Kotak Mahindra Bank Ltd vs Hindustan National Glass & Ind.Ltd.& ...

The Supreme Court ruled that the Reserve Bank of India's Master Circular on Wilful Defaulters applies to entities classified as wilful defaulters under its provisions, regardless of the specific lender-borrower relationship. The Court held that the appellant bank's classification of the respondent as a wilful defaulter was valid, as the respondent had defaulted on payments due. Consequently, the appeal against the Calcutta High Court's order was allowed, affirming the bank's actions under the Master Circular.