Supreme Court: Banks Must Serve COE Order and Review Decision Before Declaring Willful Defaulters Under RBI Guidelines.

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....Willful defaulters - declaration by a Bank based on a Master circular of RBI - In the absence of serving the order of COE on the petitioners, there could never have been a declaration of the petitioners as wilful defaulters since the Master Circular as directed by the Supreme Court contemplates declaration as wilful defaulter only after serving the copy of the order of COE and the consequent decision of the Review Committee. The procedure adopted by the 4th respondent while declaring the petitioners as wilful defaulters has thus failed to grant an opportunity to represent on law and on facts against the decision of the COE - HC....