Gujarat HC Orders Bank Account Release of Director as No DRC-18 Finding Was Recorded

Pinank Rashehkumar VIN Vs Assistant Commissioner (Gujarat High Court) The Gujarat High Court noted the State’s submission that the original directors had abandoned the company, ₹12 lakh had initially been recovered, and the petitioner’s bank account was attached after recovery efforts failed. The State also admitted that no findings were recorded in Form DRC-18 establishing that recovery from the company was not possible before proceeding against the petitioner. In view of this admission, the Court directed the authorities to release the attachment on the petitioner’s Kotak Mahindr...