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S. M. SUBRAMANIAM, C. KUMARAPPAN
State Bank of India, Stressed Assets Management Branch, represented by its Deputy General Manager – Appellant
Versus
Shankar Varadharajan – Respondent
ORDER :
(S.M. Subramaniam, J.) :
(Common Prayer: Writ Appeal filed under Clause 15 of Letters Patent to set aside the order dated 29.08.2019 passed in W.P.Nos.13699, 21416 & 16254 of 2019.)
The writ order dated 29.08.2019 passed in W.P.Nos.13699, 21416 & 16254 of 2019 is sought to be assailed in the present intra-court appeal.
2. The initial question raised before this Court is whether the decision of the Hon'ble Supreme Court in State Bank of India Vs. Jah Developers Case reported in 2019 (6) SCC 787 would have prospective or retrospective application in respect of the cases for declaration of willful defaulter prior to the pronouncement of the Judgment.
3. The second question raised by the respondent would be that a copy of the order passed by the Identification Committee and the Review Committee have not been served on the respondents, which is in violative of the Reserve Bank Master Guidelines and in violation of the Rules of natural justice.
4. Mr.M.L.Ganesh, the learned Counsel appearing on behalf of the appellant/Bank would submit that Jah Developers case cited supra would have only prospective application and the principles have already been reiterated subsequently by the Hon'ble
Judicial decisions typically apply prospectively unless explicitly stated otherwise, ensuring stability in legal interpretations and preventing retroactive disruptions.
The main legal point established in the judgment is the requirement for reasoned orders and adherence to natural justice principles in the identification of wilful defaulters under the Master Circula....
The central legal point established in the judgment is the requirement for banks to follow a specific procedure, including issuing a show cause notice, granting a personal hearing, and passing a reas....
The main legal point established in the judgment is the requirement for quasi-judicial authorities to act fairly, provide an opportunity of personal hearing, and pass reasoned orders in accordance wi....
A declaration of wilful defaulters against non-executive directors requires specific allegations of involvement in the company's financial decisions; otherwise, it violates principles of natural just....
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