. 27900 OF 2020 &
Connected cases 91 2025:KER:6313911254/2021, WP(C) No. 13787/2021, reiterates the above grievances
and contends that given the large-scale, cash-heavy nature of their
business, current accounts are indispensable, and no lawful
alternative exists under banking norms. Closure of current accounts
would risk cheque dishonour and severe business reputation
damage, and argues that the RBI’s restrictions ignore the
operational autonomy required for such diversified functions. It is
also contended that the prohibition contained therein for opening a
current account is prospective and applicable only to the opening of
current accounts since the issue of the circular.
Respondent contentions:
11. RBI contends that the Consolidated Circular lays down
a graded framework for current account operations, based on
whether a borrower avails cash credit/overdraft (CC/OD) facilities
and the borrower’s aggregate exposure to the banking system. In
cases where a borrower avails CC/OD and the exposure is Rs. 5 crore
WP(C) NO. 27900 OF 2020 &
Connected cases 92 2025:KER:63139
or more, only a bank with at least 10% of such exposure can open a
current account; if no such bank exists, the one with the highest
exposure is permitted. Other lenders may open collection accounts
subject to mandatory fund transfers within two working days, while
non-lending banks are barred from opening or operating current or
collection accounts for such borrowers.
11.1. For borrowers not availing CC/OD, banks may open
current accounts based on exposure thresholds. Where exposure is
Rs.50 crore or more, an escrow mechanism must be implemented,
and only the escrow-managing bank may open the current account,
while others may operate collection accounts. Where exposure is
between Rs.5 crore and Rs.50 crore, lending banks may open
current accounts, and non-lending banks may open collection
accounts. For borrowers with exposure below Rs.5 crore, banks may
open current accounts without restriction, subject to the borrower
furnishing an undertaking to notify the bank upon reaching the
WP(C) NO. 27900 OF 2020 &
Connected cases 93 2025:KER:63139
Rs.5 crore threshold.
11.2. Further, it was contended that CC/OD accounts follow
a similar graded discipline to prevent token credit limits from being
misused. The 10% threshold for debit operations in such cases
ensures that only meaningfully exposed lenders manage borrower
flows. RBI emphasised that the intent is to subject larger borrowers
to greater discipline, while offering flexibility to smaller borrowers
and exempting those who have not availed credit facilities
altogether.
11.3. The circular also exempts specific account types
mandated under law or regulatory orders, where fund diversion
risk is minimal. It mandates a robust monitoring mechanism at all
banking levels to ensure smooth and non-disruptive
implementation, with due regard to customer convenience.
Compliance timelines initially fixed at three months were later
extended until 29.11.2021 to accommodate stakeholder
WP(C) NO. 27900 OF 2020 &
Connected cases 94 2025:KER:63139
adjustments.
11.4. The RBI also submitted that an alternate grievance
redressal mechanism was made available to stakeholders to address
implementation-related concerns in a streamlined manner. Banks
were specifically advised to utilise the extended compliance period
to engage proactively with customers and resolve issues within the
framework of the circulars. In cases where banks were unable to
reach satisfactory resolutions, they were permitted to escalate such
unresolved matters to the Indian Banks’ Association (IBA), which in
turn was required to compile and raise any residual issues needing
regulatory attention with the RBI by 30.09.2021. It was submitted
that the circular dated 29.10.2021 was issued after careful
consideration of all feedback received through this process, thereby
reinforcing that the final regulatory framework was evolved in a
consultative and responsive manner.
11.5. The RBI asserted that the circular establishes
WP(C) NO. 27900 OF 2020 &
Connected cases 95 2025:KER:63139
reasonable restrictions intended to promote credit discipline
among larger borrowers, rather than imposing a blanket
prohibition on current accounts.
11.6. The RBI provided a historical context for the
regulatory regime governing current accounts, highlighting prior
directives aimed at compliance and adherence to credit discipline.
It noted persistent non-compliance and complaints regarding fund
diversion by borrowers who maintained current accounts with non-
lending banks, which eroded monitoring and recovery mechanisms,
resulted in increasing NPAs, and facilitated unauthorised fund
usage. As a proactive reform, the impugned circulars seek to restore
order and ensure better oversight of borrower transactions.
11.7. The RBI’s position is that the circulars reflect a well-
considered regulatory approach aimed at enhancing financial
stability, curtailing fraud, and promoting credit discipline, which
cannot be undermined by claims of mere inconvenience. The RBI
WP(C) NO. 27900 OF 2020 &
Connected cases 96 2025:KER:63139
emphasised the vital role of the banking sector in the Indian
economy and the necessity for rigorous regulatory frameworks to
maintain public trust and safeguard against systemic risks.
Although the petitioners raised concerns regarding operational
challenges, the RBI noted the availability of alternate digital
banking facilities and highlighted that the circulars aim to curtail
fund diversion, which poses significant risks to the banking system.
The RBI maintained that the circulars were issued to ensure
compliance and integrity within the financial ecosystem while
providing alternative transaction methods to manage operational
needs effectively.
11.8. Citing legal precedents, RBI argues that its authority
encompasses the formulation and enforcement of banking policy to
ensure monetary stability and protect depositors and the public
interest. Judicial review of such economic policy decisions is limited
unless proven to be arbitrary or unconstitutional. The decisions
WP(C) NO. 27900 OF 2020 &
Connected cases 97 2025:KER:63139
reinforcing the RBI’s expertise in banking regulation support this
stance, highlighting that courts should defer to the RBI’s judgment
in matters of economic policy. The RBI contended that the circulars
are legally valid and originated from a reasoned policy exercise,
thus warranting no judicial interference. Judicial review should not
extend to questioning the rationale behind established economic
policies framed in the public interest. The challenges presented by
the petitioners do not demonstrate any constitutional or legal
breaches, thus reaffirming that judicial interference is not
warranted in this case.
12. Based on the rival contentions, the issues as to whether
it violates the petitioner’s statutory rights under the RBI Act, 1934,
infringes the fundamental rights guaranteed under Articles 14,
19(1)(g) and 21, was issued without due application of mind or
viable alternatives for fund transfers, and whether it suffers from
arbitrariness, perversity, illegality and unconstitutionality, requires
consideration.
WP(C) NO. 27900 OF 2020 &
Connected cases 98 2025:KER:63139
13. Heard Sri. M Ramesh Chander, Senior Counsel,
instructed by Sri Balu Tom, Sri. N Raguraj, Senior Counsel,
instructed by Sri. Vivek Menon, Sri. R. Bindu (Sasthamangalam), Sri.
M.Sreekumar, Sri. Jagan Abraham M George, Smt. Meera V Menon,
Sri. Sherry Samuel Oommen, Sri. B. Ashok Shenoy, Sri. T. Madhu,
Sri. Peeyus A.Kottam, Smt. Anila Peter, Sri. K.C. Santhoshkumar,
Smt. K.A. Sanjeetha, Sri. Sukumar Ninan Oommen, Sri. Georgekutty
Mathew, Sri. Jose Abraham, Sri. Sayujya Radhakrishnan, Sri. P.M.
Rajagopal, and Respondent counsel, Sri. Joseph Kodianthara, Senior
Counsel instructed by Sri. V. Abraham Markos.
14. Learned Senior Counsel appearing for the petitioners
and other counsels reiterating contention in writ petitions, argued
that, if the existing current accounts are closed, they would be
subjected to various operational problems, as under:
(i) Respondent banks have not made it clear as to how they
would disburse the funds to the petitioner’s branch in cash by debit
to the centralised CC Account, without an account at the bank
WP(C) NO. 27900 OF 2020 &
Connected cases 99 2025:KER:63139branch in the name of the petitioner branch. The same principle is
also applicable in the case of places where there is no bank branch
at the place where the petitioner’s branch is functioning. Given the
above, whether there is a bank branch or not, it is not clear as to
how the cash will be disbursed to or how the cash will be received
from the petitioner’s branch in the absence of a current account.
This could result in severe reconciliation and accounting problems,
as well as a lack of transparency. The respondent banks are not in a
position to clarify this issue or put in place an alternative effective
mechanism to meet this specific requirement.
(ii) It is submitted that the collection of loan repayments
by way of Equated Monthly instalments is facilitated through a
mandate obtained called NACH/E-NACH debit mandates. This is
issued by the borrower to the bank with whom he maintains an
account, favouring the debit thereof and credit to the particular
current account being maintained by the petitioner. It is not clear
how this issue would work with the consent of the borrower in the
WP(C) NO. 27900 OF 2020 &
Connected cases 100 2025:KER:63139
absence of the respective current account.
(iii) It is submitted that current accounts are also
necessary for the online disbursals and collection of loans and other
products. The same is in line with the promotion of the digital
payment system by the Government of India and the Reserve Bank
of India. It is not clear how these transactions can be enabled in the
absence of current accounts.
(iv) At present current account is used for linking online
transfer facilities like IMPS, NEFT, RTGS, etc., through Application
Programming Interface (API) integration. In this case, it is not clear
how to deal with such situations in the absence of current accounts.
(v) Petitioners further submit that the Current account is
the viable and most effective mechanism for moving funds from the
Head office to branches and vice versa. A current account is needed
for each branch to facilitate the withdrawal of cash, since gold loans
are disbursed in the form of cash. Office contingencies, including
local advertisement, office maintenance expenses, and salaries, are
WP(C) NO. 27900 OF 2020 &
Connected cases 101 2025:KER:63139
paid from the current account. Current accounts should be
permitted for specific transactions such as private placement of
NCDs, dividend payments, payments to agents for matters related to
commercial papers, share capital application money, interest on
NCDs, unclaimed interest/principal amount on NCDs, and surplus
amount refundable to customers on the auction of gold jewellery.
