Monoranjan Roy Vs SBI Stressed Assets Resolution Group & Ors (Calcutta High Court)
The Calcutta High Court considered a writ petition challenging a show cause notice dated 2 December 2025 issued by a bank proposing to classify and report the petitioner’s account as fraud under the RBI Guidelines. The notice was based on a forensic audit report dated 4 June 2025.
The petitioner contended that an earlier show cause notice dated 18 November 2025 had been withdrawn without assigning reasons and replaced by another notice containing identical allegations. It was submitted that the forensic audit report itself stated that it had been prepared only for a confidential purpose and should not be used for any other purpose without the auditor’s consent. The petitioner also stated that company records had been seized by the Directorate of Economic Offences (DEO), production units had been sealed, and therefore the required documents could not be produced. It was further argued that the report had been prepared without complete records and that reliance upon it violated the principles of natural justice. Reliance was placed on T. Takano v. SEBI and Milind Patel v. Union Bank of India regarding disclosure of material relied upon in quasi-judicial proceedings.
