CIC Refuses To Direct RBI To Disclose Defaulters And NPAs List, Awaits SC Verdict [Read Order]
7 years, 10 months ago

CIC Refuses To Direct RBI To Disclose Defaulters And NPAs List, Awaits SC Verdict [Read Order]

Live Law  

A full-Bench of the Central Information Commission recently refused to direct the RBI to disclose list of defaulters and non-performing assets, in view of a similar issue being under consideration before the Supreme Court in the case of Centre for Public Interest Litigation v. Housing and Urban Development Corporation Ltd. & Ors., WP No 573/2003.The CIC Bench, comprising. A full-Bench of the Central Information Commission recently refused to direct the RBI to disclose list of defaulters and non-performing assets, in view of a similar issue being under consideration before the Supreme Court in the case of Centre for Public Interest Litigation v. Housing and Urban Development Corporation Ltd. & Ors., WP No 573/2003. As regards the Government’s resolve to reform the statutory and other mechanism for recovery of the NPAs through the DRT and SARFAESI Act we direct that a comprehensive note indicating the Government's action plan in that direction may be filed, if so advised in a sealed cover for the perusal of this Court.” The Commission was hearing an Appeal filed by RTI activist Mr. Subhash Chandra Agrawal, who had sought a list of bank-defaulters of public sector banks with an outstanding amount of more than Rs. The Commission, however, disposed of the matter in view of the case pending before the Apex Court, and observed, “Having considered the submissions of both the parties, the Commission observes that since a similar issue is pending adjudication before the Hon'ble Supreme Court in the matter of Central for Public Interest Litigation Vs. Housing & Urban Development Corporation Ltd. & Ors., it would be judicious to await the final outcome from the Hon'ble Supreme Court.

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History of this topic

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI
1 month ago

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI

The Hindu  

Raising concerns over banks casual take in declaring bank accounts as defaulter or fraud, the Bombay High Court on Friday, issued notice to Union Bank of India and the Reserve Bank of India in response to a petition filed by industrialist Anil Ambani. The petition challenges the October 10, 2024, order passed by the UBI by which it classified Mr. …

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT
3 months, 3 weeks ago

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that when default has been committed by the Corporate Debtor prior to Section 10A period, any default committed during the Section 10A period cannot be held to bar the application which is filed on the basis of default prior to Section 10A and subsequent …

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT
3 months, 3 weeks ago

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that upon declaration of the loan account/ debt as NPA that date can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Code. There being default by the Corporate Debtor prior to 01.03.2020 and also …

NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory
1 year, 2 months ago

NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the filing of default information with Information Utility in compliance with Rule 20 of IBBI Regulations 2017 is not mandatory compliance. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that the filing of default information with Information Utility in compliance with …

Should Banks Inform Borrowers About Changes In Interest Rates, Give Annual Loan Statements? Supreme Court Asks RBI
1 year, 6 months ago

Should Banks Inform Borrowers About Changes In Interest Rates, Give Annual Loan Statements? Supreme Court Asks RBI

Live Law  

The Supreme Court of India on Monday requested the Reserve Bank of India to submit an affidavit clarifying its directives concerning banks’ obligations to borrowers. A bench of Justices Sanjiv Khanna and SVN Bhatti was hearing a special leave petition filed by the Punjab National Bank against an August 2022 decision of the Punjab and Haryana High Court quashing a …

Never Said Borrowers Should Be Personally Heard Before Their Accounts Are Classified As Fraud : Supreme Court
1 year, 10 months ago

Never Said Borrowers Should Be Personally Heard Before Their Accounts Are Classified As Fraud : Supreme Court

Live Law  

The Supreme Court on Friday clarified that its judgment, which mandated that borrowers should be heard by banks before their accounts are classified as fraudulent in terms of the RBI master circulars, did not mean that they should be personally heard.Opportunity of hearing does not mean personal hearing, said the bench comprising Chief Justice of India DY Chandrachud and Justice …

"Loan Defaulters Lifestyle Never Suffers; Play With Public Money": Supreme Court
2 years, 6 months ago

