1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORIGINAL SIDE WRIT PETITION NO.1978 OF 2009 Betul Oils and Flours Limited .... Petitioner Vs. Reserve Bank of India & Ors. .... Respondents Shri Anup Khaitan for the Petitioner. S/Shri Kirtida Chandarana with Dhiraj Mhetre i/b Mahernosh Humranwala for Respondent No.1. S/Shri Shyam Mehta with Dharam Jumani and Rishabh Bailey i/b Amarchand & Mangaldas for Respondent Nos.2 & 3. CORAM: J.N. PATEL, ACTING C.J. AND B.R. GAVAI, J. DATED: JANUARY 19, 2010 P.C: 1. The petitioner-debtor has moved this Court for a writ of certiorari for quashing Section 3 of the Master Circular on Willful Defaulters dated 1-7-2008 and other connected circulars and for a writ of mandamus to substitute the said section and for other ancillary reliefs. The petitioner is indebted to respondent No.2-HDFC Bank Limited and proceedings against the petitioner are pending 2 before the DRT. In the given facts and circumstances, the petitioner wants this Court to quash section 3, which enables the Reserve Bank of India to issue various circulars in the matter of settlement of debt for banks and financial institutions. We do not find that such circulars in any way contravene any constitutional or statutory provisions and, therefore, there is no merit in the petition and the same is dismissed. ACTING C.J. B.R. GAVAI, J.