Delhi HC stays IDBI Bank order to classify former Punj Lloyd chairman Atul Punj’s account as fraud

The Delhi High Court has issued a stay on IDBI Bank's order to classify Atul Punj's account as fraud in relation to loans taken by Punj Lloyd. The court allowed the lender to report to regulatory authorities for further action. The case revolves around differing opinions on fraud classification among banks in the consortium. The court clarified the process for declaring accounts as fraud under RBI guidelines.