petitioner herein
being violative of norms and guidelines
prescribed by the RBI.
(b) To pass such other and further
orders as may be deem ... issued by respondent no.2 - Reserve Bank of
India (For short "RBI").
4.5) The petitioner however was facing
huge financial loss on account
appointed and the Management of
the borrower company was suspended.
4.3 The RBI has issued a Circular dated 1st July, 2015 followed by
Master Circular ... have passed orders declaring the petitioners as
willful defaulters in terms of RBI Circular dated 1st July, 2015 and the
respondent bank issued notice dated
action of respondent
nos. 1 and 2 invoking powers under the RBI
Master Circular on willful Defaulter dated
01.07.2015 and subsequently, to quash ... principles of natural
justice and therefore, the impugned
declarations pursuant to the RBI Master
Circular and directions dated 1.07.2015 and
1.07.2016 respectively as well
aside.
8. Learned advocate Mr.Mangukiya submitted that
as per the RBI's circular, the guarantors are
exempted, if the guarantee is prior ... respondent has given complete go bye to the
guidelines issued by the RBI while issuing Master
Circular, more particularly clause 3 which
provides with
respondent no.2 bank from reporting the name
of the petitioners to RBI/CIBIL as "Willful
Defaulters".
4. Brief facts of the case ... Corporate Debtors and identifying the
petitioners as Willful Defaulter as per the
RBI Circular dated 01.07.2015 by placing
reliance on Forensic Audit report dated
defaulters are not germane and as per
the Master Circular issued by RBI for
declaration of willful defaulters inasmuch as
respondent no.1 bank stated ... with the
issue of willful defaulter wherein, while
upholding the powers of RBI in issuing master
circular relating to willful defaulter and
its constitutional validity
16918/2021 CAV JUDGMENT DATED: 23/09/2022
the Respondent No.1-RBI and the
impugned Appellate Order dated
03.02.2020 (Annexure-2) passed ... original order dated 10.09.2018
(Annexure-1) passed by the
Respondent No.1-RBI and the
Appellate Order dated 03.02.2020
(Annexure-2) passed by the
Respondent
appointed and the Management of
the borrower company was suspended.
4.3 The RBI has issued a Circular dated 1st July, 2015 followed by
Master Circular ... have passed orders declaring the petitioners as
willful defaulters in terms of RBI Circular dated 1st July, 2015 and the
respondent bank issued notice dated
appointed and the Management of the borrower
company was suspended.
3.3. The RBI has issued a Circular dated 1 st July,
2015 followed by Master ... have passed orders declaring the
petitioner as willful defaulters in terms of RBI
Circular dated 1st July, 2015 and the respondent
bank issued notice dated
list of "Willful
Defaulters" as per Reserve Bank of
India(RBI) Guidelines. In the said notice,
it was stated that the respondent ... Defaulters Identification Committee (WDIC)
of the respondentno.2 Bank constituted as
per RBI Circular on Willful Defaulters
dated 01.07.2015 has examined the conduct
