$~362 * IN THE HIGH COURT OF DELHI AT NEW DELHI # CNR No. DLHC010472182026 + W.P.(C) 14487/2026 & CM APPL. 67953/2026 RATHI BARS LIMITED AND ORS .....Petitioners Through: Mr.Gautam Narayan Sr.Adv with Mr. Rohit Choudhry, Ms. Preeti Kohli, Advs versus AXIS BANK LIMITED AND ANR .....Respondents Through: Adv. Ashish K Singh, Adv. Palak Tyagi, Adv. Aditya Sharan and Adv. Ishita Jaiswal for respondents CORAM: HON'BLE MR. JUSTICE JASMEET SINGH O R D E R % 30.09.2026 CM APPL. 67954/2026 Allowed subject to all just exceptions. The application stands disposed of. W.P.(C) 14487/2026 1. This is a writ petition filed under Article 226 of the Constitution of India seeking the following prayers :- “(a) Issue a Writ of Certiorari or any other appropriate writ, order or direction quashing and setting aside the impugned Order bearing Ref. No. AXISB/SAG/RCD/2026-27/84 dated 23.09.2026, communicated on 24.09.2026 (Annexure P-1), issued by Respondent No. 1 classifying the account / credit facilities of the Petitioner as “Fraud”, along with all This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2026 at 12:17:52 consequential actions taken pursuant thereto; (b) Issue a Writ of Certiorari or any other appropriate writ, order or direction quashing the Show Cause Notice Ref. No. AXISB/SAG/RCD/2026-27/67 dated 27.08.2026 (Annexure P- 9) and declaring that the Forensic Audit Report dated 22.08.2026 of Respondent No. 2 (Annexure P-8) cannot be relied upon for the purpose of classifying the Petitioner’s account as fraud; (c) Issue a Writ of Mandamus or any other appropriate writ, order or direction directing Respondent No. 1 to forthwith withdraw any Fraud Monitoring Return, CRILC update, Central Fraud Registry entry, complaint to any police or law enforcement agency, or intimation to any other bank or authority made pursuant to the impugned order, and directing Respondent No. 3 to take note of such withdrawal; (d) Issue a Writ of Mandamus or any other appropriate writ, order or direction directing Respondent No. 1 to produce before this Hon’ble Court and furnish to the Petitioner the complete record relating to (i) the EWS alerts and their examination, (ii) the RFA classification and the date of its reporting on CRILC, (iii) the appointment and discontinuance of M/s JKAJ & Co. LLP and the appointment of Respondent No. 2, including the due diligence undertaken, and (iv) the meeting of the Fraud Identification Council culminating in the impugned order, including the minutes, attendance, file notings and dispatch records; (e) In the alternative and without prejudice, direct Respondent This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2026 at 12:17:52 No. 1 to take the Petitioner’s reply dated 23.09.2026 and representation dated 24.09.2026 on record, furnish all material relied upon, afford the Petitioner a personal hearing, and pass a fresh reasoned order in accordance with paragraph 6 of the 2026 Directions, after the adjudication of W.P.(C) No. 7221/2026; (f) Direct that the present petition be listed and heard along with W.P.(C) No. 7221/2026…” 2. For the reasons stated in the petition, issue notice. 3. Ms. Tyagi, learned counsel, accepts notice on behalf of respondents and has addressed arguments. 4. Mr. Narayan, learned Senior Counsel for the petitioner, states that the impugned order dated 23.09.2026 is violation of the principles of natural justice, as the petitioner had made representations dated 17.09.2026, 19.09.2026 and 23.09.2026, which have not been considered while passing the impugned order. 5. Ms. Tyagi, learned counsel for the respondents, states that since the hearing was already concluded and the order declaring the petitioners as fraud was passed on 23.09.2026, the reply/representation dated 23.09.2026 could not be considered. 6. However, I am of the view that declaration of fraud has serious consequences and the petitioners must be afforded adequate opportunity to put forth their defence to the show-cause notice. 7. Since the petitioners had submitted an additional response dated 23.09.2026 and the same has not been considered, it is directed that the respondents shall consider the responses dated 23.09.2026 and 24.09.2026, along with the responses dated 17.09.2026 and 19.09.2026, and thereafter This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2026 at 12:17:52 pass a speaking order. 8. In this view of the matter the order impugned by way of present petition is hereby set aside. 9. The Court has not examined the merits/demerits of the case and has only considered the aspect of non-compliance with the principles of natural justice. 10. The petition is disposed of in the aforesaid terms along with pending applications, if any. JASMEET SINGH, J SEPTEMBER 30, 2026/NR This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2026 at 12:17:52