KAUSTUV RAY Vs. IDBI BANK

JUDGEMENT

(1.) This appeal is at the instance of the Writ Petitioner challenging the order of the Learned Single Judge dtd. 21/3/2022 whereby W.P.O. No 340 of 2022 (Kaustuv Ray-versus-IDBI Bank and others) has been disposed of with certain directions.

(2.) The facts in a nutshell are that respondent No. 1 herein IDBI Bank Ltd granted working capital facilities to R.P Info Systems Limited of Rs.138.00 crores. The Company did not adhere to the terms and conditions on which the credit facilities were sanctioned. Rather it defaulted in repayment of the facilities as per agreed terms.

(3.) The writ petitioner, herein the appellant, one Kaustuv Ray, a promoter/guarantor of M/s R.P Info Systems Limited amongst many others on September 17, 2021 by a notice dated June 16, 2021 issued by respondent bank was asked to show cause and make submissions before the Wilful Defaulter Committee of the bank (First Committee) (hereinafter referred to as 'WDC') as to why the appellant's name should not be included in the list of Wilful Defaulters as per RBI guidelines either in person or in virtual mode by September 24, 2021. The appellant who had failed to intimate the change of permanent address to the respondent Bank did not receive the show cause notice, owing to which responded to the letter on September 20, 2021 requesting respondent No. 1 not to proceed with the hearing.