Though the banks have the power to open look-out-notice/circular against wilful defaulter in repayment of loans, the applicant against whom the notice/circular has been issued has the right to approach the HC to get it quashed.
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)