The petitioners, former directors of M/s. A K Power Industries Private Limited, filed a writ petition challenging a show-cause notice issued by the respondent no.1-bank regarding their inclusion in the list of Wilful Defaulters. The company had taken a loan from the bank and failed to repay it. The loans were secured by the petitioners' properties and guarantees. A forensic audit was conducted in April 2019 at the bank's request. The bank declared the company's account as a 'No Fraud Account' on May 10, 2019, after a joint lenders' meeting. Subsequently, the company proposed an One-Time Settlement, which the bank accepted. Meanwhile, Corporate Insolvency Resolution Process (CIRP) was initiated against the company on October 1, 2019, by the National Company Law
…M/s. A K Power Industries Private Limited took a loan from State Bank of India and subsequently defaulted. The loans were secured by primary and collateral securities, including equitable mortgage of immovable properties standing in the name of the company's directors (the petitioners) and their personal guarantees. In April 2019, the bank conducted a forensic audit of the company. On May 10, 2019, the bank declared the company's account as a 'No Fraud Account'. The company proposed an One-Time Settlement, which the bank accepted. On October 1, 2019, Corporate Insolvency Resolution Process (CIRP) was initiated against the company by the National Company Law Tribunal, Kolkata Bench. On November 4, 2019, the bank issued a show-cause notice to the petitioners, asking them
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Forensic audit was carried out into the…
The respondent no.1…
The petitioners, former directors of M/s. A K Power Industries Private Limited, filed a writ petition challenging a show-cause notice issued by the respondent no.1-bank regarding their inclusion in the list of Wilful Defaulters. The company had taken a loan from the bank and failed to repay it. The loans were secured by the petitioners' properties and guarantees. A forensic audit was conducted in April 2019 at the bank's request. The bank declared the company's account as a 'No Fraud Account' on May 10, 2019, after a joint lenders' meeting. Subsequently, the company proposed an One-Time Settlement, which the bank accepted. Meanwhile, Corporate Insolvency Resolution Process (CIRP) was initiated against the company on October 1, 2019, by the National Company Law
…M/s. A K Power Industries Private Limited took a loan from State Bank of India and subsequently defaulted. The loans were secured by primary and collateral securities, including equitable mortgage of immovable properties standing in the name of the company's directors (the petitioners) and their personal guarantees. In April 2019, the bank conducted a forensic audit of the company. On May 10, 2019, the bank declared the company's account as a 'No Fraud Account'. The company proposed an One-Time Settlement, which the bank accepted. On October 1, 2019, Corporate Insolvency Resolution Process (CIRP) was initiated against the company by the National Company Law Tribunal, Kolkata Bench. On November 4, 2019, the bank issued a show-cause notice to the petitioners, asking them
…Forensic audit was carried out into the…
The respondent no.1…