https://www.taxtmi.com/highlights?id=75370 Declaration of Petitioner as a Wilful Defaulter under the Master Circular on Wilful Defaulters, 2015 - depriving the Petitioner from availing credit facilities for his present and prospective business enterprises - The High court found that the bank's reliance on a Forensic Audit Report, without independent verification or considering the petitioner's track record and the context of transactions, was inadequate to substantiate the declaration. - The court held that the bank failed to establish that the alleged acts of Wilful Default were "intentional, deliberate, and calculated," as required under the RBI's Master Circular. en-us Mon, 04 Mar 2024 09:50:26 +0530 Mon, 04 Mar 2024 09:50:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75370 Declaration of Petitioner as a Wilful Defaulter under the Master Circular on Wilful Defaulters, 2015 - depriving the Petitioner from availing credit facilities for his present and prospective business enterprises - The High court found that the bank's reliance on a Forensic Audit Report, without independent verification or considering the petitioner's track record and the context of transactions, was inadequate to substantiate the declaration. - The court held that the bank failed to establish that the alleged acts of Wilful Default were "intentional, deliberate, and calculated," as required under the RBI's Master Circular. Highlights Indian Laws Mon, 04 Mar 2024 09:50:26 +0530 https://www.taxtmi.com/highlights?id=75370