Criminal Proceeding Against Borrower Can’t be Initiated Where Borrowers Declaration as Wilful Defaulter is Stayed: Karnataka HC

Recently, Karnataka HC ruled that criminal proceedings against borrowers can’t be initiated where borrowers’ declaration as wilful defaulters is stayed. The bench of Justice M Nagaprasanna opined that “the very act of the Bank in registering the crime during subsistence of the interim order and getting the matter closed where interim order was subsisting on

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