Mumbai, Sept. 18 -- The Bombay High Court today restrained Bank of Baroda from taking any coercive steps on its September four order that classified the company's loan accounts as "fraud".
Granting interim relief, a division bench of Justices Riyaz Chagla and Farhan Dubash directed the Bank not to act till the next hearing scheduled for September 24.
The direction was given in response to a petition field by RCom challenging the Bank of Baroda order on the grounds that the bank's move was illegal since the forensic audit report (prepared by BDO) was commissioned by State Bank of India (SBI), the lead lender of a consortium, and Bank of Baroda was not part of that consortium.
Senior Advocate Navroz Seervai, appearing for Ambani group, pra...