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) ...
NCLAT Delhi held that the core issue of any insolvency proceeding is debt and default. Accordingly, when debt and default is undisputedly established, the Adjudicating Authority did not commit any error in accepting the Section 7 application for initiation of CIRP.
The writ petitioners challenged the public auction notice before the D.R.T under section 17 which was ultimately dismissed for non-prosecution. In the year 2007, due to devastating flood, all the costly machines were defunct.
NCLAT Delhi held that order of Adjudicating Authority refusing approval of resolution plan justified since deed claimed by Corporate Debtor is doubtful and questionable and accordingly, asset cannot be treated as asset of Corporate Debtor.
DRAT Chennai held that since sale not held in the manner required under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [SARFAESI Act] hence the same is liable to be set aside.
NCLT Cuttack held that application for initiation of Corporate Insolvency Resolution Process [CIRP] under section 7 of the Insolvency and Bankruptcy Code [IBC] admitted against Corporate Debtor [Fortune Spirit Limited] as debt and default in payment of debt duly proved.
Held that the statutory right of a Financial Creditor bestowed u/s. 7 of the ‘IBC’ cannot be curtailed to any ‘Inter-Creditor Agreement’ or Consortium agreement executed between the lender banks, as the same was only for regulating the inter se affairs of the consortium and the OTS proposal cannot be claimed by a borrower as a matter of right.
DRAT Chennai held that measures taken under SARFAESI Act for sale of property is not in accordance with also since affixture of the impugned sale notice was not proved by the appellant bank and valuation of the property was not properly done.
NCLT Ahmedabad admitted CIRP application under section 7 of the Insolvency and Bankruptcy Code by Central Bank of India [Financial Creditor] against M/s. Repute Foods Pvt. Ltd. [Corporate Debtor] as debt and default established.
ITAT Chennai dismisses an appeal, ruling that a property sale is subject to a pre-existing equitable mortgage, validating a bank’s action under SARFAESI Act.
The Punjab & Haryana High Court stayed SARFAESI Act proceedings for borrowers against Hinduja Housing Finance, subject to a Rs.10 lakh deposit, leading to the regularization of the account.
