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PURUSHAINDRA KUMAR KAURAV
Ratul Puri – Appellant
Versus
Bank of Baroda Through General Manager – Respondent
| Table of Content |
|---|
| 1. challenge to wilful defaulter declaration. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. understanding the master circular provisions. (Para 48 , 49 , 50 , 51 , 52 , 53 , 54 , 55 , 56 , 57) |
| 3. arguments against wilful default allegations. (Para 60 , 61 , 62 , 63 , 64) |
| 4. forensic audit report's non-conclusiveness. (Para 88 , 90 , 91) |
| 5. order quashed; petition allowed. (Para 105) |
JUDGMENT
Purushaindra Kumar Kaurav, J.
1. By way of this Writ Petition filed under Article 226 of the Constitution of India, the Petitioner has challenged the impugned order dated 23.3.2023 passed by the Review Committee of the Respondent, Bank of Baroda ("Respondent Bank"). By the said impugned order, the Review Committee of the Respondent Bank confirmed the order dated 19.8.2022 passed by the Identification Committee, declaring the Petitioner as a Wilful Defaulter under the "Master Circular on Wilful Defaulters, 2015" ("Master Circular"), issued by the Reserve Bank of India ("RBI").
Facts of the case
2. It is stated that the Petitioner is the Chairman of Hindustan Power Projects Pvt. Ltd., which runs a 1200 mega-watt power plant and supplies electricity to three States namely, U.P., M.P. and Haryana. The Pe
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