Delhi High Court - Orders
Adigear International & Ors vs Punjab National Bank & Anr on 13 February, 2026
Author: Jasmeet Singh
Bench: Jasmeet Singh
$~4
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 993/2026, CM APPL. 4813/2026, CM APPL. 4815/2026
ADIGEAR INTERNATIONAL & ORS. .....Petitioners
Through: Mr. JP Sengh Sr. Advocate
with Mr. Hrishikesh Baruah adv and
Shubham Agarwal adv.,
versus
PUNJAB NATIONAL BANK & ANR. .....Respondents
Through: Mr. Santosh Kumar Rout, Adv. for
R-1, Mr. Siddhant Sharma, law
officer, PNB
Mr. Neeraj Malhotra, Sr. Adv with Mr.
Dhaval Mehrotra, Adv., Ms. Aditi
Desai Adv. Mr. SC Mohanta for R-2
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
ORDER
% 13.02.2026
1. This is a writ petition filed under Article 226 of the Constitution of India seeking the following reliefs:
"a) Issue a Writ, Order or Direction in the nature of Certiorari for Quashing/Setting aside of the Order dated 04.12.2025 and Intimation dated 12.12.2025 (both received on 19.12.2025) whereby the accounts of the Petitioners have been declared as 'Fraud' in derogation to the mandate of RBI Master Directions on Fraud Risk Management, 2024 read with Judgment passed by the Hon'ble Supreme Court of India in "State Bank of lndia & Ors. vs. Rajesh Agarwal & Ors (reported in 2023 6 SCC 1)" and 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 17/02/2026 at 20:34:12 for setting aside/quash all consequential steps undertaken by the Respondent No. 1, in terms thereof and,
b) Issue a Writ, Order or Direction in the nature of Mandamus directing the Respondents to remove the name of the Petitioners from RBI Central Fraud Registry..."
2. The reason for the petitioners having been declared as a fraud, prima facie, seems to be that the petitioners have defaulted with their payment obligations with the other banks.
3. My attention has been drawn to order dated 22.03.2024, wherein the order of declaring the petitioners as fraud has been stayed. Additionally, my attention has also been drawn to documents which show that the petitioners have settled its dues with HSBC bank and DBS bank. The proceedings initiated by Indian Overseas Bank have been quashed and that by the Indian Bank and Union Bank of India have been stayed.
4. The status report handed over by Mr. Rout, learned counsel for the respondent No. 1, does not seem to take into consideration the subsequent developments.
5. Mr. Malhotra, learned senior counsel for the respondent No.2, states that the respondent No.2 does not have any role to play in updation/withdrawal in CMIS portal.
6. Mr. Sengh, learned senior counsel for the petitioners, states that the petitioners will take up the said issue with the respective banks.
7. Let the said exercise be completed expeditiously and in any case not later than 4 weeks from today.
8. In the meanwhile, since the petitioners are taking up issue with the respective banks, the respondent No.1 shall not proceed further by referring 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 17/02/2026 at 20:34:12 the complaint to CBI till the next date of hearing only, as the same would render the petition infructuous.
9. The document handed over in court is taken on record.
10. List on 13.05.2026.
JASMEET SINGH, J FEBRUARY 13, 2026/DM 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 17/02/2026 at 20:34:12