Requisite Documents Must Accompany SCN in IBC Proceedings: Delhi HC

Shantanu Prakash Vs State Bank Of India & Ors. (Delhi High Court) Delhi High Court recently addressed the issue of Show Cause Notices (SCNs) issued by banks for declaring an account as fraudulent under the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner, an ex-director and guarantor of M/s Educomp Solution Limited, challenged the SCNs issued by multiple respondent banks. The petitioner argued that the SCNs were issued without supplying the requisite documents, preventing them from effectively responding. The petitioner, having no access to the company’s documents under the...