https://www.taxtmi.com/caselaws?id=752689 The Calcutta HC set aside and quashed decisions by Central Bank of India's First Committee and Review Committee declaring petitioners as willful defaulters. The court held that the bank's reliance on a Technical Audit Report (TAR) was legally untenable since NCLT had refused to accept the report, and the bank as consortium member was bound by this order. The lead bank Punjab National Bank had already reversed its willful defaulter declaration based on NCLT's dismissal of the TAR. The court found no substantiated link between consortium loans and alleged misuse of funds, and noted the Review Committee failed to provide reasoned orders, vitiating the entire process. en-us Tue, 14 May 2024 00:00:00 +0530 Thu, 16 May 2024 08:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752689 The Calcutta HC set aside and quashed decisions by Central Bank of India's First Committee and Review Committee declaring petitioners as willful defaulters. The court held that the bank's reliance on a Technical Audit Report (TAR) was legally untenable since NCLT had refused to accept the report, and the bank as consortium member was bound by this order. The lead bank Punjab National Bank had already reversed its willful defaulter declaration based on NCLT's dismissal of the TAR. The court found no substantiated link between consortium loans and alleged misuse of funds, and noted the Review Committee failed to provide reasoned orders, vitiating the entire process. Case-Laws Companies Law Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752689