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A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma took note of the submissions of senior advocate Amit Desai, appearing for the Kochhars, that he would like to appear physically before it to argue the case. Desai, who was appearing virtually from Mumbai, said there were some connectivity issues, and sought an adjournment.
The RBI circular allows settlement of fraudulent accounts, raising concerns about justice and accountability. Wilful defaulters may be eligible for new loans after a minimum settlement period. The circular increases banks’ NPAs as they receive only a portion of the loan balance. Stronger measures
The Kochhars were arrested four years after a case was filed against them without any real basis recorded in writing.
"The ground for arrest of the petitioners mentioned in the arrest memos is in clear breach of the mandatory provisions," the court said.
Government has said 43 large corporate debtors, each having total admitted claims of Rs 2,500 crore were resolved under IBC till December 31, 2021