The petitioner maintains a separate current account for each NCD.
(vi) Current account with the most practical mechanism
for online disbursals and collections, particularly where such
collections involve third-party payment gateways and settlements
are concluded on a T+1 settlement basis. A current account is
needed for having an escrow account under the co-lending model
with other NBFCs.
15. The petitioners relied on the judgment in Internet and
Mobile Association of India v. Reserve Bank of India [(2020) 10 SCC
274], to support the argument that Courts can consider the legality
and proportionality of the actions of the RBI.
WP(C) NO. 27900 OF 2020 &
Connected cases 102 2025:KER:63139
16. Learned counsel for the RBI contended that it had
issued directions advising banks not to open current accounts for
borrowers availing credit facilities from the banking system
without obtaining a No-Objection Certificate from the lending
banks. Subsequently, vide Exhibit R2(b) circular dated 04.08.2004,
banks were given limited discretion to open such accounts after a
waiting period in case no response was received from the lending
institutions. However, it was submitted that widespread non-
compliance with these norms was observed, and RBI continued to
receive complaints of diversion of funds by borrowers maintaining
current accounts with non-lending banks, leading to the erosion of
lenders’ ability to monitor cash flows and enforce recovery
mechanisms. RBI contended that such practices facilitated
unauthorised fund usage, frustrated credit discipline, and directly
contributed to a surge in NPAs and financial frauds. Non-lending
banks, having no exposure to the borrower, had no incentive to
ensure credit discipline and benefited from low-cost fund inflows
WP(C) NO. 27900 OF 2020 &
Connected cases 103 2025:KER:63139
through such current accounts. Lending banks, meanwhile, often
refrained from enforcement actions due to competitive pressures in
the banking sector, thereby emboldening errant borrowers. As a
result, the banking system witnessed increased NPAs, inconsistent
asset classifications, and large-scale fund diversions. The RBI
further contended that, in light of the increasing misuse of current
accounts and resulting financial instability, the guidelines on
opening current accounts were reviewed, leading to the issuance of
the circulars culminating in the last Consolidated Circular dated
19.04.2022. It was submitted that these circulars were part of a
deliberate and phased regulatory process developed after
stakeholder consultations, aimed at strengthening credit discipline,
curbing fund diversion, and improving oversight of borrower
transactions.
16.1. The counsel also contended that the RBI was
established under Section 3 of the Reserve Bank of India Act, 1934,
with the primary mandate of securing monetary stability and
WP(C) NO. 27900 OF 2020 &
Connected cases 104 2025:KER:63139
regulating the currency and credit system of the country. Under
this Act and the Banking Regulation Act, 1949, RBI is empowered to
lay down policies in the interest of monetary stability, sound
economic growth, and in due regard to the interests of depositors
and the public. Section 5(ca) of the Banking Regulation Act defines
“banking policy” as any policy formulated by the RBI from time to
time in the interest of the banking system or the economy,
including equitable allocation and efficient use of deposits and
banking resources. RBI has statutory authority to license banks,
regulate their functioning, issue directives and circulars, and
formulate binding instructions in furtherance of banking policy. All
circulars, including the impugned ones, are legal, statutory and
valid. The RBI submitted that the Courts should refrain from
interfering with such economic policy decisions unless they are
shown to be manifestly arbitrary or mala fide. As such, RBI’s
decision, being a reasoned policy exercise based on its statutory
powers and expertise, must be allowed to operate without judicial
WP(C) NO. 27900 OF 2020 &
Connected cases 105 2025:KER:63139
interference. The impugned circulars and directions issued by the
RBI fall squarely within the domain of banking policy and economic
regulation–areas that are exclusively entrusted to expert bodies
such as the RBI under statutory authority. Judicial interference in
such matters is impermissible unless the policy or direction is
demonstrated to be arbitrary, unconstitutional or contrary to
statutory provisions. It is submitted that the Banking Regulation
Act empowers the RBI to frame and enforce banking policy, as
defined under Section 5(ca), in the interest of monetary stability
and the economic growth of the country. The Reserve Bank of India
is vested with broad regulatory and supervisory powers to protect
the integrity of the financial system and ensure discipline among
regulated entities. RBI is recognised as a central bank established
to oversee, supervise, and advise on the functioning of banks. The
Court observed that the RBI plays a critical role in maintaining the
financial stability of the country. It is a trite principle of law that
decisions on matters of economic policy are best left to the domain
WP(C) NO. 27900 OF 2020 &
Connected cases 106 2025:KER:63139
of specialised regulatory authorities. Courts have consistently held
that they will not undertake a comparative analysis of competing
economic policies, nor will they evaluate their relative merits
unless the policy is ultra vires or constitutionally impermissible.
16.2. The RBI emphasised that the circular, issued under its
statutory powers, is part of a wider reform initiative in banking and
should not be subject to judicial review under Article 226.
Procedural hardships or business inconveniences faced by
petitioners are insufficient grounds to challenge a policy decision
under Article 226. Interference with the circular would undermine a
critical regulatory measure and negatively impact the financial
system. The RBI maintained that the petition is self-serving,
predicated solely on claimed inconveniences rather than
constitutional challenges to the circulars, which are designed to
prevent fund diversion and fraud. The circulars are not aimed at
any specific entity but rather are preventive regulations intended
WP(C) NO. 27900 OF 2020 &
Connected cases 107 2025:KER:63139
to maintain systemic integrity. The writ petition lacks essential
details and does not demonstrate any legal injury from the
Consolidated Circular.
16.3. RBI further points out that, except in the State of
Kerala, the circular has been implemented throughout the country.
No counter-affidavit has been filed by the respondent banks to meet
the factual/legal contentions of the petitioners and as regards the
RBI Circulars.
16.4. Learned Senior Counsel for the RBI relied on the
decisions in Small Scale Industrial Manufacturers Association
(Registered) v. Union of India and Others , [(2021) 8 SCC 511],
Joseph Kuruvilla Vellukunnel v. Reserve Bank of India and
Others [AIR 1962 SC 1371], All India Bank Employees’ Association
v. National Industrial Tribunal [(1962) SCR (3) 269], Haresh
Tekchand Raisinghani and Others v. Union of India Through
Ministry of Agriculture and Farmers’ Welfare and Others [2019
WP(C) NO. 27900 OF 2020 &
Connected cases 108 2025:KER:63139
SCC OnLine Bom 5825], Peerless General Finance and Investment
Co. Limited v. Reserve Bank of India [(1992) 2 SCC 343], Villianur
Iyarkkai Padukappu Maiyam v. Union of India and Others
[(2009) 7 SCC 561], The Regional Director, RBI v. M/s Nahar
Finance & Leasing Ltd. [Madras High Court-W.A. No. 940 of 2019],
Ligare Aviation Limited & Anr. v. Reserve Bank of India & Ors.
[WP(C) No. 7057/2021], VJ Jindal Cocoa Pvt. Ltd. and Another v.
Union of India, through the Ministry of Finance and Others
[2023 SCC OnLine Bom 619], Mackeil & Co. Pvt. Ltd. v. Reserve
Bank of India and others [WPA No. 22751 of 2022], Vivek
Narayan Sharma and Others v. Union of India and Others
[(2023) 3 SCC 1, and Ganesh Bank of Kurundwad Ltd and Others
v. Union of India and Others [(2006) 10 SCC 645], to support his
contentions.
17. Upon consideration of the arguments of both sides and
perusing the documents, it is pertinent to note that this court, by
judgment in WP(C) No.22768/2020 dated 09.04.2021, had directed
WP(C) NO. 27900 OF 2020 &
Connected cases 109 2025:KER:63139
the following:
“5. After hearing the Standing Counsel for the Reserve
Bank of India and the State Bank of India and the learned
counsel appearing for the petitioners, this Court is of the
opinion that the issues pointed out by the petitioners
should be dealt with in an appropriate manner
protecting the interest of the petitioners and at the same
time recognising the spirit of the circulars of the Reserve
Bank of India. In that view of the matter, the petitioners
and their Banks may sit together and try to arrive at a
workable solution in the matter. In case issues are not
resolved or any issue remains, the constituent banks may
approach the Reserve Bank of India for a workable
resolution of the issue. Till such time the issues are
resolved as stated above by mutual consultation or till
such time the Reserve Bank of India passes orders on the
specific issues raised by the petitioners, the status quo as
regard the accounts of the petitioners as on the date of
filing of the writ petitions shall be maintained.
It is made clear that all interim orders passed in these
writ petitions earlier will stand vacated. The State Bank
of India shall strive to resolve the issues by mutual
consultations with the petitioners, within an upper limit
of six months, failing which they shall approach the
Reserve Bank of India for resolution of the issues. In such
WP(C) NO. 27900 OF 2020 &
Connected cases 110 2025:KER:63139an event, the RBI shall take appropriate decision, which
shall be communicated to the petitioners.”
