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Last year, the highest court had ruled that a borrower must be given a hearing before labelling the account as 'fraud'. Now, CBI, which is probing many of these cases, insist that the SC verdict stands for all fraud accounts - new as well as old cases - but banks assert that the SC ruling cannot be given 'retrospective' effect to cover borrowers listed as frauds before the ruling.
REL said in a regulatory filing that in March 2023, RFL, achieved a key milestone when it completed a One-Time Settlement (OTS) with 16 lenders through organic collections. The company paid more than Rs 9,000 crore to the lenders
The Delhi High Court had ordered the removal of the ‘fraud’ tag from RFL after it had filed a writ petition with respect to declaration of RFL’s account as ‘fraud’ exposure by the lead bank.
Court-directed move signifies a positive turn for Religare Finvest's future.
State Bank of India (SBI), a key lender to Religare Finvest Limited (RFL), has expunged RFL's record, previously marked as a fraud, from the Central Fraud Registry database. This action follows a court order dated December 18, 2023, issued by the Delhi High Court instructing SBI to revoke the fraud