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Company Classified as Willful Defaulter for Foreign Letter of Credit Despite No Direct Loan Deposit to Account.
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....Wilful defaulter - Foreign Letter of Credit - even if, the loan amount or the fund was not directly disbursed in the petitioner’s current account but it was directly paid to the exporters on behalf of the petitioner by the bank - relationship of lenders and borrower has been established - rightly considered as wilful defaulter....