18. It is the specific case of the petitioners that they were
not heard as mentioned in the above judgment, and that this Court
had found operational difficulties of the petitioners while issuing
the above directions. This contention is resisted by the Senior
Counsel of RBI, stating that all the stakeholders were heard before
issuing the circulars. In the circular dated 4.08.2021, Para 4 (a)
provides an instruction to banks as they shall engage with their
borrowers to arrive at mutually satisfactory resolutions within the
ambit of the circular and such issues which banks are unable to
resolve themselves shall be escalated to Indian Banks’ Association
(IBA) for appropriate guidance, residual issues if any requiring
regulatory consideration shall be flagged by IBA to RBI for
examination. Further in the next circular of RBI dated 29.10.2021, it
is provided that decision is taken on a review and taking into
account, feedback received from Indian Banks’ Association (IBA)
WP(C) NO. 27900 OF 2020 &
Connected cases 111 2025:KER:63139
and other stakeholders that banks may open current accounts for
borrowers who have availed credit facilities in the form of cash
credit (CC) overdraft (OD) from the banking system. Having heard
the Indian Banks’ Association (IBA) and other stakeholders, it was
not possible to hear each petitioner as directed. This cannot be
accepted as the judgment in WP(C) No. 22768/2020 became final and
was followed in the subsequent cases as well.
19. True, RBI heard the stakeholders, but whether
individual grievances of the petitioners were considered is not clear
from the circulars. It is to be noticed that NBFCs are functioning
under the regulations of the RBI as stipulated in CHAPTER IIIB of
Reserve Bank of India Act, including the provisions of Section 45-I
to 45-Z.
20. The magnitude of the business activity and impact of
the circular was the reason to pass the earlier judgment referred to
above. True, grounds have been raised against the powers of the RBI
for the issuance of the circulars in question. Though individual
WP(C) NO. 27900 OF 2020 &
Connected cases 112 2025:KER:63139
difficulties cannot constitute a ground to stultify the circulars, it
cannot be said that the grievances of the petitioners need not be
considered by the RBI, more so because of Sections 21, 35A, and 36
of the Banking Regulation Act.
21. True, the Reserve Bank of India possesses extensive
powers to regulate and oversee the functioning of both banking
institutions and non-banking companies. These powers are vital for
ensuring stability, transparency, and compliance with the financial
system. However, the exercise of such authority must not translate
into an approach that overlooks or dismisses the genuine
operational challenges faced by the NBFCs and other entities. This is
especially important in the course of their licensed and legitimately
sanctioned activities, where regulatory oversight should be
balanced with practical considerations. This need for balance
becomes all the more critical given the magnitude of their
operations and the significant states involved, both for the entities
and for the broader financial ecosystem.
WP(C) NO. 27900 OF 2020 &
Connected cases 113 2025:KER:63139
22. The authority of the Reserve Bank of India to issue the
challenged circulars is indisputable, and, indeed, no substantial
grounds have been made out in these cases to justify any
interference with the circulars impugned. The Supreme Court
decisions reinforce the regulatory powers vested in the Reserve
Bank in this context, besides the scope of interference with their
decision.
23. While I affirm the validity of the circulars, I am inclined
to hold that the grievances put forth by the petitioners must
receive independent consideration by the Reserve Bank of India, as
stipulated by the statutory framework of the Banking Regulation
Act, 1949, particularly when the petitioners assert that the circulars
impugned have led to significant operational and statutory
repercussions that adversely impact their licensed business
activities. Therefore, the Reserve Bank must objectively address
these complaints and take appropriate measures to mitigate the
WP(C) NO. 27900 OF 2020 &
Connected cases 114 2025:KER:63139
challenges highlighted by the petitioners.
Accordingly, I direct the petitioners to submit a
representation detailing the difficulties they face as a result of the
circular dated April 19, 2022, to the Reserve Bank of India. The
representation, as aforesaid, must be submitted within two weeks
from today. Upon receipt, the RBI will evaluate the individual
grievances and afford a hearing to the petitioners/other
stakeholders–either in person or through an online format–within
six weeks thereafter to act/decide on their representation. Until
such a decision is rendered, the status quo order in effect since
2020, concerning the operations of the petitioners, shall continue to
remain operative.
The writ petitions are disposed of as above.
Sd/-
MOHAMMED NIAS C.P.
JUDGE
DMR/-
WP(C) NO. 27900 OF 2020 &
Connected cases 115 2025:KER:63139
APPENDIX OF WP(C) 5387/2021
PETITIONERS’ EXHIBITS
EXHIBIT P1 COPY OF CIRCULAR ISSUED BY THE 2ND
RESPONDENT.
EXHIBIT P2 COPY OF CIRCULAR ISSUED BY THE 2ND
RESPONDENT.
EXHIBIT P3 COPY OF REPRESENTATION SUBMITTED BY THE
PETITIONER BEFORE THE 2ND RESPONDENT.
EXHIBIT P4 COPY OF INTERIM ORDER IN WP(C)
NO.28605/2020 OF THIS HON’BLE COURT.
EXHIBIT P5 COPY OF COMMUNICATION ISSUED BY THE 2ND
RESPONDENT.
EXHIBIT P6 COPY OF CIRCULAR ISSUED BY THE 2ND
RESPONDENT.
EXHIBIT P7 COPY OF REPRESENTATION WITH ANNEXURE
FILED BY THE PETITIONER TO THE 2ND
RESPONDENT.
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10/08/2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN
WPC.NO.14405/2021.
Exhibit R2(b) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED 23/11/2021 FILED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN
WPC.NO.14405/2021.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED DECEMBER
14, 2020 ISSUED BY RESPONDENT NO.2
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 116 2025:KER:63139
APPENDIX OF WP(C) 7644/2021
PETITIONER’S EXHIBITS
EXHIBIT P1 TRUE COPY OF LETTER DATED 08-02-2021
ISSUED BY 2ND RESPONDENT TO PETITIONER
EXHIBIT P2 TRUE COPY OF CIRCULAR NO. DOR NO
BP.BC/7/21-04-048/2020-21 DATED
06-08-2020 ISSUED BY 1ST RESPONDENT
EXHIBIT P3 TRUE COPY OF LETTER DATED 02-03-2021
SUBMITTED BY PETITIONER BEFORE 2ND
RESPONDENT.
RESPONDENTS’
EXHIBITS
Exhibit R1(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN W.P(C)
No.14405/2021.
Exhibit R1(b) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED 23.11.2021 FILED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN
W.P(C) No.14405/2021.
Exhibit R1(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO.1
Exhibit R1(d) TRUE COPY OF THE CIRCULAR DATED DECEMBER
14, 2020 ISSUED BY RESPONDENT NO.1.
Exhibit R1(e) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO.1
WP(C) NO. 27900 OF 2020 &
Connected cases 117 2025:KER:63139
APPENDIX OF WP(C) 8205/2021
PETITIONER’S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE INTERIM ORDER IN W.P.C
NO. 22768/2020 DATED 23.10.2020.
EXHIBIT P2 TRUE COPY OF THE INTERIM ORDER IN WP.C
25652/2020 DATED 23.11.2020.
EXHIBIT P3 TRUE COPY OF THE INTERM ORDER IN W.P.C
27692/2020 DATED 14.12.2020.
EXHIBIT P4 TRUE COPY OF THE RBI CIRCULAR BEARING
NO. DOR.NO. BP.BC/7/21.04.048/2020-21
DATED 06.08.2020 ISSUED BY THE RBI.
EXHIBIT P5 TRUE COPY OF THE LETTER ISSUED BY HDFC
BANK DATED 05.01.2021 TO THE PETITIONER.
EXHIBIT P5(a) TRUE COPY OF THE LETTER ISSUED BY AXIS
BANK DATED 29.01.2021 TO THE PETITIONER.
EXHIBIT P5(b) TRUE COPY OF THE LETTER ISSUED BY IDFC
FIRST BANK DATED 20.03.2021 TO THE
PETITIONER.
EXHIBIT P6 TRUE COPY OF THE CIRCULAR NO.DOR NO.BP .
BC 27/21.04.048/2020-21 DATED 2ND
NOVEMBER, 2020.
EXHIBIT P7 THE TRUE COPY CIRCULAR BEARING DOR. NO.
BP.BC 30/21.04.048/2020-21 DATED
14.12.2020.
EXHIBIT P8 TRUE COPY OF THE REPRESENTATION DATED
01.02.2021 SUBMITTED BY THE PETITIONER.
EXHIBIT P9 TRUE COPY OF THE REPRESENTATION
FORWARDED TO THE 2ND RESPONDENT THROUGH
MAIL.
RESPONDENTS’
EXHIBITS
EXHIBIT R2a() TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN W.P.(C)
No.14405/2021.
EXHIBIT R2(b) TRUE COPY OF THE ADDITIONAL COUNTER
AFFIDAVIT DATED 23.11.2021 FILED BY THE
WP(C) NO. 27900 OF 2020 &
Connected cases 118 2025:KER:63139
2ND RESPONDENT RESERVE BANK OF INDIA IN
W.P.(C) No.14405/2021.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO. 2
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO.2
WP(C) NO. 27900 OF 2020 &
Connected cases 119 2025:KER:63139
APPENDIX OF WP(C) 8189/2021
PETITIONER’S EXHIBITS
EXHIBIT P1 THE TRUE COPY OF THE CERTIFICATE OF
INCORPORATION FOR THE YEAR 2013-14
ISSUED BY THE REGISTRAR OF
COMPANIES,KERALA AND LAKSHADWEEP DATED
2/5/2013.
