https://www.taxtmi.com/caselaws?id=303832 A claim based on fraudulently obtained and unauthorized Letters of Undertaking was treated as a legally recoverable debt because the expression "debt" under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 was read broadly to include liabilities arising from fraudulent banking transactions. Written communications and balance-sheet entries were treated as admissions, so proof was dispensed with under the Evidence Act, and secondary evidence was accepted where permitted. The fraud pleading was found sufficiently particularised under the Code of Civil Procedure. On that basis, the beneficiaries of the unauthorized credit facilities were held liable to repay the bank with interest, and the matter was treated as maintainable before the Tribunal. en-us Sat, 06 Jul 2019 00:00:00 +0530 Thu, 18 Aug 2022 08:13:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303832 A claim based on fraudulently obtained and unauthorized Letters of Undertaking was treated as a legally recoverable debt because the expression "debt" under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 was read broadly to include liabilities arising from fraudulent banking transactions. Written communications and balance-sheet entries were treated as admissions, so proof was dispensed with under the Evidence Act, and secondary evidence was accepted where permitted. The fraud pleading was found sufficiently particularised under the Code of Civil Procedure. On that basis, the beneficiaries of the unauthorized credit facilities were held liable to repay the bank with interest, and the matter was treated as maintainable before the Tribunal. Case-Laws Indian Laws Sat, 06 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303832