S.J. Vazifdar, J. - (1.) The petitioners seek a writ of certiorari to quash a letter dated 15.09.2015, by which the second respondent-Oriental Bank of Commerce rejected their application for rehabilitation on the ground that it was in violation of the guidelines dated 01.11.2012 issued by the Reserve Bank of India and for a writ of mandamus directing the respondents to rehabilitate the unit as per the said guidelines.
(2.) The petitioners had availed financial facilities from respondent No.2-Oriental Bank of Commerce. Its account was declared as 'NPA' on 31.12.2015. They were given an opportunity to reconstruct their loan account but had failed to do so. The petitioners contended that their unit had become potentially viable sick and therefore, they were entitled to have their loan account reconstructed under the Reserve Bank of India guidelines. The application was rejected by respondent No.2.
(3.) The petitioners filed Civil Writ Petition No. 25691 of 2015 challenging this decision by contending that their application could have been rejected only after obtaining prior approval from the next higher authority. The Division Bench disposed of the petition by an order and judgment dated 09.12.2015 granting the petitioners a liberty to approach the higher authority and directing the second respondent to consider and decide the representation, if filed, in accordance with law and expeditiously.;