https://www.taxtmi.com/caselaws?id=424690 The court found that the respondent bank failed to comply with RBI guidelines and principles of natural justice by not serving a show cause notice to the petitioners or communicating the identification committee's order. Consequently, the court set aside the classification of the petitioners as willful defaulters and directed the bank to restart the process in adherence to RBI Circular instructions and principles of natural justice, as emphasized in a previous Supreme Court case. The writ petition was disposed of with directions for compliance, and no costs were awarded. en-us Tue, 28 Jun 2022 00:00:00 +0530 Thu, 07 Jul 2022 09:03:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424690 The court found that the respondent bank failed to comply with RBI guidelines and principles of natural justice by not serving a show cause notice to the petitioners or communicating the identification committee's order. Consequently, the court set aside the classification of the petitioners as willful defaulters and directed the bank to restart the process in adherence to RBI Circular instructions and principles of natural justice, as emphasized in a previous Supreme Court case. The writ petition was disposed of with directions for compliance, and no costs were awarded. Case-Laws Companies Law Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424690