Classification and Reporting by Commercial Banks andSelect Financial Institutions) Directions, 2016, dated 01.07.2016 are arbitrary, illegal, unconstitutional and ultra-vires the power of the Respondent No.I under Section 35A of the Banking Regulation Act, 1949. (B).To Declare the action of Respondent No-2 in declaring the account of the Petitioner asFraudinterms of the Impugned Circular Dated 01-07- 2016 of Respondent No-1, i.e Fraud Classification and reporting by commercialBanksand Select Financial Institutions Directions 2016 Arbitrary, irrational and Violative Principles of natural Justice and consequently set aside the same. (c)For Quashing theCriminal Proceedings initiated by Respondent No.2 registeredasFIRNo 02(A)/2018, CBI/ACBA/SKP, Dated 27-03-2018, which was Numbered as C.C.No. 12 of 2023 on the File of Honble Principal Special Judge for CBI Cases at Visakhapatnam, as thesame is entirely based on arbitrary classification and declarationofBank as fraud D).To Direct the Respondent No.2 (IDBI Bank), to forbear from taking civil/criminal proceedings against the Petitioner on the basis of declaring the Petitionersloan-account as fraud account in terms of the impugned Circular dated 01.07.2016 i.e.. Fraud Classification and reporting by commercial banks and select financial institutions Directions 2016 E).To Quash the Proceedings registered as O.A.No.1093of 2023, Dated 09-01-2024, pending before the 4th Respondent (Directorate of Enforcement, Visakhapatnam Zonal Office)asthe same are entirely based on arbitrary classification and declaration of Petitioners Loan account as fraud account in terms of the impugned Circular dated 01.07.2016 i.e.. Fraud Classification and reporting by commercial banks and select financial institutions Directions 2016. F).To pass
