https://www.taxtmi.com/caselaws?id=402221 A writ challenge to wilful defaulter proceedings was maintainable where the company was under corporate insolvency resolution and the impugned notices and orders were directed personally against the petitioners. Clause 3(b) of the RBI Master Circular on wilful defaulters was construed strictly and was held applicable to the borrower and promoters or whole-time directors; it could not be used to proceed against independent directors or corporate guarantors who were not shown to fall within that class. The proceedings were also vitiated because the forensic report was not supplied, the Identification Committee order was not served, and the Review Committee failed to apply independent mind, constituting breach of natural justice and the prescribed procedure. en-us Wed, 23 Dec 2020 00:00:00 +0530 Sat, 26 Dec 2020 11:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402221 A writ challenge to wilful defaulter proceedings was maintainable where the company was under corporate insolvency resolution and the impugned notices and orders were directed personally against the petitioners. Clause 3(b) of the RBI Master Circular on wilful defaulters was construed strictly and was held applicable to the borrower and promoters or whole-time directors; it could not be used to proceed against independent directors or corporate guarantors who were not shown to fall within that class. The proceedings were also vitiated because the forensic report was not supplied, the Identification Committee order was not served, and the Review Committee failed to apply independent mind, constituting breach of natural justice and the prescribed procedure. Case-Laws Insolvency and Bankruptcy Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402221