EXHIBIT P2 THE TRUE COPY OF THE MEMORANDUM OF
ASSOCIATION OF THE PETITIONER COMPANY
DATED 26/3/2013.
EXHIBIT P3 THE TRUE COPY OF THE CIRCULAR BEARING
NO.RB1/2020-21/20 DATED 6/8/2020 ISSUED
BY THE RESERVE BANK OF INDIA.
EXHIBIT P4 THE TRUE COPY OF THE CIRCULAR DATED
14/12/2020 BEARING NO.RBI/2020-21/79.
EXHIBIT P5 THE TRUE COPY OF THE REPRESENTATION
DATED 29.3.2021 SUBMITTED BY THE
PETITIONER BEFORE RESPONDENTS 1 AND 2
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.8.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN WPC NO-
14405/2021
Exhibit R2(b) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED 23.11.2021 FILED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN WPC
NO-14405/2021
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO. 1
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO.1
WP(C) NO. 27900 OF 2020 &
Connected cases 120 2025:KER:63139
APPENDIX OF WP(C) 11254/2021
PETITIONER’S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE CIRCULAR NO.RBI/2020-
21/20 DOR NO.BP BC 7/21.04.048/2020-21
DATED 06/08/2020.
EXHIBIT P2 TRUE COPY OF THE LETTER NO.RBOC/TVM/CA
ISSUED BY 1ST RESPONDENT DATED
24/03/2021.
EXHIBIT P3 TRUE COPY OF THE LETTER DATED 27/03/2021
SEND BY THE PETITIONER TO THE 1ST
RESPONDENT.
EXHIBIT P4 TRUE COPY OF THE LETTER NO.RBO3/TVM/CA
DATED 31/03/2021 ISSUED BY THE 1ST
RESPONDENT TO THE PETITIONER.
EXHIBIT P5 TRUE COPY OF THE INTERIM ORDER OF THIS
HON’BLE COURT IN WP(C) NO.28369/2020
DATED 18/12/2020.
RESPONDENTS’ EXHIBITS
Exhibit R3(a) TRUE COPY OF THE JUDGMENT DATED
09.04.2021 PASSED BY THIS HONOURABLE
COURT IN W.P(C) No.22768/2020
Exhibit R3(b) TRUE COPY OF THE JUDGMENT DATED
10.06.2021 PASSED BY THIS HONOURABLE
COURT IN W.P (c) No.28369/2020.
Exhibit R3(c) TRUE COPY OF THE CIRCULAR NO.RBI/2021-
22/116 DOR.CRE.REC.63/21/04/048/2021-22
DATED 29.10.2021 ISSUED BY RESERVE BANK
OF INDIA
Exhibit R3(d) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY THE 3RD RESPONDENT
Exhibit R3(e) TRUE COPY OF THE CIRCULAR DATED DECEMBER
14, 2020 ISSUED BY THE 3RD RESPONDENT.
Exhibit R3(f) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY THE 3RD RESPONDENT.
WP(C) NO. 27900 OF 2020 &
Connected cases 121 2025:KER:63139
APPENDIX OF WP(C) 13787/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE RELEVANT PAGES OF
BYELAW OF PETITIONER ASHRAM.
Exhibit P2 TRUE COPY OF THE CIRCULAR DATED
06.08.2020 ISSUED BY THE 2ND RESPONDENT.
Exhibit P3 TRUE COPY OF THE CIRCULAR DATED
2.11.2020 ISSUED BY THE 2ND RESPONDENT.
Exhibit P4 TRUE COPY OF REPRESENTATION DATED
05.04.2021 SUBMITTED BY THE PETITIONER
BEFORE THE 2ND RESPONDENT.
Exhibit P5 TRUE COPY OF THE POSTAL RECEIPT
EVIDENCING THE SUBMISSION OF EXT.P4
REPRESENTATION TO THE 2ND RESPONDENT.
Exhibit P6 TRUE COPY OF THE COMMUNICATION DATED
1.7.2021 ISSUED BY THE 4TH RESPONDENT TO
THE PETITIONER.
Exhibit P7 TRUE COPY OF THE COMMUNICATION DATED
1.7.2021 ISSUED BY THE BRANCH MANAGER TO
THE PETITIONER.
Exhibit P8 TRUE COPY OF THE COMMUNICATION DATED
7.7.2021 ISSUED BY THE 6TH RESPONDENT TO
THE PETITIONER.
Exhibit P9 TRUE COPY OF THE COMMUNICATION DATED
7.7.2021 ISSUED BY THE 6TH RESPONDENT TO
THE PETITIONER.
Exhibit P10 TRUE COPY OF THE INTERIM ORDER DATED
23.10.2020 IN WP(C) NO.22768/2020.
Exhibit P11 TRUE COPY OF THE INTERIM ORDER DATED
2.3.2021 IN WP(C) NO.5387/2021.
EXHIBIT P12 TRUE COPY OF THE CIRCULAR DATED
29.10.2021 ISSUED BY THE 2ND RESPONDENT.
RESPONDENTS’
EXHIBITS
Exhibit R2(a) TRUE COPY OF THE LETTER DATED APRIL 4,
2021 ADDRESSED BY THE PETITIONER TO THE
2ND RESPONDENT.
Exhibit R2(b) TRUE COPY OF THE LETTER DATED JULY 16,
WP(C) NO. 27900 OF 2020 &
Connected cases 122 2025:KER:63139
2021 ADDRESSED BY THE 2ND RESPONDENT TO
THE PETITIONER.
Exhibit R2(c) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN W.P.(C)
No.14405/2021.
Exhibit R2(d) TRUE COPY OF THE CIRCULAR NO.RBI/2021-
22/116 DOR.CRE.REC.63/21.04.048/ 2021-22
DATED 29.10.2021 ISSUED BY RESERVE BANK
OF INDIA.
Exhibit R2(e) TRUE COPY OF THE CIRCULAR DATED DECEMBER
14, 2020 ISSUED BY RESPONDENT NO. 2.
Exhibit R2(f) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 123 2025:KER:63139
APPENDIX OF WP(C) 14405/2021
PETITIONERS’ EXHIBITS
Exhibit P1 PHOTOCOPY OF THE LIST OF CURRENT
ACCOUNTS MAINTAINED BY THE 1ST
PETITIONER
Exhibit P2 PHOTOCOPY OF THE RBI CIRCULAR BEARING
NO.RBI/2020-21 DOR NO.BP.BC/7/21.04.20-
48/2020-21 DATED 06.08.2020
Exhibit P3 PHOTOCOPY OF CIRCULAR NO.DOR
BP.BC.30/21/04.048/2020-21 DATED
14.12.2020 ISSUED BY THE 2ND RESPONDENT
Exhibit P4 PHOTOCOPY OF THE LETTER OF 3RD
RESPONDENT, MUVATTUPUZHA BRANCH,
05.07.2021 AND IRINJALAKUDA BRANCH,
DATED 08.07.2021
Exhibit P5 PHOTOCOPY OF THE LETTER DATED 30.06.2021
FORM THE 4TH RESPONDENT
Exhibit P6 PHOTOCOPY OF THE E-MAIL DATED 08.07.2021
WITH ATTACHMENT FROM 5TH RESPONDENT
Exhibit P7 PHOTOCOPY EACH OF THE REPRESENTATIONS
DATED 09.07.2021 BY 1ST PETITIONER TO
MUVATTUPUZHA AND TRIVANDRUM BRANCHES OF
3RD RESPONDENT
Exhibit P8 PHOTOCOPY OF THE REPRESENTATION DATED
09.07.2021 OF THE 1ST PETITIONER TO THE
4TH RESPONDENT
Exhibit P9 PHOTOCOPY OF THE REPRESENTATION DATED
12.07.2021 TO THE 5TH RESPONDENT
Exhibit P11 PHOTOSTAT COPY OF THE REPRESENTATION TO
THE MANAGER, FEDERAL BANK, KATTAPPANA
BRANCH DATED 3RD DECEMBER, 2021
Exhibit P12 PHOTOSTAT COPY OF THE REPRESENTATION TO
THE MANAGER, BANK OF BARODA VARADOOR
BRANCH DATED 3RD DECEMBER 2021
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE ORDER DATED 27/07/2021
WP(C) NO. 27900 OF 2020 &
Connected cases 124 2025:KER:63139
PASSED BY THE HONOURABLE DELHI HIGH
COURT IN W.P(C) 7057/2021
Exhibit R2(b) TRUE COPY OF THE GUIDELINES FOR
IMPLEMENTATION OF THE CIRCULAR ON
OPENING OF CURRENT ACCOUNTS BY BANKS
(DOR CRE REC 35/21.04/048/2021-22) DATED
04/08/2021 ISSUED BY THE 2ND RESPONDENT
Exhibit R2(c) TRUE COPY OF THE JUDGMENT DATED
09/04/2021 PASSED BY THIS HONOURABLE
COURT IN W.P(C) 22768/2020
Exhibit R2(d) TRUE COPY OF THE JUDGMENT DATED
10/06/2021 PASSED BY THIS HONOURABLE
COURT IN W.P(C) 28369/2020
Exhibit R2(f) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO.2
Exhibit R2(g) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 20-22 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 125 2025:KER:63139
APPENDIX OF WP(C) 14457/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE CIRCULAR ISSUED BY THE
2ND RESPONDENT DATED 6.8.2020.
Exhibit P2 TRUE COPY OF THE CIRCULAR ISSUED BY THE
2ND RESPONDENT DATED 14.12.2020.
