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Declaring the account as "Fraud" - Following the decision of Supreme Court, the High Court held that, the lender banks should provide an opportunity to a borrower by furnishing a copy of the audit reports and allow the borrower a reasonable opportunity to submit a representation before classifying the account as fraud. Consequently, HC held that the decision of the respondent banks declaring the account of the company as fraud is hereby quashed and set aside. - Matter remitted back to the bank and let the respondents concerned, after furnishing the copies of the forensic audit report and supplementary forensic audit report so also reasonable opportunity to the petitioners to submit the representation, complete the proceedings by passing order.
Declaring the account as "Fraud" - Following the decision of Supreme Court, the High Court held that, the lender banks should provide an opportunity to a borrower by furnishing a copy of the audit reports and allow the borrower a reasonable opportunity to submit a representation before classifying the account as fraud. Consequently, HC held that the decision of the respondent banks declaring the account of the company as fraud is hereby quashed and set aside. - Matter remitted back to the bank and let the respondents concerned, after furnishing the copies of the forensic audit report and supplementary forensic audit report so also reasonable opportunity to the petitioners to submit the representation, complete the proceedings by passing order.
Note: It is a system-generated summary and is for quick reference only.
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