Banking
IBC S. 14(1)(c) – Sarfaesi S. 13 – Sale could not be confirmed after initiaton of the CIRP/Moratorium
IBC S. 14(1)(c) - Sarfaesi S. 13 - Security Interest (Enforcement) Rules, 2002, R. 8, 9 - Sale under sarfaesi...
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Sarfaesi S. 13 – Sale – Sale would be complete only when the auction purchaser makes the entire payment and the authorised officer,
Sarfaesi Act Section 13 - Security Interest (Enforcement) Rules, 2002, R. 8, 9 - Statutory sale - The sale would...
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Contract Act S. 171 – Lien – Bailment – Explained – Bank retaining title documents of property wrt another loan which is satisfied on account of default in another loan – Not covered u/s 171 – Ordered to release the papers.
Contract Act, S. 171 - Lien – Bailment - Section 171 of the said Act expresses the common law...
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OTS – Delay in encashment of OTS cheque – On payment by cheque before the stipulated date, the Respondent was entitled to a 15% incentive as agreed upon
OTS - Proposal was accepted on payment of stipulated amounts on a stipulated date - The Bank had agreed...
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IBC Sec 10A – As per Sec 10A, no IBC proceedings can be initiated against the Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021, keeping in view of the extended period of Sec 10A
IBC Sec 10A - As per Sec 10A, no IBC proceedings can be initiated against the Corporate Debtor for the...
Read moreIBC. S. 7 – Written contract cannot be treated as an essential element or pre-requisite to prove the existence of Financial Debt
IBC. S. 7 - Written contract cannot be treated as an essential element or pre-requisite to prove the existence...
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NPA – Action of the secured creditor in classifying the loan account as NPA can not be challenged at the stage of S. 13(2)
NPA – Writ - Classification of a defaulter's loan account as NPA precedes issuance of demand notice under Section 13(2)...
Read moreSARFAESI Act – RDB Act – It is immaterial as to which remedy the secured creditor opts first – Both can proceed simultaneously or either of the remedies can proceed after the other enactment is invoked
SARFAESI Act - RDB Act - Whether respondent/SBI would be precluded from taking steps under the 1993 Act after having...
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Sarfaesi S. 13(2) – Writ petition – At the stage of issuance of notice under Section 13 (2) of the SARFAESI Act, no interference is called for by the Court.
Sarfaesi S. 13(2) – Writ petition - Whether the notice issued by the respondent/SBI under Section 13 (2) of the...
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IBC S. 238A – Limitation – We see no reason why Section 14 or 18 of the Limitation Act, 1963 should not apply to proceeding under Section 7 or Section 9 of the IBC – Section 238A of the IBC makes the Limitation Act applicable to proceedings in NCLT/NCLAT ‘as far as may be’ and/or in other words, to the extent they may be applied
Insolvency and Banking Code, 2016 (31 of 2016), Section 238A - Another civil proceeding whether in a Court of first...
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Words- Words – ‘Shall’ – ‘as far as may be’ – The use of words ‘as far as may be’, occurring in Section 238A of the IBC tones down the rigour of the words ‘shall’ in the aforesaid Section which is normally considered as mandatory – IBC S. 238A.
Words – ‘Shall’ - ‘as far as may be’ - The use of words ‘as far as may be’, occurring...
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SARFAESI S. 13(2) – Right of the borrower to have a due consideration of objections where the bank is bound to apply its mind and inform the borrower of its reasons as to why and how the account is classified as NPA
SARFAESI Act Section 13(2) - The right of the borrower to have a due consideration of objections is, therefore, an important...
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NPA – Incorrect to presume that once an NPA is always an NPA – Prudential Norms and Master Circular issued by RBI
NPA - Incorrect to presume that once an NPA is always an NPA - Prudential Norms and Master Circular issued...
Read moreECLGS – Emergency Credit Line Guarantee Scheme – Denial of benefit under – Disbursal of the amount under the scheme was withheld raising a plea that all outstandings had to be paid as a condition precedent for such disbursal – Set aside
M.S. Ramachandra Rao, H.S. Madaan, JJ / Er.Sandeep Suri, for the petitioners. Mr.Shekhar Verma, for the respondents. / ECLGS -...
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Sarfaesi S. 14 – It is not open to the secured creditor to directly take physical possession of the property by dispensing with the requirement of obtaining the orders by the District Magistrate – Auction – Valuation – Sale set aside.
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) Section 14 – It...
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