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 : Read how Bombay High Court's recent judgment issued crucial directives for swift processing of creditors' applications under SARFA...
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 : The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill,...
Company Law : NCLAT Delhi held that trusteeship deeds are generally signed between the trust on behalf of the lenders and the personal/ corporat...
Corporate Law : Hon’ble Supreme Court in the case of Gujarat Urja Vikas Nigam Ltd. has held that the NCLT cannot exercise its jurisdiction over ...
Corporate Law : Supreme Court rules in favor of a bona fide auction-purchaser under the SARFAESI Act, emphasizing due diligence and addressing own...
Corporate Law : Where secured creditor failed to pay the liquidation costs within 90 days after its intention to realize the security interest, th...
Corporate Law : NCLT Mumbai held that sale of property of personal guarantors by financial creditor under SARFAESI Act during protection of morato...
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...
Corporate Law : Central Government hereby makes the following amendments in the notification of the Government of India, in the Ministry of Financ...
Union Bank Of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) Considering the fact that the resolution plan has already been approved in this matter, and that the ED’s order of provisional attachment of the properties of Respondent No. 4 has been passed after the approval of the resolution plan […]
The right of the secured creditor to enforce the security interest under the SARFAESI Act does not arise unless the account of the borrower has been classified as an NPA in the books of account of the secured creditor (banks or financial institutions) in accordance with the guidelines issued by the Reserve Bank of India (RBI).
Section 18 of the Limitation Act, 1963 would have no application to proceedings under I&B Code. Therefore, the issue raised as regards acknowledgement of liability by reflection in the Balance Sheet/ Annual Return would be irrelevant.
1. Introduction The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) was introduced for the consolidation of laws relating to reorganization and insolvency in a time bound manner.[1] This single codified framework has been brought in to unify the erstwhile laws relating to this subject matter, which were spread across numerous statues. Ever […]
State Bank of India Vs State of Maharashtra (Bombay High Court) In our considered view the facts in the case at hand being similar to the facts in the case of ASREC (India) Limited (Supra) that decision would squarely be applicable to the facts of this case that if any Central statute creates priority of […]
Kiran Gupta Vs State Bank of India & Anr. (Delhi high Court) Whether a Bank/Financial Institution can institute or continue with proceedings against a Guarantor under the SARFAESI Act, when proceedings under the IBC have been initiated against the Principal Borrower & the same are pending adjudication? Section 128 of the Contract Act provides that […]
C. Bright Vs District Collector & Ors. (Supreme Court) Whether the time limit of 30 days which is further extendable by a further period 30 days for a District Collector to secure the possession of a secured asset is mandatory or directory? The challenge in the present appeal is to an order passed by the […]
M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT) Advocate, Mr. Nipun Singhvi appeared on behalf of the Respondent. The order is pronounced in the open court, vide separate sheet. 1. Sanjay Gupta, claiming himself to be the authorised signatory, on behalf of M/s. Neesa Infrastructure Limited filed this Petition under Section 10 of […]
Under Insolvency and Bankruptcy code, the application for initiation of corporate insolvency Resolution Proceedings can be initiated by 1) Financial Creditor under section 7(1) 2) Operational Creditor under section 9(1) 3) Corporate Debtor under section 10(1) Financial creditor means as per the section 5(7) the person to whom the financial debt is owed or legally […]
Pandurang Ganpati Chaugule Vs Vishwasrao Patil Murgud Sahakari (Supreme Court) (1) (a) The co-operative banks registered under the State legislation and multi-State level co-operative societies registered under the MSCS Act, 2002 with respect to ‘banking’ are governed by the legislation relatable to Entry 45 of List I of the Seventh Schedule of the Constitution of […]
