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...
To recover dues, bankers are trying to put the fear of God into obstinate defaulters to pay up. And how? By making it plain that they could get reported to the Credit Information Bureau, bankers have been able to achieve a modicum of success in recov
It true that the Banks suffer a lot in recovering the outstanding dues from the borrowers in the absence of special enactment like SARFAESI Act and the object of the enactment is really laudable. It is a procedural change basically to enable the Banks to recover the loans speedily and in my opinion, it is not the intention of the legislature to put the borrower remediless if they are really aggrieved at the action initiated by the Banks under SARFAESI Act, 2002.
Despite the effort made by the legislature to keep the recovery of debts by the Bank very simple and clear when the debt is secured, there exist few complications in law dealing with the recovery of secured debt under SARFAESI Act, 2002. The constitutional validity of the provisions of the SARFAESI Act were challenged before the Constitutional Courts and the courts have made it very clear that SARFAESI Act, 2002 is constitutionally valid though certain provisions required a re-look. Initially, when the act came to force, many writ petitions were filed challenging the action initiated by the Bank under the provisions of SARFAESI Act, 2002
I had the privilege of appearing in some cases under SARFAESI Act, 2002 both for the Banks and also for the debtors/guarantors. No citizen is allowed to say that they will take loan, execute documents and will not repay the loan to the Bank taking a
The government plans to tweak laws to facilitate seizure of assets from defaulting borrowers to help banks reduce non-performing assets, which are on the rise after the recent economic downturn.The finance ministry is expected to move a proposal before the cabinet suggesting changes in the Securitisation and Reconstruction Of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The Securitisation Company or Reconstruction Company shall take the measures specified in sections 9(a) of the Act, in accordance with instructions contained in Circular DNBS/PD (SC/RC) No. 17/26.03.001/2009-10, dated April 21, 2010 as amended from time to time.
A reference to the Twilight Zone to many readers may evoke associations with the classic television series and film about strange and bizarre events. he general connotation, that of a transitional or ambiguous condition, has more serious implications in the business world – it is the Zone of Insolvency from which the companies emerge or perish. In colloquial parlance, though the terms are used interchangeably, insolvency and bankruptcy are not synonymous. Insolvency is a state of affairs in which the financial difficulties of a company are such it is unable to run its business at its current pace.
Fraudsters would soon find it difficult to raise multiple loans against the same property with the budget setting aside Rs 25 crore for a Central Electronic Registry. The Central Electronic Registry (CER) would be a database of all all mortgages and the banks that have a charge. So in future when a borrower seeks to avail a loan against an apartment or a house, the lender will be able to verify whether anyone has already got a charge on the property.
Home loan frauds may become a thing of the past with the country moving closer to a central registry for equitable mortgages. Once a central registry is in place, it would be virtually impossible for a borrower to raise loans twice against the same property or raise loans using forged documents.
