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Large defaulters are those that have an outstanding amount of Rs 1 crore and above. According to RBI data, there were about 16,000 cases of wilful default involving nearly Rs 3.5 lakh crore at the end of 2022. ....
Pp Jewellers: Classification of a borrower as a wilful defaulter jeopardises the future of the business of the borrower and, therefore, the principles of natural justice necessitate giving an opportunity of a hearing before declaring the borrower as wilful defaulter, he argued. ....
The High Court in its recent order granted time to the company to put forth additional submissions to Union Bank s review committee for a fair and just decision on the matter. The bank s review committee had declared PP Jewellers as a wilful defaulter in February this year. ....