P&H: Upholds fraud classification of account, says audi alteram partem was followed
The Punjab and Haryana High Court has dismissed a writ petition filed by Rakesh Nayyar, a former director of Woolways India Limited, who challenged State Bank of India’s decision to classify the company’s loan account as fraud and report his name to the Reserve Bank of India.
The petitioner argued that the bank acted without giving him a proper hearing. He said the company had already gone through insolvency proceedings under the Insolvency and Bankruptcy Code, and a repayment plan had been approved in 2025. According to him, the bank relied on a forensic audit report from 2019 and passed...
