Declaring NPA And Wilful Defaulter : Dr CS Manoj Joshi  

Borrowers who are tagged as deliberate defaulters face serious legal implications. The wilful defaulter designation is thus equivalent to "blacklisting" the borrower in credit and stock markets. Not only does it harm the borrower's business, but it also tarnishes the borrower's reputation, as well as that of its promoters and directors. Given these ramifications, it is vital that appropriate procedural safeguards be in place when identifying someone as a deliberate defaulter.
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