Exhibit P3 TRUE COPY OF THE JUDGMENT PASSED BY THIS
HON’BLE COURT IN WPC NO.22768/2021 AND
CONNECTED CASES DATED 9.4.2021.
Exhibit P4 TRUE COPY OF THE JUDGMENT PASSED BY THIS
HON’BLE COURT IN WPC NO.2481 OF 2021
DATED 4.6.2021.
Exhibit P5 TRUE COPY OF THE LETTER DATED 13.7.2021
SUBMITTED BY THE PETITIONER.
Exhibit P6 TRUE COPY OF THE REPRESENTATION DATED
15.7.2021 SUBMITTED BY THE PETITIONER.
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10/08/2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN
WPC.NO.14405/2021.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO. 2
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 126 2025:KER:63139
APPENDIX OF WP(C) 14681/2021
PETITIONERS’ EXHIBITS
Exhibit P1 TRUE COPY OF ACCOUNT STATEMENT DATED
14.7.2021 OF 1ST PETITIONER WITH ACCOUNT
NO.31108067317
Exhibit P2 TRUE COPY OF ACCOUNT STATEMENT DATED
14.7.2021 OF 2ND PETITIONER WITH ACCOUNT
NO.67219147610
Exhibit P3 TRUE COPY OF CIRCULAR NO.RBI/2020-21/20
DOR NO.BP BC.7//21.04.048/2020-21 DATED
06.08.202
Exhibit P4 TRUE COPY OF CIRCULAR NO.RBI/2020-21/79
DOR NO.BP BC.30/21.04.048/2020-21 DATED
14.12.2020
Exhibit P5 TRUE COPY OF LETTER DATED 9.6.2021 FROM
THE 3RD RESPONDENT TO THE 1ST PETITIONER
Exhibit P6 TRUE COPY OF LETTER DATED6.7.2021 FROM
THE 3RD RESPONDENT TO THE 2ND PETITIONER
Exhibit P7 TRUE COPY OF JUDGMENT OF THIS HON’BLE
COURT IN WA NO.1049/2020 DATED 17.8.2020
RESPONDENTS’ EXHIBITS
Exhibit R1(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN W.P.(C)
No.14405/2021.
Exhibit R1(b) TRUE COPY OF THE CIRCULAR NO.RBI/2021
-22/116 DOR.CRE.REC.63/ 21.04.048/ 2021-
22 DATED 29.10.2021 ISSUED BY RESERVE
BANK OF INDIA.
Exhibit R1(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO. 1
Exhibit R1(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO.1
WP(C) NO. 27900 OF 2020 &
Connected cases 127 2025:KER:63139
APPENDIX OF WP(C) 14854/2021
PETITIONERS’ EXHIBITS
Exhibit P1 PHOTOSTAT COPY OF THE COMMON JUDGMENT
DATED 09/04/2021 IN WPC 22768/2020, WPC
25652/2020, WPC 27692/2020.
Exhibit P2 PHOTOSTAT COPY OF THE RBI CIRCULAR
O.RBI/202-4-21/20 DOR NO.BP.BC/7/21/04 /
048/2020-21 DATED 6/8/2020.
Exhibit P3 PHOTOSTAT COPY OF THE RBI CIRCULAR
RBI/2020-21/79 DOR NO.BP.BC.30/21.04.048
/2020-21 DATED 14/12/2020.
Exhibit P4 PHOTOCOPY OF THE NOTICE ISSUED Y
KARNATAKA BANK LTD., DATED 25/06/2021
ONE OF THE RESPONDENTS.
Exhibit P5 PHOTOSTAT COPY OF THE ADVICE ISSUED TO
TWO RESPONDENT BANKS VIZ. SOUTH INDIAN
BANK LTD. AND KARUR VYSYS BANK BY THE
PETITIONER.
Exhibit P6 PHOTOCOPY OF THE CIRCULAR
NO.DOR.CRE.REC.63/21.04.048/2021-22
DATED 29-10-2021 ISSUED BY THE SECOND
RESPONDENT.
Exhibit P7 PHOTOCOPY OF THE LETTER DATED 01.11.2021
TO THE SBI BY THE PETITIONERS.
Exhibit P8 PHOTOCOPY OF THE E-MAIL COMMUNICATION
DATED 10.11.2021 FROM SBI.
Exhibit R 2(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO.2
Exhibit R 2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
Exhibit P9 TRUE COPY OF THE LETTER DATED 19.05.2023
Exhibit P10 TRUE COPY OF THE E-MAIL COMMUNICATION
DATED 07.05.2024 ISSUED BY THE RBI
Exhibit P11 TRUE COPY OF THE LETTER DATED 09-10-2024
TO THE STATE BANK OF INDIA
RESPONDENTS’
EXHIBITS
WP(C) NO. 27900 OF 2020 &
Connected cases 128 2025:KER:63139
EXHIBIT R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN WP (C)
No.14405/2021.
EXHIBIT R2(b) TRUE COPY OF THE CIRCULAR NO.RBI/2021-
22/116 DOR.CRE.REC.63/21.04.048/ 2021-22
DATED 29.10.2021 ISSUED BY RESERVE BANK
OF INDIA.
EXHIBIT R2(c) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT No.2
EXHIBIT R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO.2
WP(C) NO. 27900 OF 2020 &
Connected cases 129 2025:KER:63139
APPENDIX OF WP(C) 15273/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE BOARD RESOLUTION DATED
15.07.2021 AUTHORISING SH.AMAL ABRAHAM
TO REPRESENT THE PETITIONER.
Exhibit P2 TRUE COPY OF THE CERTIFICATE IN
INCORPORATION OF THE PETITIONER.
Exhibit P3 TRUE COPY OF THE PETITIONER’S
CERTIFICATE OF REGISTRATION AS NBFC
ISSUED BY THE RBI.
Exhibit P4 A STATEMENT OF THE CURRENT ACCOUNTS
OPERATED BY THE PETITIONER.
Exhibit P5 TRUE COPY OF CIRCULAR RBI/2020-21/20 DOR
NO.BP.BC/7/21.04.048/2020-21 DATED
06.08.2020 ISSUED BY 2ND RESPONDENT.
Exhibit P6 TRUE COPY OF CIRCULAR D=RBI/2020-
21/62/DOR NO.BP.BC.27/21.04.048/2020-21
DATED 02.11.2020 ISSUED BY THE 2ND
RESPONDENT.
Exhibit P7 TRUE COPY OF CIRCULAR RBI/2020-21/79 DOR
NO.BP.BC.30/21.04.048/2020-21 DATED
14.12.2020 ISSUED BY THE 2ND RESPONDENT.
Exhibit P8 TRUE COPIES OF PETITIONER’S
REPRESENTATION DATED 20.02.2021 TO THE
RESPONDENT ALONG WITH THEIR RESPONSE
DATED 09.03.2021.
Exhibit P9 TRUE COPY OF THE COMMUNICATION DATED
14.07.2021 TO THE 4TH RESPONDENT.
Exhibit P10 TRUE COPY OF PETITIONER’S REPRESENTATION
DATED 19.07.2021 TO THE 4TH RESPONDENT.
Exhibit P11 TRUE COPY OF THE BANKS STATEMENT ISSUED
BY THE 4TH RESPONDENT.
Exhibit P12 TRUE COPY OF THE JUDGMENT DATED
09.04.2021 IN WPC NO.22768/2020 MUTHOOT
FINCORP LTD. & ORS. V. UOI & ORS.
RESPONDENTS’ EXHIBITS
WP(C) NO. 27900 OF 2020 &
Connected cases 130 2025:KER:63139
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10/08/2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN
WPC.NO.14405/2021.
Exhibit R2(b) TRUE COPY OF THE CIRCULAR NO. RBI/2021
-22/116 DOR.CRE.REC 63/21.04.048/ 2021-
22 DATED 29.10.2021 ISSUED BY RESERVE
BANK OF INDIA.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 131 2025:KER:63139
APPENDIX OF WP(C) 15439/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE CIRCULAR DATED
06.08.1010 ISSUED BY THE 2ND RESPONDENT.
Exhibit P2 TRUE COPY OF THE CIRCULAR DATED
14.12.2020 ISSUED BY THE 2ND RESPONDENT.
Exhibit P3 TRUE COPY OF THE LETTER DATED 01.07.2021
ISSUD BY THE 5TH RESPONDENT.
Exhibit P4 TRUE COPY OF THE REPRESENTATION DATED
31.07.2021 SUBMITTED BY THE PETITIONER
BEFORE THE 2ND RESPONDENT.
Exhibit P5 TRUE COPY OF THE REPRESENTATION DATED
31.07.2021 SUBMITTED BY THE PETITIONER
BEFORE THE RESPONDENTS 3 AND 4.
Exhibit P6 TRUE COPY OF THE REPRESENTATION DATED
31.07.2021 SUBMITTED BY THE PETITIONER
BEFORE THE RESPONDENTS 10 AND 11.
Exhibit P7 TRUE COPY OF THE ENGAGEMENT DATED
09.04.2021 IN WPC NO. 2768/2020.
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE CIRCULAR NO. RB1/2021-
22/16 DOR CRE REC 63/21.04.048/2021-22
DATED 29/10/2021 ISSUED BY RESERVE BANK
OF INDIA
Exhibit R2(b) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO. 2.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED AUGUST
4, 2021 ISSUED BY RESPONDENT NO. 2.
