Banking
Court interpreted the definition of the term ‘Agricultural Land’
Sarfaesi, Wealth Tax Act, 1957 S. 2(e), Sarfaesi S. 31 "We agree that the determination of the character of land,...
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Crown’s preferential right to recovery of debts, over other creditors is confined to ordinary or unsecured creditors
"The Crown's preferential right to recovery of debts, over other creditors is confined to ordinary or unsecured creditors. The Common...
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Sarfaesi S. 41, RDDB S. 31-B, Tax Act
There is, thus, no doubt that the rights of a secured creditor to realise debts due and payable by sale...
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Sarfaesi – As to whether the Financial Institution, which is a Secured Creditor, or the Department of the Government concerned, would have the ‘Priority of Charge’ over the Mortgaged property in question, with regard to the tax and other dues, and
Full Bench of the Madras High Court, in the case of The Assistant Commissioner (CT), Anna Salai-III Assessment Circle v....
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RDDB S. 31–B – will give priority to the secured creditors even over the subsisting charges under other laws
Recovery of Debts and Bankruptcy Act, 1993, Section 31B - Insertion of Section 31B of the RDB Act will give...
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First charge
Sales Tax Act, S. 33-C, " Section 33-C creates a statutory charge that prevails over any charge that may be...
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RDDB S. 31-B, intention of the Parliament to give precedence even over the Government dues notwithstanding anything to the contrary in any other law
Recovery of Debts and Bankruptcy Act, 1993, Section 31B - Apart from the fact that Section 31B of the RDB...
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Conflict between two acts
If there is a conflict between the two special Acts, the later Act must prevail. To put it in other...
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Mortgagor has a right of redemption even after sale has taken place pursuant to the final decree, but before the confirmation of sale
CPC O.34 R.1, TPA S. 59 , TPA S. 60 , TPA S. 91 Mortgage – Redemption - Mortgagor has...
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Guarantor – ‘Agreement-cum-Pledge’ Deed – Liable – Board resolution
Guarantor - Court was concerned with the question whether Lunar Finance Ltd. was only a pledgor of certain shares or also...
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Guarantor – alone could have been sued, without even suing the principal debtor, so long as the creditor satisfies the court that the principal debtor is in default
"14. In Pollock & Mulla on Indian Contract and Specific Relief Act, Tenth Edition, at page 728 it is observed thus:...
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Banking – Since the deed of guarantee was drafted by the bank, in case of doubt, had to be read against the bank
Banking - Since the deed of guarantee was drafted by the bank, in case of doubt, had to be read...
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Guarantor – If the intent been to make the directors personally liable for the outstanding liabilities of the company also, it could have been so provided in the letter of guarantee
Guarantor - Letters of guarantee signed by the directors of the company did not make any mention of any old...
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Guarantee – Interpretation of – That depends upon the terms under which the guarantor bound himself. Under the law he cannot be made liable for more than he has undertaken
Guarantee - Interpretation of - While answering the question whether the guarantee subject matter thereof was enforceable, held, “That depends...
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Mortgage was not registered under Section 26-D of the SARFAESI Act – Affect
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), Section 26-D, 26-E - Section...
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