Overview
- Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad set aside the case and quashed all consequential proceedings.
- The court noted the FIR was lodged against unknown persons and the CBI failed to identify any accused after a preliminary enquiry begun in July 2021 before registering the case on August 16, 2023.
- The judges said disputes over debt restructuring and repayment remain commercial unless dishonest intent at the time of borrowing is shown.
- Forensic reviews commissioned by lenders reported no fraud or diversion, and the court pointed to Section 17A, which shields bank officials without prior sanction for probe.
- The bench also quashed a separate CBI FIR against GTL Ltd tied to alleged bank fraud exceeding ₹4,000 crore.