Jagdish Prasad Saboo vs Idbi Bank Limited on 27 March, 2023
C/SCA/19261/2022 CAV JUDGMENT DATED: 27/03/2023
4.3 Learned advocate Mr.Bhagat has submitted that
the respondent-Bank has followed mechanism, as
provided under Clause 3 of the master circular
dated 01.07.2015 of the RBI and accordingly, by a
well-reasoned show-cause notice dated 28.05.2021
by incorporating the findings of the FAR, the
petitioner was called upon explaining
discrepancies therein. It is submitted that
further the letter dated 02.03.2022 was also
issued upon the petitioner to uphold the
principles of natural justice and after affording
personal opportunity of hearing before the WDIC,
the impugned order has been passed. With regard
to the order passed by the WDRC, he has submitted
that the WDRC has also considered the
representation filed by the petitioner dated
09.07.2022 and by a well-reasoned order, it has
confirmed the order passed by the WDIC. While
referring to the FAR of SKVM & Co. dated
08.07.2020, learned advocate Mr.Bhagat has
submitted that the respondent has provided
relevant conclusion of the report, which was
material for declaring the petitioner as a Wilful
Defaulter. While placing reliance on the
judgement of High Court of Bombay in the case of
Nitin Vs. IDBI Bank Ltd., 2019 (109) Taxmann.com
211 (Bomaby), it is submitted that the petitioner
was afforded complete opportunity to defend
himself and since neither principles of natural
justice has been violated nor there is any breach
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C/SCA/19261/2022 CAV JUDGMENT DATED: 27/03/2023
of master circular issued by the RBI, the
impugned orders may not be set aside.