Banking
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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“Whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 prevails over the Sick Industrial Companies (Special Provisions) Act, 1985 – Sick Industrial Companies (Special Provisions) Act, 1985 (SICA)
“Whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 prevails over the Sick Industrial...
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Employees Provident Fund and Miscellaneous Provisions Act, 1952 (19 of 1952) Section 11(2) – Povident Fund Commissioner who would have first charge
In that case, the issue was whether the Bank would have first charge over the assets of a company to...
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Section 31 B of the RDB Act being a substantive provision giving priority to the “secured creditors”, the same will be applicable irrespective of the procedure through which the recovery is sought to be made (Gujarat Value Added Tax 2003)
While it is true that the Bank has taken over the possession of the assets of the defaulter under the...
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Enforcement of Security Interest and Recovery of Debts and Loans and Miscellaneous Provision (Amendment) Act, 2016 came into force w.e.f. 01.09.2016 has an overriding effect over all other enactments including the provisions the provisions of MP VAT Act, Central Sales Tax Act, Entry Tax Act and any other Tax Act. (MP VAT Act, 2002, Section 33)
" In our considered opinion, the Enforcement of Security Interest and Recovery of Debts and Loans and Miscellaneous Provision (Amendment)...
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Amendment made by Parliament is to give priority to the secured creditors vis a vis State dues without speaking about the first charge (Rajasthan VAT Act, Section 47)
Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B - Rajasthan VAT Act, Section 47 "We are...
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If any Central Statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the Value Added Tax of the State .
Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B - Securitisation and Reconstruction of Financial Assets and...
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