1 CWP No. 23762 of 2025 IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH CWP No. 23762 of 2025 Date of decision: 18.08.2025 ANKIT SURESHPAL JAIN AND OTHERS ….Petitioners V/S PUNJAB NATIONAL BANK AND ORS … Respondents CORAM: HON’BLE MR. JUSTICE SHEEL NAGU, CHIEF JUSTICE HON’BLE MR. JUSTICE SANJIV BERRY, JUDGE Present:- Mr. R. Kartikeya, Advocate (Arguing Counsel) Ms. Sidhi Bansal, Advocate, Ms. Ridhi Bansal, Advocate and Ms. R. Akanksha, Advocate, for the petitioners. Mr. Gaurav Goel, Advocate (Arguing counsel) and Mr. Tarlok Singh, Advocate for the respondents-Bank **** SHEEL NAGU, CHIEF JUSTICE (Oral) 1. The petitioners-guarantors in a transaction in which the borrower as well as the guarantors have been issued show cause notice, as to why they be not declared as Willful Defaulters, as per the RBI guidelines dated 30.07.2024 (Annexure P-17). The notice dated 08.08.2025 (Annexure P-20A), where the petitioners are directed to appear in person or through an authorized representative before the Review Committee on Willful Defaulters. 2. The grievance of the petitioners are that the material contained in the show cause notice relates only to the borrower and not to the guarantors. The petitioners, three in number, are guarantors in the said transaction. 3. The apprehension expressed by the petitioners appears to be unfounded, since we have no manner of doubt that when personal appearance takes place on 19.08.2025 before the Review Committee on the question of KAMAL GANDHI 2025.08.19 13:51 I attest to the accuracy and integrity of this document 2 CWP No. 23762 of 2025 Wilful Defaulters, the petitioners-guarantors will certainly be afforded due and sufficient opportunity of being heard, in terms of guidelines of RBI, in particular the requirements of clause 4(1)(a)(i),(ii). 4. In the aforesaid hope and expectations, the present petition stands disposed of. (SHEEL NAGU) CHIEF JUSTICE (SANJIV BERRY) JUDGE 18.08.2025 Kamal Gandhi Whether speaking/reasoned Yes/No Whether reportable Yes/No KAMAL GANDHI 2025.08.19 13:51 I attest to the accuracy and integrity of this document