https://www.taxtmi.com/caselaws?id=279727 The Calcutta HC held that a bank's proposal to classify borrowers as wilful defaulters could not stand where the mandatory procedure under the RBI Master Circular was not followed. Rule 3 requires a structured process, including action by the first committee and a show-cause notice from the committee contemplated under Rule 3(b), followed by appellate consideration. As no material showed that the Rule 3(b) committee had issued the requisite notice, the impugned writing inviting objections was treated as procedurally invalid and was set aside. 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 Calcutta HC held that a bank's proposal to classify borrowers as wilful defaulters could not stand where the mandatory procedure under the RBI Master Circular was not followed. Rule 3 requires a structured process, including action by the first committee and a show-cause notice from the committee contemplated under Rule 3(b), followed by appellate consideration. As no material showed that the Rule 3(b) committee had issued the requisite notice, the impugned writing inviting objections was treated as procedurally invalid and was set aside. Case-Laws Indian Laws Tue, 18 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279727