Kaustuv Ray vs IDBI Bank - 2023 Supreme(Cal) 586

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2023 Supreme(Cal) 586

PRAKASH SHRIVASTAVA, RAJARSHI BHARADWAJ
Kaustuv Ray – Appellant
Versus
IDBI Bank – Respondent

Advocates Appeared:
For the Appellant : Mr. Suvankar Nag, Mr. Dwaipayan Ghosh, Mr. Aditya Mondal.
For the Respondents: Mr. Chanyan Gupta, Mr. Kausik De, Mr. Roshan Pathak.

JUDGMENT :

Rajarshi Bharadwaj, J.

1. This appeal is at the instance of the Writ Petitioner challenging the order of the Learned Single Judge dated 21.03.2022 whereby W.P.O. No 340 of 2022 (Kaustuv Ray Vs. IDBI Bank and others) has been disposed of with certain directions.

2. The facts in a nutshell are that respondent No. 1 herein IDBI Bank Ltd granted working capital facilities to R.P Info Systems Limited of Rs 138 crores. The Company did not adhere to the terms and conditions on which the credit facilities were sanctioned. Rather it defaulted in repayment of the facilities as per agreed terms.

3. The writ petitioner, herein the appellant, one Kaustuv Ray, a promoter/guarantor of M/s R.P Info Systems Limited amongst many others on September 17, 2021 by a notice dated June 16, 2021 issued by respondent bank was asked to show cause and make submissions before the Wilful Defaulter Committee of the bank (First Committee) (hereinafter referred to as ‘WDC’) as to why the appellant’s name should not be included in the list of Wilful Defaulters as per RBI guidelines either in person or in virtual mode by September 24, 2021. The appellant who had failed to intimate the change of permanent addr

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