Bank of India Order Classifying Naresh Goyal's Loan Account as 'Fraud' Quashed: Bombay High Court
In a significant ruling that reinforces the principles of natural justice in banking procedures, the Bombay High Court has quashed a fraud classification order and show cause notice issued by the Bank of India against Naresh Jagdishrai Goyal, founder of Jet Airways, for failing to follow due process before branding his account as fraudulent. No opportunity of hearing before classifying loan account as fraud A Division Bench comprising Justices Riyaz…
