Authority: Supreme Court of India
Order Date: 18-09-2026
Case Overview
- Parties: Bhanu Properties Limited (authorised officer & anr) as petitioner; Reserve Bank of India & anr as respondents.
- Origin: Petition for Special Leave to Appeal (C) No. 22892/2026 arising from impugned final judgment and order dated 18-05-2026 in APOT No. 0299/2025 passed by the High Court at Calcutta.
- Counsel: Petitioner's counsel includes Mr. Prasenjit Keswani, Ms. Sonia Dube, Ms. Kanchan Yadav, Mr. Upmanyu Tewari, Ms. Saumya Sharma and Legal Options; Respondent's counsel includes Mr. Anupam Singh (also appearing for Axis Bank), Mr. Rishabh Sharma, Mr. Dhaval Mehrotra, Ms. Aditi Desai, Ms. Rupali Manjharia.
- Issue: Classification of the petitioners as “fraud” under RBI Circular dated 01‑07‑2016.
Order Details
1. Mr. Anupam Singh, learned counsel appearing on behalf of Axis Bank, shall file a detailed affidavit explaining the circumstances in which the petitioners have been classified as “fraud” under the RBI Circular dated 01‑07‑2016.
2. The RBI is also at liberty to file its own affidavit on the matter.
3. The affidavit by Axis Bank counsel must be filed within two weeks from the date of this order (by 02‑10‑2026).
4. Any rejoinder affidavit, if filed, must be submitted within two weeks after the initial affidavit (by 16‑10‑2026).
5. The matter is re‑listed for hearing on 16‑11‑2026.
Final Outcome
The Supreme Court granted permission to file additional documents, imposed strict filing deadlines on the parties, and scheduled a further hearing on 16‑11‑2026.
Topics: Banking Regulation, Court Order