SARFAESI Act may be amended for faster seizure of Assets of Loan defaulters

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 As...

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Posted Under: Corporate Law |

Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

Notification DNBS(PD-SC/RC) NO. 7/CGM (ASR)/-2010 21/04/2010

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....

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Difference between Insolvency and bankruptcy

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...

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Posted Under: Corporate Law |

Fraudsters would soon find it difficult to raise multiple loans against the same property

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 a...

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Posted Under: Corporate Law |

Central registry for equitable mortgages will end home loan frauds

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....

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Posted Under: Corporate Law |

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September 2021