Declaration of wilful defaulter was set aside as review committee just endorsed view of identification committee : SC

FEMA, BANKING amp; INSURANCE : Where Committee for Identification of wilful defaulter of Bank declared petitioner-directors of borrower company as wilful defaulters and same was confirmed by Review Committee, since Review Committee had not applied its mind while assessing correctness of opinion rendered by Identification Committee and just endorsed views of Identification Committee, declaration of petitioner as a wilful defaulter could not be sustained and same was to be set aside

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