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 132 2025:KER:63139
APPENDIX OF WP(C) 15485/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE FRESH CERTIFICATE OF
INCORPORTION OF THE PETITIONER DATED
29/03/2012 ISSUED BY THE REGISTRAR OF
COMPANIES KERALA AND LAKSHADWEEP.
Exhibit P2 TRUE COPY OF THE PETITIONERS CERTIFICATE
OF REGISTRATION AS NBFC ISSUED BY THE
RBI DATED 24TH DAY OF MAY 2012.
Exhibit P3 TRUE COPY OF THE CIRCULAR NO.RBI/2020-
21/20 DOR NO.BP.BC/7/21.04.048/2020-21
DATED06.08.2020 ISSUED BY THE SECOND
RESPONDENT.
Exhibit P4 COPY OF THE SUBSEQUENT ORDER DATED 14TH
DECEMBER 2020 ISSUED BY THE RBI.
Exhibit P5 TRUE COPY OF THE JUDGMENT DATED 9/4/2021
IN WPC NO.22768 OF 2020 AND CONNECTED
CASES.
Exhibit P6 TRUE COPY OF THE JUDGMENT IN WPC 14082
OF 2021 DATED 15TH DAY OF JULY 2021.
Exhibit P7 TRUE COPY OF THE EMAIL INTIMATION
FORWARDED BY THE BANK MANAGER OF THE
CATHOLIC SYRIAN BANK KALAMASSERY BRANCH
DATED JULY 29, 2021.
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN WP(C)
No.14405/2021.
Exhibit R2(b) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY RESPONDENT NO. 2
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED OCTOBER
29,2021 ISSUED BY RESPONDENT NO. 2.
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 133 2025:KER:63139
APPENDIX OF WP(C) 15619/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE PHOTOCOPY OF THE NOTICE DATED
23.06.2021, ISSUED BY 4TH RESPONDENT
Exhibit P1(a) TRUE PHOTOCOPY OF THE NOTICE DATED
14.07.2021 ISSUED BY 4TH RESPONDENT.
Exhibit P1(b) TRUE PHOTOCOPY OF THE NOTICE DATED NIL
ISSUED BY THE 4TH RESPONDENT.
Exhibit P2 TRUE PHOTOCOPY OF THE NOTICE DATED
01.07.2021 ISSUED BY THE 9TH RESPONDENT
BANK.
Exhibit P3 TRUE COPY OF THE CIRCULAR NO.
REF.RBI/2020-21/20 DOR.NO. BN.BC/7/21
04.048/2020-21 DATED 06.08.2020.
Exhibit P4 TRUE PHOTOCOPY OF THE NOTIFICATION
BEARING NO.RBI/2020-21/62-DOR.NO.BN.BC/7
/21.04.048/2020-21 DATED 21.11.2020.
Exhibit P5 TRUE PHOTOCOPY OF THE CIRCULAR BEARING
DOR NO.BP.BC.30/21.04.048/2021 DATED
14.12.2020.
Exhibit P6 TRUE PHOTOCOPY OF THE REPLY DATED
13.07.2021 SENT BY THE PETITIONER IN
RESPONSE TO EXT.P1 (B).
Exhibit P7 TRUE PHOTOCOPY OF THE REPRESENTATION
DATED 16.07.2021 SUBMITTED BY THE
PETITIONER BEFORE THE 2ND RESPONDENT.
Exhibit P8 TRUE PHOTOCOPY OF THE INTERIM ORDER IN
WP(C) NO.13787 0F 2021 DATED 12.07.2021
ISSUED BY THE HON’BLE HIGH COURT OF
KERALA.
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE CIRCULAR NO.RBI/2021 –
22/116 DOR.CRE.REC 63/21.04.048/ 2021-22
DATED 29.10.2021 ISSUED BY RESERVE BANK
OF INDIA.
Exhibit R2(b) TRUE COPY OF THE CIRCULAR DATED AUGUST
WP(C) NO. 27900 OF 2020 &
Connected cases 134 2025:KER:63139
04, 2021 ISSUED BY RESPONDENT NO. 2.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2.
WP(C) NO. 27900 OF 2020 &
Connected cases 135 2025:KER:63139
APPENDIX OF WP(C) 15646/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE CIRCULAR
NO.REF.RBI/2020-21/20 DOR NO.BP.BC/7/
21.04.048/2020-21 DATED 06.08.2020.
Exhibit P2 TRUE PHOTOCOPY OF THE
NOTIFICATION/CIRCULAR BEARING
NO.RBI/2020-21/62-DOR NO.BP.BC/27/
21.04.048/ 2020-21 DATED 02.11.2020.
Exhibit P3 TRUE PHOTOCOPY OF THE CIRCULAR BEARING
RBI-2020-21/79 DOR NO.BP.BC.30/21.04.
048/2021 DATED 14.12.2020.
Exhibit P4 TRUE COPY OF THE REPRESENTATION DATED
16.07.2021 SUBMITTED BY THE PETITIONER
BEFORE THE 2ND RESPONDENT.
Exhibit P5 TRUE PHOTOCOPY OF THE INTERIM ORDER
ISSUED BY THIS HON’BLE COURT IN WPC
NO.13787 OF 2021 DATED 12.07.2021.
RESPONDENTS’ EXHIBITS
Exhibit r2(a) TRUE COPY OF THE CIRCULAR NO. RBI/2021-
22 /116 DOR.CRE.REC 63/21.04.048/ 2021-
22 DATED 29.10.2021 ISSUED BY RESERVE
BANK OF INDIA.
Exhibit R2(b) TRUE COPY OF THE CIRCULAR DATED AUGUST
04, 2021.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2.
WP(C) NO. 27900 OF 2020 &
Connected cases 136 2025:KER:63139
APPENDIX OF WP(C) 18628/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF CERTIFICATE OF REGISTRATION
DATED 01.01.2104 ISSUED BY THE RESERVE
BANK OF INDIA.
Exhibit P2 TRUE PHOTO COPY OF THE LETTER DATED
19.10.2020 ISSUED BY THE STATE BANK OF
INDIA.
Exhibit P3 TRUE PHOTO COPY OF THE
CIRCULAR/NOTIFICATION BEARING NO.
REF/RBI/2020-21/20 DOR.NO. BN.BC/7/
21.04.048/2020-21 DATED 06.08.2020.
Exhibit P4 TRUE PHOTO COPY OF THE NOTIFICATION
/CIRCULAR BEARING NO. RBI/2020-21/62-
DOR.NO.BN.BC/7/21.04 .048/2020/21 DATED
02.11.2020.
Exhibit P5 TRUE PHOTO COPY OF THE REPRESENTATION
DATED 06.11.2020 SUBMITTED BY THE
PETITIONER TO THE 2ND RESPONDENT.
Exhibit P6 TRUE PHOTO COPY OF THE
CIRCULAR/NOTIFICATION BEARING DOR NO.
BP.BC.30/21.04.048/2021 DATED
14.12.2020.
Exhibit P7 TRUE PHOTO COPY OF THE JUDGMENT DATED
14.07.2021 IN WPC NO. 25470 OF 2020.
Exhibit P8 TRUE PHOTO COPY OF THE NOTIFICATION
/CIRCULAR BEARING DOR NO.
CRE.REC.35/21.04.048/2021-22 DATED
04.08.2021.
Exhibit P9 TRUE PHOTO COPY OF THE INTERIM ORDER
DATED 27.7.2021 IN WPC NO. 14854 OF
2021.
Exhibit P10 TRUE PHOTO COPY OF THE INTERIM, ORDER IN
WPC NO. 15619 OF 2021 DATED 04.08.2021.
Exhibit P11 TRUE PHOTO COPY OF THE INTERIM ORDER IN
WPC NO. 15646 OF 2021 DATED 04.08.2021.
Exhibit P12 TRUE PHOTO COPY OF THE ORDER DATED
WP(C) NO. 27900 OF 2020 &
Connected cases 137 2025:KER:63139
12.08.2021 IN WPC NO. 14854 OF 2021 (F).
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE CIRCULAR NO.RBI/2021-
22/116 DOR.CRE.REC. 63/21.04.048/ 2021-
22 DATED 29.10.2021 ISSUED BY RESERVE
BANK OF INDIA.
Exhibit R2(b) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 138 2025:KER:63139
APPENDIX OF WP(C) 23275/2021
PETITIONERS’ EXHIBITS
Exhibit P1 PHOTOCOPY OF THE JUDGMENT IN WPC
28369/2020 DATED 10/06/2021.
Exhibit P2 PHOTOCOPY OF THE JUDGMENT IN WPC
22768/2020 DATED 09/04/2021.
Exhibit P3 PHOTOCOPY OF THE RBI CIRCULAR BEARING
NO.RBI/2020-21/20 D.O.R.NO.BP.BC/7/
21.04.048/2020-21 DATED 06/08/2020.
Exhibit P4 PHOTOCOPY OF DOR NO.BP.BC.27/21.04.048 /
2020-21 DATED 02/11/2020.
Exhibit P5 PHOTOCOPY OF RBI CIRCULAR NO.DOR
BP.BC.30/21.04.048/2020-21 DATED
14/12/2020.
Exhibit P6 PHOTOCOPY OF THE RBI CIRCULAR
DOR.CRE.REC.35/21.04.048/20201-22 DATED
04/08/2021.
