TMI BlogValidity of SCN proposing to declare the petitioners as wilful defaulters - Classification of Account as...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 de..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
