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PURUSHAINDRA KUMAR KAURAV
Ratul Puri – Appellant
Versus
Bank of Baroda Through General Manager – Respondent
| Table of Content |
|---|
| 1. validity of petitioner's claim (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. impact of financial downturn on mbil (Para 11 , 12 , 13 , 14 , 15) |
| 3. importance of financial functionality of mbil (Para 22 , 23 , 24 , 25) |
| 4. assessment of wilful default allegations (Para 37 , 38 , 39 , 40) |
| 5. arguments raised regarding procedural adherence by the bank. (Para 46 , 47) |
| 6. judicial review considerations in financial regulatory decisions. (Para 60 , 61 , 62) |
| 7. quashing of wilful defaulter declaration (Para 157) |
JUDGMENT
Purushaindra Kumar Kaurav, J.
1. This writ petition is filed by the petitioner under Article 226 of the Constitution of India challenging the validity of the impugned order dated 23.3.2023 passed by the Review Committee of the Respondent i.e., the Bank of Baroda ("respondent-Bank"), whereby, the decision dated 19.8.2022 taken by the Committee of Executives ("CoE"), declaring the petitioner as wilful defaulter under the "Master Circular on Wilful Defaulters, 2015" ("Master Circular"), issued by the Reserve Bank of India ("RBI"), was confirmed.
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 p
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