https://www.taxtmi.com/caselaws?id=755785 Where a proposed banking action may cause serious civil consequences, the affected party should ordinarily receive notice, the material relied upon, and a meaningful opportunity to respond before adverse action is taken. Applying that natural justice principle, the Court found the show cause notice vulnerable at the interim stage because the relied-upon documents, including the forensic audit report, had not been supplied and deeper examination was needed. Interim protection was granted by keeping the notice in abeyance, while directing the respondent to file a reply and place the forensic audit report on record. en-us Tue, 16 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755785 Where a proposed banking action may cause serious civil consequences, the affected party should ordinarily receive notice, the material relied upon, and a meaningful opportunity to respond before adverse action is taken. Applying that natural justice principle, the Court found the show cause notice vulnerable at the interim stage because the relied-upon documents, including the forensic audit report, had not been supplied and deeper examination was needed. Interim protection was granted by keeping the notice in abeyance, while directing the respondent to file a reply and place the forensic audit report on record. Case-Laws Insolvency and Bankruptcy Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755785