Corporate Law : The Supreme Court held that borrowers lose their statutory right of redemption once a valid auction notice is published under Sect...
Finance : The article explores how the SARFAESI Act empowers banks to recover dues efficiently while highlighting the procedural safeguards ...
Finance : The paper shows that loan fraud persists due to enforcement failures, not lack of legal provisions. It highlights delays in detect...
Corporate Law : The Court held that insolvency proceedings cannot be invoked after completion of SARFAESI auction to stall recovery. It clarified ...
Corporate Law : Learn the critical protections available to borrowers facing recovery actions, including notice, appeal, and redemption rights, to...
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 : Supreme Court held that a Section 7 IBC application can proceed despite pending winding-up proceedings where no irreversible stage...
Corporate Law : Madras HC held that a pending NCLAT appeal did not prevent PNB from conducting a Swiss Challenge auction after the OTS proposal wa...
Corporate Law : DRT Chandigarh quashed the auction after finding the bank failed to maintain the mandatory 15-day notice period before sale....
Corporate Law : The DRAT upheld the DRT's refusal to accept the settlement after finding that the bank had not complied with the final order direc...
Corporate Law : The Supreme Court held that High Courts should ordinarily refrain from entertaining writ petitions in SARFAESI matters where an ef...
Corporate Law : IBBI held that an Insolvency Professional cannot delay constitution of the Committee of Creditors based on settlement discussions ...
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) ...
Bombay High Court held that after the recognition of the first charge of the assessee as a secured creditor, the charge of the Sales Tax Department to recover the sales tax dues would be valid.
Both the Micro, Small, and Medium Enterprises Development Act 2006 (MSMED Act) and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) contain non-obstante clauses and often cause confusion with respect to their applicability.
The present article discusses Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) and its impact i.e., positive or negative on an issue of non-performing assets (NPAs).
Recently, the Delhi High Court in the case of Rajiv Chakraborty vs Enforcement Directorate revisited the issue pertaining to the tussle between the Prevention on Money Laundering Act 2002, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, and Insolvency and Bankruptcy Code 2016 and emphasized on the need of a coherent and balanced approach while interpreting these statutes.
Bombay High Court directed that the Application filed by a Secured creditor under section 14 of the SARFAESI Act should be disposed of by the District Magistrate/ Collector in the State of Maharashtra not later than 30 days.
Supreme Court held that as the State of Himachal Pradesh didn’t took any steps for realization of its dues, recourse to Himachal Pradesh Land Revenue Act (HPLR Act) for recovery of dues as arrears of land revenue not sustainable.
CESTAT Delhi held that when a government company is involved there will be a rebuttable presumption regarding nonexistence of any of the ingredients mentioned in the proviso to section 73(1) of the Finance Act. Accordingly, extended period of limitation couldn’t be invoked.
Gujarat High Court held that the debts due to Bank – a secured creditor shall be paid in priority over other debts-taxes payable to the State Government.
How Insolvency and Bankruptcy Code (IBC) and SARFEASI are impacting in recovery of stressed assets? General idea, we all possess is that the role of ARC, established under SARFEASI to primarily resolve the issue of NPA/Bad Loan.
Union Bank of India Vs Rajasthan Real Estate Regulatory Authority (Supreme Court of India) The Supreme Court upheld Rajasthan High Court judgment and held that RERA would not apply in relation to the transaction between the borrower and the banks and financial institutions in cases where security interest has been created by mortgaging the property […]
