allegedly in contravention of the directives and regulatory norms issued
by the Reserve Bank of India (for short, RBI) concerning the
restructuring of loan accounts. Asserting their bona fide status as Micro,
Small, and Medium Enterprises (for short, MSMEs), the petitioners seek
the issuance of an appropriate writ, order, or direction, particularly in the
nature of mandamus, commanding the respondent bank to consider and
act upon their restructuring proposal in accordance with the applicable
RBI guidelines.
Petitioners’ Contentions:
2. Sans unnecessary details, the essential facts, as outlined in the writ
petition, that led to the institution of the present writ petition are that the
petitioner Nos. 1 to 4 are existing companies within the meaning of the
Companies Act, 2013 (for short, “the 2013 Act”). Vide sanction letter
dated 17.09.2019, the companies were extended credit facilities by United
Bank of India (for short, “UBI”) to the tune of Rs. 50 lakhs.