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Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Development Bank.
Various recommendations have been made by various study groups appointed by Government of India and RBI to arrest the incidents of accounts becoming NPA and circulars are being issued by RBI from time to time giving directions and guidance to banks and financial institutions on the steps to be taken to prevent slippage of NPA.
Supreme Court of India in its judgment on In Olga Tellis vs. Bombay Municipal Corporation (AIR 1986 SC 180 AT 193) observed, The question which we have to consider is whether the right to life includes the right to livelihood. We see only one answer to that question namely that it does.
Reserve Bank of India introduced the scheme of wilful defaulter in pursuant of the instructions of Central Vigilance Commission during the year 1999 and subsequently modified as per the recommendations of the Working Group constituted by RBI in consultation with the Government in the year 2002.
The advent of banking reforms in India has brought the concept of NPA (Non Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed by the bank.
Whether the present education system available to the students is conducive to fulfill their aspirations and congenial to equip them to face the challenges of the unknown future.
The Indian ethos accords the highest importance to truth. The motto Satyameva Jayate (Truth alone succeeds) is inscribed in our National Emblem Ashoka Sthambha. Our epics extol the virtue of truth. Gandhiji gave us truth – as the righteous means to achieve independence by launching the movement of Satyagraha
The recent happenings in Karnataka and Tamil Nadu and what is continuing in Kashmir and the political wrangles being perpetuated among the warring politicians and political parties and vested interests have opened a Pandora Box as to where our country is heading towards.
Sub section (3) of section 14 of SARFAESI Act stipulates that in case the secured creditor or it authorised officer do not act in accordance with the provisions of subsection (4) of section 13 and the rules made thereunder, then such action of the secured creditor taken as per sub-section (4) of section 13 can be made invalid by Debts Recovery Tribunal and pass such order as it may consider appropriate
Fundamental justice is a legal term that signifies a dynamic concept of fairness underlying the administration of justice and its operation, whereas principles of fundamental justice are specific legal principles that command ‘significant societal consensus’ as ‘fundamental to the way in which the legal system ought fairly to operate.’
