Declaration of Petitioner as a Wilful Defaulter under the Master ...

Bank's Wilful Defaulter Claim Overturned Due to Lack of Independent Verification and Insufficient Evidence.

March 4, 2024

Case Laws Indian Laws HC

Declaration of Petitioner as a Wilful Defaulter under the Master Circular on Wilful Defaulters, 2015 - depriving the Petitioner from availing credit facilities for his present and prospective business enterprises - The High court found that the bank's reliance on a Forensic Audit Report, without independent verification or considering the petitioner's track record and the context of transactions, was inadequate to substantiate the declaration. - The court held that the bank failed to establish that the alleged acts of Wilful Default were "intentional, deliberate, and calculated," as required under the RBI's Master Circular.

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Declaration of Petitioner as a Wilful Defaulter under the Master ...

Bank's Wilful Defaulter Claim Overturned Due to Lack of Independent Verification and Insufficient Evidence.

March 4, 2024

Case Laws Indian Laws HC

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