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2006 (5) TMI 188 - SC - Companies LawWhether the proposal of the Respondent No. 6 Development Credit Bank Ltd. for writing off of debts, amounting to ₹ 120 crores, of the Bank by RBI without following the proper procedures prescribed under the provisions of sections 13 and 14 of the Securitisation Act, 2002 and sections 19 and 31A of the Recovery of Debts Due to Banks Act, 1993 was illegal? Held that:- Appeal dismissed. Though some of the debts have to be written off with little chance of substantial recovery, we cannot lose sight of the fact that the Bank has generated considerable operating profits and has built up a substantial general reserve over the years, against which the debts written off have been adjusted.
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