Exhibit P7 PHOTOCOPY OF THE LETTER DATED 10/06/2021
FROM KARNATAKA BANK LTD.
Exhibit P7(a) PHOTOCOPY OF THE LETTER DATED 13/09/2021
FROM CENTRAL BANK OF INDIA.
Exhibit P7(b) PHOTOCOPY OF THE LETTER DATED 13/10/2021
FROM PUNJAB NATIONAL BANK WITH TYPED
COPY OF EXT.P7(b).
Exhibit P8 TRUE COPY OF THE LETTER NO.
MF/FIN/21/047 DATED 18/01/2021 TO THE
STATE BANK OF INDIA
Exhibit P9 TRUE COPY OF THE REMINDER NO
MF/FIN/21/398 DATED 27/08/2021 TO THE
STATE BANK OF INDIA
Exhibit P10 TRUE COPY OF THE COMMUNICATION DATED
14/09/2021
Exhibit P11 TRUE COPY OF THE LETTER NO.
MF/FIN/21/468 DATED 28/09/2021
Exhibit P12 TRUE COPY OF THE E-MAIL COMMUNICATION
DATED 07.05.2024 ISSUED BY THE RBI
Exhibit P13 TRUE COPY OF THE RELEVANT PAGES OF SEBI
WP(C) NO. 27900 OF 2020 &
Connected cases 139 2025:KER:63139
CIRCULAR DATED 16-05-2024
RESPONDENTS’
EXHIBITS
Exhibit R2(a) TRUE COPY OF THE CIRCULAR NO.RB1/2021-
22/116 DOR.CRE.REC.63/21.4.048/2021-22
DATED 29/10/2021 ISSUED BY RESERVE BANK
OF INDIA
Exhibit R2(b) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2.
WP(C) NO. 27900 OF 2020 &
Connected cases 140 2025:KER:63139
APPENDIX OF WP(C) 27633/2021
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE CIRCULAR ISSUED BY THE
2ND RESPONDENT DATED 06-08-2020
Exhibit P2 TRUE COPY OF THE CIRCULAR ISSUED BY THE
2ND RESPONDENT DATED 02-11-2020
Exhibit P3 TRUE COPY OF THE CIRCULAR ISSUED BY THE
2ND RESPONDENT DATED 14-12-2020
Exhibit P4 TRUE COPY OF THE JUDGMENT PASSED BY THIS
HON’BLE COURT IN W.P(C) NO. 22768/2020
DATED 09-04-2021
Exhibit P5 TRUE COPY OF THE JUDGMENT PASSED BY THIS
HON’BLE COURT IN W.P(C) NO. 2481/2021
DATED 04-06-2021.
Exhibit P6 TRUE COPY OF THE CIRCULAR ISSUED BY THE
2ND RESPONDENT DATED 29-10-2021
RESPONDENTS’ EXHIBITS
Exhibit R2(A) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
AUGUST 10, 2021 FILED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN W.P.
(C) NO.14405/2021.
Exhibit R2(B) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED NOVEMBER 23,2021 FILLED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN
WP(C) NO. 14405/2021
Exhibit R2(C) TRUE COPY OF THE CIRCULAR DATED AUGUST
04, 2021 ISSUED BY 2ND RESPONDENT
Exhibit R2(D) TRUE COPY OF THE CIRCULAR DATED 76 – 84
APRIL 19, 2022 ISSUED BY 2ND RESPONDENT
WP(C) NO. 27900 OF 2020 &
Connected cases 141 2025:KER:63139
APPENDIX OF WP(C) 28605/2020
PETITIONERS’ EXHIBITS
EXHIBIT P1 CIRCULAR ISSUED BY THE 2ND RESPONDENT.
EXHIBIT P2 CIRCULAR ISSUED BY THE 2ND RESPONDENT.
EXHIBIT P3 COPY OF REPRESENTATION SUBMITTED BY THE
PETITIONER BEFORE THE 2ND RESPONDENT.
EXHIBIT P4 COPY OF INTERIM ORDER IN W.P.(C)
NO.22768/2020 OF THIS HON’BLE COURT.
RESPONDENTS’
EXHIBITS
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2nd RESPONDENT
RESERVE BANK OF INDIA IN WP(C)
No.14405/2021
Exhibit R2(b) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED 23.11.2021 FILED BY THE 2nd
RESPONDENT RESERVE BANK OF INDIA IN W.P.
(c) No.14405/2021.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED DECEMBER
14, 2020 ISSUED BY RESPONDENT NO. 2
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO.2
WP(C) NO. 27900 OF 2020 &
Connected cases 142 2025:KER:63139
APPENDIX OF WP(C) 28999/2020
PETITIONER’S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE BOARD RESOLUTION DATED
30.11.2020 AUTHORISING SH. RAJESH KUMAR
K PILLAI TO REPRESENT THE PETITIONER.
EXHIBIT P2 TRUE COPY OF THE CERTIFICATE OF
INCORPORATION OF THE PETITIONER.
EXHIBIT P3 TRUE COPY OF THE PETITIONER’S
CERTIFICATE OF REGISTRATION AS NBFC
ISSUED BY THE RBI.
EXHIBIT P4 A STATEMENT OF THE CURRENT ACCOUNTS
OPERATED BY THE PETITIONER.
EXHIBIT P5 TRUE COPY OF CIRCULAR RBI/2020-21/20 DOR
NO. BP.BC/7/21.04.048/2020-21 DT.
06.08.2020 ISSUED BY 2ND RESPONDENT.
EXHIBIT P6 TRUE COPY OF CIRCULAR RBI/2020-21/62
DOR. NO. BP. BC 27/21.04.048/2020-21 DT.
02.11.2020 ISSUED BY THE 2ND RESPONDENT.
EXHIBIT P7 TRUE COPY OF PETITIONER’S REPRESENTATION
DATED 21.09.2020 TO THE 4TH RESPONDENT.
EXHIBIT P8 TRUE COPY OF THE COMMUNICATION DATED
19.10.2020 FROM THE 4TH RESPONDENT TO
THE PETITIONER.
EXHIBIT P9 TRUE COPY OF THE COMMUNICATION DATED
03.12.2020 FROM THE 6TH RESPONDENT TO
THE PETITIONER.
EXHIBIT P10 TRUE COPY OF PETITIONER’S REPRESENTATION
DATED 12.12.2020 TO THE 2ND RESPONDENT.
EXHIBIT P11 TRUE COPY OF CIRCULAR RBI/2020-21/79DOR
NO. BP BC 30.21.04.048/2020-21 DT.
14.12.2020 ISSUED BY THE 2ND RESPONDENT.
EXHIBIT P12 TRUE COPY OF PETITIONER’S REPRESENTATION
DATED 15.12.2020 TO THE 2ND RESPONDENT.
EXHIBIT P13 TRUE COPY OF THE COMMUNICATION FROM THE
2nd RESPONDENT DATED 29.12.2020.
EXHIBIT P14 TRUE COPY OF THE LETTER DATED 15.01.2021
FROM THE 4TH RESPONDENT.
EXHIBIT P15 TRUE COPY OF PETITIONER’S REPRESENTATION
WP(C) NO. 27900 OF 2020 &
Connected cases 143 2025:KER:63139
TO THE 2ND RESPONDENT DATED 06.07.2021.
EXHIBIT P16 TRUE COPY OF JUDGMENT DATED 09.04.2021
IN WP(C) 22768/2020 AND CONNECTED CASES.
RESPONDENTS’
EXHIBITS
EXHIBIT R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2ND RESPONDENT
RESERVE BANK OF INDIA IN WP(C)
No.14405 /2021.
EXHIBIT R2(b) TRUE COPY OF THE CIRCULAR NO.RBI/2021
-22/116 DOR.CRE.REC.63/ 21.04.048/ 2021-
22 DATED 29.10.2021 ISSUED BY RESERVE
BANK OF INDIA.
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 144 2025:KER:63139
APPENDIX OF WP(C) 28998/2020
PETITIONER’S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE BOARD RESOLUTION DATED
18.12.2020 AUTHORISING SH PRADEESH
LAWRENCE TO REPRESENT THE PETITIONER
EXHIBIT P2 TRUE COPY OF THE CERTIFICATE OF
INCORPORATION OF THE PETITIONER IN ITS
NEW NAME DTD 1/12/14
EXHIBIT P3 TRUE COPY OF THE PETITIONERS CERTIFICATE
OF REGISTRATION AS NBFC IN ITS NEW NAME
ISSUED BY THE RBI DATED 2.1.15
EXHIBIT P4 A STATEMENT OF THE CURRENT ACCOUNTS
OPERATED BY THE PETITIONER
EXHIBIT P5 TRUE COPY OF CIRCULAR RBI/2020-21/20 DOR
NO.BP.BC/7/21.04.048/2020-21 DATED
06.08.2020 ISSUED BY 2ND RESPONDENT
EXHIBIT P6 TRUE COPY OF THE COMMUNICATION DATED
09.10.2020 FROM THE 4TH RESPONDENT
EXHIBIT P7 TRUE COPY OF CIRCULAR RBI/2020-21/62 DOR
NO.BP.BC 27/21/04/048/2020-21 DT
02.11.2020 ISSUED BY THE 2ND RESPONDENT
EXHIBIT P8 TRUE COPY OF CIRCULAR RBI /2020-21/79
DOR NO.BP.BC.30/21.04.048/2020-21 DT
14.12.2020 ISSUED BY THE 2ND RESPONDENT
EXHIBIT P9 TRUE COPY OF PETITIONERS REPRESENTATION
DATED 19.12.2020 TO THE 2ND RESPONDENT
EXHIBIT P10 TRUE COPY OF JUDGMENT DATED 09.04.2021
IN WP(C) 22768/2020 AND CONNECTED CASES.
