Corporate Law : Learn how secured creditors can relinquish or realize their security interest during liquidation under IBC, including timelines an...
Corporate Law : Explore how the SARFAESI Act transformed banking practices, enhancing recovery processes while raising concerns about borrowers' r...
Corporate Law : SARFAESI Act of 2002 addresses India's non-performing assets. Section 13 empowers secured creditors to enforce security interests ...
Goods and Services Tax : Explore the Madras High Court ruling on allowing Input Tax Credit without physical invoices, emphasizing electronic records for GS...
Fema / RBI : Get answers to common queries about displaying secured assets under SARFAESI Act 2002. Learn about asset disclosure, updates, and ...
Corporate Law : Ministry of Finance addresses Lok Sabha questions on misuse of SARFAESI Act, detailing existing safeguards for borrowers and regul...
Finance : There is no mention of the term re-sealing of property in SARFAESI Act, 2022 and the Recovery of Debts and Bankruptcy (RDB) Act, 1...
Corporate Law : The Central Govt has initiated formulation of laws to secure prudential banking & help effect a culture of credit discipline i...
Fema / RBI : The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore...
Fema / RBI : It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously unde...
Corporate Law : Dismissing borrower’s petition, High Court held that a 15-day gap between publication and auction meets statutory requirement fo...
Fema / RBI : High Court declined to stay possession proceedings, holding that the petitioners’ inaction after filing the DRAT appeal disentit...
Corporate Law : Delhi HC prima facie held that National Commission for Scheduled Tribes (NCST) lacked jurisdiction to prevent Axis Bank from enfor...
Corporate Law : Karnataka High Court held that Enforcement Directorate cannot attach assets mortgaged to banks under SARFAESI Act. Court found tha...
Corporate Law : Karnataka High Court confirms that secured creditors can recover dues from property before GST claims if their SARFAESI Act charge...
CA, CS, CMA : CA. Ravish Maniyar found guilty of professional misconduct by ICAI for failing to disclose pending SARFAESI proceedings in an audi...
Fema / RBI : Reserve Bank of India (RBI) has issued Circular RBI/2023-24/63 on September 25, 2023, addressing the display of information relate...
Finance : Central Government hereby specifies such housing financial companies registered under sub-section (5) of section 29A of the Nation...
Corporate Law : Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) ...
Fema / RBI : Sale notice for sale of movable properties- E-Auction Sale Notice for Sale of Movable Assets under the Securitisation and Reconstr...
Dismissing borrower’s petition, High Court held that a 15-day gap between publication and auction meets statutory requirement for a subsequent sale and that auction notice contained sufficient property description and valid valuation.
High Court declined to stay possession proceedings, holding that the petitioners’ inaction after filing the DRAT appeal disentitled them to discretionary relief.
Delhi HC prima facie held that National Commission for Scheduled Tribes (NCST) lacked jurisdiction to prevent Axis Bank from enforcing its security interest under SARFAESI Act and stayed summons requiring personal appearance of bank’s MD and CEO.
Karnataka High Court held that Enforcement Directorate cannot attach assets mortgaged to banks under SARFAESI Act. Court found that such properties, acquired through lawful bank loans, are not proceeds of crime. It reaffirmed that secured creditors’ recovery rights under SARFAESI override PMLA proceedings where the bank is a victim, not a beneficiary.
Karnataka High Court confirms that secured creditors can recover dues from property before GST claims if their SARFAESI Act charge predates the GST encumbrance, ensuring proper auction proceedings.
DRAT Kolkata dismissed appeal against DRT, highlighting that multiple prior adjournments had already been granted. Courts cannot allow prolonged stalling of recovery proceedings under RDB Act.
The DRAT Chennai has disposed of an appeal from Venus P P V Spinning Mills against a conditional deposit order, instead directing the DRT Coimbatore to fast-track its final decision on the main case against South Indian Bank.
NCLT Delhi held that application filed under section 7 of the Insolvency and Bankruptcy Code by State Bank of India for initiation of Corporate Insolvency Resolution [CIRP] against Giga Pipe Systems Pvt. Ltd. admitted since financial debt and default established.
NCLT Chennai held that discretionary power on NCLT u/s. 7(5)(a) of the Insolvency and Bankruptcy Code cannot be used to impel financial creditor to consider settlement proposed by Corporate Debtor. Accordingly, CIRP against Aban Offshore Limited admitted.
DRAT Chennai held that rule 9(5) of Security Interest (Enforcement) Rules, 2002 empowers forfeiture of earnest money deposit when balance sale consideration is not paid within stipulated time. Accordingly, order confirmed and appeal is dismissed.
