The writ petition was filed against an order by the Review Committee (RC) of the respondent bank, affirming the declaration of the petitioner as a Wilful Defaulter. The petitioner, a director of Duncans Industries Limited, argued that the company had approached the bank for a One Time Settlement (OTS) and was undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner contended that the RC mechanically repeated the decision of the Wilful Defaulters Identification Committee without independent findings and that the company suffered huge losses during the relevant financial years. The bank argued that the petitioner had diverted funds, failed to route sales proceeds through the designated account, and
…Gouri Prasad Goenka, the petitioner and a director of Duncans Industries Limited, filed a writ petition against State Bank of India & Ors., challenging the Review Committee's (RC) order affirming his declaration as a wilful defaulter. Duncans Industries Limited had approached the bank for a One Time Settlement (OTS), but before the last extended period expired, the company underwent a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner argued that the RC mechanically repeated the decision of the Wilful Defaulters Identification Committee without independent findings. The company suffered losses from 2014-15 to 2018-19, and the committees failed to consider these losses. The bank alleged that the
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The writ petition was filed against an order by the Review Committee (RC) of the respondent bank, affirming the declaration of the petitioner as a Wilful Defaulter. The petitioner, a director of Duncans Industries Limited, argued that the company had approached the bank for a One Time Settlement (OTS) and was undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner contended that the RC mechanically repeated the decision of the Wilful Defaulters Identification Committee without independent findings and that the company suffered huge losses during the relevant financial years. The bank argued that the petitioner had diverted funds, failed to route sales proceeds through the designated account, and
…Gouri Prasad Goenka, the petitioner and a director of Duncans Industries Limited, filed a writ petition against State Bank of India & Ors., challenging the Review Committee's (RC) order affirming his declaration as a wilful defaulter. Duncans Industries Limited had approached the bank for a One Time Settlement (OTS), but before the last extended period expired, the company underwent a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner argued that the RC mechanically repeated the decision of the Wilful Defaulters Identification Committee without independent findings. The company suffered losses from 2014-15 to 2018-19, and the committees failed to consider these losses. The bank alleged that the
…The borrower-Company…
The contract with third…