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ANITA SUMANTH
V. Srinivasan – Appellant
Versus
IDBI Bank Limited – Respondent
ORDER :
Prayer in WP.No.34669 of 2023: Writ Petition filed under Article 226 of the Constitution of India praying to issue Writ of Certiorari calling for the records of the Review Committee of Respondent in the impugned Order No.WDRC/24/(FY2023-24)/WPEL dated 12.10.2023, quash the same.
Prayer in WP.No.34679 of 2023: Writ Petition filed under Article 226 of the Constitution of India praying to issue Writ of Certiorari calling for the records of the Wilful Defaulters Review Committee of Respondent in the impugned Order No.WDRC/24/(FY2023-24)/WPEL dated 12.10.2023, quash the same.
Prayer in WP.No.34662 of 2023: Writ Petition filed under Article 226 of the Constitution of India praying to issue Writ of Certiorari calling for the records of the Review Committee of Respondent in the impugned Order No.WDRC/24/(FY2023-24)/WPEL dated 12.10.2023, quash the same.
The Writ Petitioners were Directors in Winwind Power Energy Private Limited (in short ‘Company’). They challenge proceedings of the Defaulters Review Committee (DRC) of the IDBI Bank on various grounds.
2. Mr.P.V.Balasubramanian and Mr.A.K.Sriram, learned Senior Counsels appear for Mr.R.Palaniandavan, learned counsel on record for the pe
The classification of individuals as wilful defaulters must be supported by sufficient evidence and adhere to procedural requirements set by RBI guidelines; mere assumptions are inadequate.
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....
A non-whole time director cannot be classified as a wilful defaulter unless there is conclusive evidence of their awareness and consent regarding the default, as per RBI guidelines.
Banks classified as private corporations are not subject to writ jurisdiction under Article 12 of the Constitution; compliance with RBI directives is necessary for classifying borrowers as 'willful d....
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 main legal point established in the judgment is that the actions of the borrower-Company, including non-repayment, diversion of funds, and disposal of assets, constituted wilful default under the....
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