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2021 Supreme(Online)(Cal) 17

CALCUTTA HIGH COURT
, J
Sandip Kumar Bajaj and Another v. State Bank of India and Another


Advocates:
For the Appellants/Petitioners: Mr. Sabyasachi Chowdhury
For the Respondents: Mr. Om Narayan Rai

Table of Content
1. the validity of show-cause notices during insolvency matters. (Para 1 , 2)
2. arguments challenging the authority and applicability of rbi guidelines. (Para 3 , 4)
3. application of moratorium provisions under ibc. (Para 5 , 6 , 7)
4. procedural compliance and its implications in issuing show-cause notices. (Para 8 , 9 , 10 , 11 , 12)
5. conclusion on the validity of the show-cause notice. (Para 18 , 19)

1. The challenge in this writ petition is to a notice issued by the respondent State Bank of India to the petitioners by which the petitioners have been called upon to show cause and make submissions in writing within 30 days from the date of receipt of the notice as to why their names should not be included in the list of wilful defaulters as per the Reserve Bank of India (RBI) Guidelines. The Show - Cause Notice dated 14 November, 2019 was followed by correspondence between the parties culminating in a notice for personal hearing dated 6 August, 2020 by which the petitioners were called upon to personally appear before the Wilful Defaulter Identification Committee on 24 August, 2020 at a specific time. Both these notices have been challenged in this writ petition a









































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