https://www.taxtmi.com/caselaws?id=279727 The Court held that the Bank lacked jurisdiction to declare the petitioners as wilful defaulters due to non-compliance with the Reserve Bank of India Master Circular on Wilful Defaulters. The Court emphasized the importance of following the prescribed mechanism outlined in the Master Circular, specifically highlighting the requirement of issuing a show cause notice under Rule 3(b). The Court set aside the Bank's decision, stating that the impugned notice was invalidated by material irregularity. The Bank was allowed to invoke the Master Circular properly if it followed the prescribed procedures. The writ petition was disposed of with no costs awarded. en-us Tue, 18 Jul 2017 00:00:00 +0530 Wed, 03 Apr 2019 05:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279727 The Court held that the Bank lacked jurisdiction to declare the petitioners as wilful defaulters due to non-compliance with the Reserve Bank of India Master Circular on Wilful Defaulters. The Court emphasized the importance of following the prescribed mechanism outlined in the Master Circular, specifically highlighting the requirement of issuing a show cause notice under Rule 3(b). The Court set aside the Bank's decision, stating that the impugned notice was invalidated by material irregularity. The Bank was allowed to invoke the Master Circular properly if it followed the prescribed procedures. The writ petition was disposed of with no costs awarded. Case-Laws Indian Laws Tue, 18 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279727