The writ petition challenges two show-cause notices issued by the State Bank of India (SBI) to Gouri Prasad Goenka, one in his capacity as guarantor of Duncans Industries Ltd. and the other as Whole-time Director and Promoter (since suspended) of Duncans Industries Ltd. The notices were issued to declare the petitioner a wilful defaulter. The petitioner argues that the notices are without jurisdiction and violate the RBI Master Circular on Wilful Defaulters and the provisions of the Insolvency and Bankruptcy Code (IBC).
Gouri Prasad Goenka received two show-cause notices from the State Bank of India (SBI). The first notice was issued to Goenka in his capacity as the guarantor of Duncans Industries Ltd., while the second notice was issued to him as the Whole-time Director and Promoter (since suspended) of Duncans Industries Ltd. These notices aimed to declare Goenka a wilful defaulter. Duncans Industries Ltd. is undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), with an Interim Resolution Professional (IRP) appointed. A moratorium under Section 14 of the IBC is in effect, prohibiting the institution or continuation of suits or proceedings against the corporate debtor. A One-Time Settlement (OTS) proposal by Duncans Industries
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A One-Time Settlement (OTS) proposal of…
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The writ petition challenges two show-cause notices issued by the State Bank of India (SBI) to Gouri Prasad Goenka, one in his capacity as guarantor of Duncans Industries Ltd. and the other as Whole-time Director and Promoter (since suspended) of Duncans Industries Ltd. The notices were issued to declare the petitioner a wilful defaulter. The petitioner argues that the notices are without jurisdiction and violate the RBI Master Circular on Wilful Defaulters and the provisions of the Insolvency and Bankruptcy Code (IBC).
Gouri Prasad Goenka received two show-cause notices from the State Bank of India (SBI). The first notice was issued to Goenka in his capacity as the guarantor of Duncans Industries Ltd., while the second notice was issued to him as the Whole-time Director and Promoter (since suspended) of Duncans Industries Ltd. These notices aimed to declare Goenka a wilful defaulter. Duncans Industries Ltd. is undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), with an Interim Resolution Professional (IRP) appointed. A moratorium under Section 14 of the IBC is in effect, prohibiting the institution or continuation of suits or proceedings against the corporate debtor. A One-Time Settlement (OTS) proposal by Duncans Industries
…A One-Time Settlement (OTS) proposal of…
An Interim Resolution Professional (IRP) was…