Post by Tarun Nangia

BIG -: Naresh Goyal / Bombay HC / Fraud Classification Quashed / Goyal is ex Promoter Jet Airways Bombay HC Division Bench of Justices R.I. Chagla & Farhan P. Dubash on Sept 25, 2025, quashed the classification of eNaresh Goyal’s account as “fraud” by Bank of India. Court held that the Show Cause Notices (Dec 30, 2024 & July 1, 2025) violated the principle of audi alteram partem laid down in SBI v. Rajesh Agarwal (2023) 6 SCC 1. Bank is free to issue a fresh SCN, but must follow due process and natural justice. Counsel Appearances: • For Petitioner (Naresh Goyal): Sr Adv Sharan Jagtiani with advocates Ameet Naik, Abhishek Kale, Tushar Hathiramani , Shraddha Achliya, Pranjal Agarwal, Harish Khedkar, Devashish Jagirdar , Ronit Doshi i/b law firm Naik Naik & Company - Advocates • For Respondent No.1 (Bank of India): Dr. Abhinav Chandrachud, Rakesh Singh, Kedar Nayak, S.D. Shetty law firm i/b M.V. Kini & Co. • For Respondent No.2: Ms. Huzan Bhumgara with Pradeep Mane, Shubhi Dotiya law firm i/b Desai & Diwanji Outcome: SCN & fraud classification set aside. Bank restrained from acting on earlier classification. Petition disposed of. Rgds. LSTN