Search Results for "wilful defaulter"

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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Supreme Court of India Ruled on the Definition of ‘Consumer’ Under the Consumer Protection Act, 1986 in Loan Transactions

The Apex Court Held That a Borrower of a Project Loan Does Not Qualify as a ‘Consumer’ When the Loan is Availed for Commercial Purposes The Supre...

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Non-Executive Woman Director Quits “Willful Defaulter” Tag for Lack of Notice: Natural Justice Prevails High Court quashes declaration of "willful defaulter" against Non-Executive Woman Director citing violation of natural justice.

1. Introduction (Paras 1-3) The Petitioner, a Non-Executive Woman Director of PSL Limited, challenged a letter dated 16 July 2018 that declared her a...

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Supreme Court Allows Bank's Appeal Against High Court's Mandamus to Consider OTS Application. Court Holds That No Writ of Mandamus Can Be Issued to Direct a Bank to Grant One Time Settlement Benefit Under Article 226 of the Constitution.

The present appeal arises from a judgment of the Allahabad High Court which, in exercise of powers under Article 226 of the Constitution of India, iss...

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Supreme Court Allows Banks to Deny Legal Representation in Wilful Defaulter Proceedings. In-House Committees of Banks Are Not Tribunals Under Section 30 of Advocates Act, 1961, and Right to Lawyer Is Not Part of Natural Justice.

The Supreme Court considered appeals against the Delhi High Court judgment which held that a borrower is entitled to be represented by a lawyer before...