Declaration of Wilful Defaulter of the petitioner - Liability of ...

Companies Law

March 22, 2024

Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of decisions by the Review Committee, finding that the RC provided independent findings. - Regarding the defense against wilful default due to the CIRP, the Court held that an OTS does not absolve wilful default, especially if part of the loan is written off. - The Court noted evidence from the borrower-Company's balance sheets suggesting diversion of funds and disposal of assets, supporting the bank's allegations of wilful default. - Directors were held responsible for wilful default, irrespective of ongoing CIRP proceedings or OTS agreements. - The High Court dismissed the writ petition challenging the declaration of wilful defaulter status against the petitioner.

View Source

← Previous Next →

Declaration of Wilful Defaulter of the petitioner - Liability of ...

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...

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...

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

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

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...

Willful defaulters - The Master Circular does not impose an unreasonable restriction upon the promoters/entrepreneurs, being violative of the Article 19(1)(g) of the...

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...

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...

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...

Quick Updates: