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Indian Laws - Highlights / Catch Notes

Home Highlights March 2023 Year 2023 This

NPA - classifying their accounts as fraudulent - The principles ...

Indian Laws

March 29, 2023

NPA - classifying their accounts as fraudulent - The principles of natural justice demand that the borrowers must be served a notice, given an opportunity to explain the conclusions of the forensic audit report, and be allowed to represent by the banks/ JLF before their account is classified as fraud under the Master Directions on Frauds. In addition, the decision classifying the borrower’s account as fraudulent must be made by a reasoned order - SC

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