Validity of SCN proposing to declare the petitioners as wilful ...

Case Laws Companies Law

March 22, 2024

Validity of SCN proposing to declare the petitioners as wilful defaulters - Classification of Account as NPA - Impact of CIRP proceedings under IBC - The High Court held that NPA classification was deemed irrelevant to the determination of wilful default, and the Show-cause Notice was deemed valid. - The court ruled that the NPA classification was a separate issue from wilful default and that the petitioners' arguments regarding the classification's invalidity were not sustainable. - The court determined that the petitioners' legal rights were not infringed by the issuance of the Show-cause Notice, as they had the opportunity to respond to it. - The court found that the allegations in the Show-cause Notice provided sufficient grounds for declaring the petitioners as wilful defaulters, as per the Master Circular. - The court clarified that wilful defaulter proceedings were not subject to the moratorium imposed by Section 96 of the IBC.

View Source

← Previous Next →

Validity of SCN proposing to declare the petitioners as wilful ...

Case Laws Companies Law

March 22, 2024

You may also like:

Willful defaulters - declaration by a Bank based on a Master circular of RBI - In the absence of serving the order of COE on the petitioners, there could never have been...

Declaration of bodies corporate, their promoters and directors, as “wilful defaulters” - Lack of transparency and due process in the Union Bank's procedure for declaring...

Declaration of Petitioner as a Wilful Defaulter under the Master Circular on Wilful Defaulters, 2015 - depriving the Petitioner from availing credit facilities for his...

Doctrine of piercing the corporate veil - In proceedings for declaration of Wilful Defaulter, the corporate veil has to be lifted in order to examine the role of the...

The High Court held that the show cause notice (SCN) issued for cancellation of the petitioner's Goods and Services Tax (GST) registration was vague and violated...

Willful Defaulters - The Calcutta High Court, in its judgement, set aside and quashed the decisions of both the First Committee and the Review Committee (RC) declaring...

Removal of names of the petitioners from the list of wilful defaulters - This Court is of the view that the names of the writ petitioners cannot be removed from the list...

Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of...

Willful defaulter under the RBI Master Circular dated July 1, 2014 or not - Since all the documents on which the respondents allegedly relied on have been disclosed in...

Wilful defaulter - Foreign Letter of Credit - even if, the loan amount or the fund was not directly disbursed in the petitioner’s current account but it was directly...

Disqualification of resolution applicant - wilful defaulter of bank - Rejection of Resolution Plan submitted by the Applicant - Appellant submits that on the day when...

The High Court considered the issue of willful defaulters and the declaration of loan accounts as fraud without proper notice or hearing. The fraud declaration was found...

Cancellation of GST registration of petitioner - defective SCN - Non-specification of reason for proposing cancellation of the petitioner’s GST registration - It is...

Cancellation of GST registration ab initio with retrospective effect from 01.07.2017 violated principles of natural justice as Show Cause Notice (SCN) did not specify...

Wilful Defaulters or not - petitioners contend that the Show Cause Notice was issued by an Assistant General Manager of the Bank, who did not qualify even for being a...

Quick Updates: