No advocate / chartered accountants can represent willful defaulter

Revati Cements Pvt. Ltd & Anr. Vs State Bank of India & Ors. (Madhya Pradesh HC) Conclusion: Assessee-company being a ‘willful defaulter’ could not be represented through the lawyers or Chartered Accountants as the personal hearing was available only to borrower Director and Promoter of the alleged default unit. Held: Bank had issued a notice to assessee-company proposing to declare them as ‘‘wilful defaulter’’ under Master Circular. Assessee-company being aggrieved by order of declaring as ‘wilful defaulter’ under the provisions of Reserve Bank of India, Master Circul...