EXHIBIT P11 TRUE COPY OF PETITIONER’S LETTER DATED
12.07.2021 TO THE 4TH RESPONDENT.
RESPONDENTS’
EXHIBITS
EXHIBIT R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10.08.2021 FILED BY THE 2nd RESPONDENT
RESERVE BANK OF INDIA IN WP(C)
WP(C) NO. 27900 OF 2020 &
Connected cases 145 2025:KER:63139
No.14405/2021.
EXHIBIT R2(b) TRUE COPY OF THE CIRCULAR NO.RBI/2021-22
/116 DOR.CRE.REC.63/ 21.04.048/ 2021-22
DATED 29.10.2021 ISSUED BY RESERVE BANK
OF INDIA.
Exhibit R2(C) TRUE COPY OF THE CIRCULAR NO RBI/2022-
23/27 DATED APRIL 19, 2022 ISSUED BY
RESPONDENT NO. 2
WP(C) NO. 27900 OF 2020 &
Connected cases 146 2025:KER:63139
APPENDIX OF WP(C) 35704/2022
PETITIONERS’ EXHIBITS
Exhibit P1 PHOTOSTAT COPY OF THE INTERIM ORDER IN
WPC 14854/21 DATED 27.7.2021.
Exhibit P2 PHOTOSTAT COPY OF THE RBI CIRCULAR
NO.RBI/2020-21/20 DOR. NO.BP.BC/7/
21.4.048/2020-21 DATED 6.8.2020.
Exhibit P3 PHOTOSTAT COPY OF THE RBI CIRCULAR
RBI/2020-21/79 DOR. NO.BP.BC.30/
21.4.048/2020-21 DATED 14.12.2020.
Exhibit P4 PHOTOSTAT COPY OF THE JUDGMENT IN WPC
NO.25652/2020 DATED 9.4.2021.
RESPONDENTS’ EXHIBITS
Exhibit R2(A) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
AUGUST 10, 2021 FILED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN W.P.
(C) NO.14405/2021.
Exhibit R2(B) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED NOVEMBER 23, 2021 FILED BY THE 2ND
RESPONDENT RESERVE BANK OF INDIA IN WP
(C) NO. 14405/2021
Exhibit R2(C) TRUE COPY OF THE CIRCULAR DATED NOVEMBER
02, 2020 ISSUED BY 2ND RESPONDENT
Exhibit R2(D) TRUE COPY OF THE CIRCULAR DATED APRIL
19,2022 ISSUED BY 2ND RESPONDENT
WP(C) NO. 27900 OF 2020 &
Connected cases 147 2025:KER:63139
APPENDIX OF WP(C) 31743/2024
PETITIONER’S EXHIBITS
Exhibit P1 TRUE COPY OF THE CERTIFICATE OF
REGISTRATION DATED 01.01.2014 ISSUED BY
THE RESERVE BANK OF INDIA
Exhibit P2 TRUE PHOTOCOPY OF THE LETTER DATED
19.10.2020 ISSUED BY THE STATE BANK OF
INDIA.
Exhibit P3 TRUE PHOTOCOPY OF THE
CIRCULAR/NOTIFICATION BEARING NO. REF.
RBI/2020-21/20 DOR.NO.BN.BC/7/ 21.04.048
/2020-21 DATED 06.08.2020.
Exhibit P4 TRUE PHOTOCOPY OF THE
NOTIFICATION/CIRCULAR BEARING NO.
RBI/2020-21/62-DOR.NO.BN.BC/7/21.04.
048/2020-21 DATED 02.11.2020.
Exhibit P5 TRUE COPY OF THE REPRESENTATION DATED
06.11.2020 SUBMITTED BY THE PETITIONER
TO THE 2ND RESPONDENT.
Exhibit P6 TRUE PHOTOCOPY OF THE
CIRCULAR/NOTIFICATION BEARING DOR
NO.BP.BC.30/21.04.048/2021 DATED
14.12.2020.
Exhibit P7 TRUE PHOTOCOPY OF THE ORDER NO.
DOR[BANKS].NO. BP.1967/21.04.048/2020-21
DATED 23.12.2020.
Exhibit.P8 TRUE PHOTOCOPY OF THE JUDGMENT DATED
14.07.2021 IN W.P.(C) NO.25470 OF 2020.
Exhibit.P9 TRUE PHOTOCOPY OF THE
NOTIFICATION/CIRCULAR BEARING DOR
NO.CRE.REC.35/21.04.048/2021-22 DATED
04.08.2021.
Exhibit.P10 TRUE PHOTOCOPY OF THE INTERIM ORDER
DATED 13.09.2021 IN W.P.(C)NO. 18628 OF
2021.
Exhibit.P11 TRUE PHOTOCOPY OF THE COUNTER AFFIDAVIT
DATED 23.11.2021 FILED BY THE 2ND & 3RD
RESPONDENTS IN W.P.(C)NO. 18628 OF 2021.
WP(C) NO. 27900 OF 2020 &
Connected cases 148 2025:KER:63139
Exhibit.P12 TRUE PHOTOCOPY OF THE CIRCULAR BEARING
NO. RBI/2022-23/27 DATED 19.04.2022
ISSUED BY THE 2ND RESPONDENT.
Exhibit.P13 TRUE PHOTOCOPY OF THE PROFORMA SENT VIA
EMAIL DATED 10.08.2024 BY THE 5TH
RESPONDENT.
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE RBI CIRCULAR
RBI/2004/200 DATED MAY 15, 2004
Exhibit R2(b) TRUE COPY OF RBI CIRCULAR RBI/2004-05/99
DATED AUGUST 4, 2004
Exhibit R2(c) TRUE COPY OF THE CIRCULAR RBI/2020-21/20
DATED AUGUST 06, 2020
Exhibit R2(d) TRUE COPY OF RBI CIRCULAR RBI/2020-21/62
DATED NOVEMBER 02, 2020
Exhibit R2(e) TRUE COPY OF RBI CIRCULAR RBI/2020-21/79
DATED DECEMBER 14, 2020
Exhibit R2(f) TRUE COPY OF RBI CIRCULAR RBI/2021-22/77
DATED AUGUST 04, 2021
Exhibit R2(g) TRUE COPY OF RBI CIRCULAR RBI/2021-
22/116 DATED OCTOBER 29, 2021
Exhibit R2(h) TRUE COPY OF CONSOLIDATED CIRCULAR
RBI/2022-23/27 DATED APRIL 19, 2022
ISSUED BY RBI
Exhibit R2(i) TRUE COPY OF ORDER DATED 27.07.2021
PASSED BY THE HON’BLE HIGH COURT OF
DELHI
Exhibit R2(j) TRUE COPY OF ORDER DATED APRIL 9, 2021
OF THE HON’BLE HIGH COURT OF KERALA
Exhibit R2(k) TRUE COPY OF ORDER DATED AUGUST 28, 2023
PASSED BY THE HON’BLE CALCUTTA HIGH
COURT
WP(C) NO. 27900 OF 2020 &
Connected cases 149 2025:KER:63139
APPENDIX OF WP(C) 27900/2020
PETITIONER’S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE CERTIFICATE OF
REGISTRATION DATED 12.12.2002 ISSUED BY
THE RESERVE BANK OF INDIA
EXHIBIT P2 TRUE COPY OF THE NOTIFICATION BEARING NO
RBI/2020-21/20 DOR NO BP BC/7/21-04-
048/2020-21 DATED 6.8.2020 ISSUED BY 2ND
RESPONDENT
EXHIBIT P3 TRUE COPY OF THE NOTIFICATION BEARING NO
RBI/2020-21/62 DOR NO BP.BC/27/21-04-
048/2020-21 DATED 2.11.2020
EXHIBIT P4 TRUE COPY OF THE LETTER DATED 7.10.2020
ISSUED BY THE BRANCH UNDER 4TH
RESPONDENT
EXHIBIT P5 TRUE COPY OF THE LETTER DATED 23.10.2020
ISSUED BY THE BRANCH UNDER 5TH
RESPONDENT
EXHIBIT P6 TRUE COPY OF THE REPRESENTATION DATED
14.10.2020 SEND BY THE PETITIONER TO THE
2ND AND 3RD RESPONDENT
RESPONDENTS’ EXHIBITS
Exhibit R2(a) TRUE COPY OF THE COUNTER AFFIDAVIT DATED
10/8/2021 FILED BY THE 2ND AND 3RD
RESPONDENTS RESERVE BANK OF INDIA IN WPC
NO.14405/2021
Exhibit R2(b) TRUE COPY OF THE ADDITIONAL AFFIDAVIT
DATED 23/11/2021 FILED BY THE 2ND 3RD
RESPONDENTS RESERVE BANK OF INDIA IN WPC
NO.14405/2021
Exhibit R2(c) TRUE COPY OF THE CIRCULAR DATED DECEMBER
14, 2020 ISSUED BY RESPONDENT NO. 2.
Exhibit R2(d) TRUE COPY OF THE CIRCULAR DATED APRIL
19, 2022 ISSUED BY RESPONDENT NO. 2.
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