The petitioner filed a writ petition challenging orders declaring him a Wilful Defaulter. The respondent, IDBI Bank Limited, is part of a consortium of banks. The petitioner was a Director of Surya Exim Ltd. (SEL), which became a Non-Performing Asset (NPA) due to inadequate cash flows. A forensic audit was conducted, and a show-cause notice was issued to the petitioner. The petitioner replied, but the WDIC declared him a Wilful Defaulter. The petitioner was given an opportunity for a personal hearing and clarified his stand. The WDIC again declared him a Wilful Defaulter, and the WDRC confirmed the WDIC's order.
The petitioner, a director of Surya Exim Ltd. (SEL), challenged orders declaring him a Wilful Defaulter. SEL's account became an NPA due to inadequate cash flows, leading to a forensic audit. The respondent-IDBI issued a show-cause notice, alleging diversion of funds. The petitioner replied, but the WDIC declared him a Wilful Defaulter, a decision confirmed by the WDRC. The petitioner argued that the Forensic Audit Report (FAR) was not supplied, violating natural justice, and that an interim moratorium under Section 96 of the IBC should halt the proceedings. The respondent contended that the petitioner was aware of the FAR's contents and that the moratorium doesn't apply to Wilful Defaulter proceedings. The relevance of the facts lies in determining whether the
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Surya Exim Ltd. (SEL)…
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The petitioner filed a writ petition challenging orders declaring him a Wilful Defaulter. The respondent, IDBI Bank Limited, is part of a consortium of banks. The petitioner was a Director of Surya Exim Ltd. (SEL), which became a Non-Performing Asset (NPA) due to inadequate cash flows. A forensic audit was conducted, and a show-cause notice was issued to the petitioner. The petitioner replied, but the WDIC declared him a Wilful Defaulter. The petitioner was given an opportunity for a personal hearing and clarified his stand. The WDIC again declared him a Wilful Defaulter, and the WDRC confirmed the WDIC's order.
The petitioner, a director of Surya Exim Ltd. (SEL), challenged orders declaring him a Wilful Defaulter. SEL's account became an NPA due to inadequate cash flows, leading to a forensic audit. The respondent-IDBI issued a show-cause notice, alleging diversion of funds. The petitioner replied, but the WDIC declared him a Wilful Defaulter, a decision confirmed by the WDRC. The petitioner argued that the Forensic Audit Report (FAR) was not supplied, violating natural justice, and that an interim moratorium under Section 96 of the IBC should halt the proceedings. The respondent contended that the petitioner was aware of the FAR's contents and that the moratorium doesn't apply to Wilful Defaulter proceedings. The relevance of the facts lies in determining whether the
…Surya Exim Ltd. (SEL)…
Prestige Marketing…