https://www.taxtmi.com/caselaws?id=279731 A wilful defaulter declaration cannot stand where the Identification Committee fails to supply a reasoned order, does not meaningfully consider the borrower's reply or request for personal hearing, and the Review Committee merely affirms the decision without speaking reasons. The Bombay High Court held that the RBI Master Circular requires examination of material, disclosure of reasons, consideration of the representation, and observance of natural justice before imposing this penal classification with serious civil consequences. The declaration was therefore set aside for procedural non-compliance and arbitrariness. en-us Thu, 12 Jul 2018 00:00:00 +0530 Wed, 03 Apr 2019 05:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279731 A wilful defaulter declaration cannot stand where the Identification Committee fails to supply a reasoned order, does not meaningfully consider the borrower's reply or request for personal hearing, and the Review Committee merely affirms the decision without speaking reasons. The Bombay High Court held that the RBI Master Circular requires examination of material, disclosure of reasons, consideration of the representation, and observance of natural justice before imposing this penal classification with serious civil consequences. The declaration was therefore set aside for procedural non-compliance and arbitrariness. Case-Laws Indian Laws Thu, 12 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279731