"Loan Defaulters Lifestyle Never Suffers; Play With Public Money": Supreme Court

Live Law  

The Supreme Court of India on Thursday observed that it's not possible for the court to monitor how many loans are recovered while hearing a PIL which highlighted the issue of loans advanced to some companies without observing the law, by state-owned Housing and Urban Development Corporation. The court was considering a petition was filed by the Centre for Public …

Public Sector Banks Can Seek Look Out Circulars Against Defaulters Only If Detrimental To Economic Interest Of India: Kerala High Court
2 years, 6 months ago

Public Sector Banks Can Seek Look Out Circulars Against Defaulters Only If Detrimental To Economic Interest Of India: Kerala High Court

Live Law  

The Kerala High Court recently held that the public sector banks can request for opening of Look Out Certificates against defaulting account holders, only if the departure of the defaulter would be detrimental to the economic interest of India or it would not be in the larger public interest.Justice V.G. The Kerala High Court recently held that the public sector …

A Report Under Section 99 Of IBC Cannot Be Filed By Resolution Professional Without The Adjudicating Authority's Directions: NCLT Mumbai
2 years, 8 months ago

A Report Under Section 99 Of IBC Cannot Be Filed By Resolution Professional Without The Adjudicating Authority's Directions: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, while adjudicating a petition filed in Bank of Baroda Limited v Mr. Pawan V Kikavat, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of …

RBI Has Wide Supervisory Powers Over Financial Institutions Like SIDBI, Its Directions Are Statutorily Binding: Supreme Court
3 years, 2 months ago

RBI Has Wide Supervisory Powers Over Financial Institutions Like SIDBI, Its Directions Are Statutorily Binding: Supreme Court

Live Law  

A Supreme Court bench comprising, while presiding over a matter regarding delayed payments of principal amount and interest accrued on bonds issued by SIDBI, stated that " The facts of the case relate to the issuance of a number of bonds by the appellant to M/s. The appellant refused to do so citing that RBI had issued a facsimile directing …

CIC Stays RBI Order Directing Bank To Disclose RTI Information On NPAs & Top Defaulters
3 years, 8 months ago

CIC Stays RBI Order Directing Bank To Disclose RTI Information On NPAs & Top Defaulters

Live Law  

The Central Information Commission has stayed the order of the First Appellate Authority of the Reserve Bank of India which had directed the disclosure of information on non-performing assets and top defaulters of the Saraswat Co-operative Bank Limited. The RBI's FAA issued the direction to the bank in an RTI application filed by former Commissioner Shailesh Gandhi, seeking information on …

Supreme Court Refuses To Stay RBI Notices To Bank Under RTI To Disclose Information
3 years, 8 months ago

Supreme Court Refuses To Stay RBI Notices To Bank Under RTI To Disclose Information

Live Law  

The Supreme Court on Friday refused the prayers made by Punjab National Bank and Union Bank of India to stay the RTI notices issued to them by the Reserve Bank of India to disclose information related to defaulters list, inspection reports etc.A division bench comprising Justices S Abdul Nazeer and Krishna Murari however issued notice on the writ petitions filed …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 10 months ago

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs

Live Law  

Supreme Court has been moved by two Companies seeking punishment to contemners for flouting the top Court's order dated 3rd Sept 2020 whereby it had declared that " accounts which were not declared NPA till 31st August 2020 shall not be declared NPA till further orders " The petitions have been filed by Advocate Vishal Tiwari and Advocate Abhigya. The …

Plea Seeking Extension of The Benefits Of RBI Circular on Loan Moratorium To All NBFCs: SC Issues Notice
4 years, 10 months ago

Plea Seeking Extension of The Benefits Of RBI Circular on Loan Moratorium To All NBFCs: SC Issues Notice

Live Law  

The Supreme Court has issued notice to the Centre and Reserve Bank of India in a plea by The Confederation of Real Estate Developers' Associations of India which sought for clarification regarding whether all NBFCs were eligible for loan moratorium or whether banks had the discretion to give the benefit. On March 27, in wake of the COVID-19 pandemic and …

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]
4 years, 11 months ago

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]

Live Law  

The Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank, in light of the moratorium allowed by the RBI by its circular issued on March 27. While passing the interim order, the bench expressed agreement with the view expressed by another bench in the case Ananth …

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]
4 years, 11 months ago

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]

Live Law  

The Delhi High Court has held that the advisory issued by Reserve Bank of India on moratorium on loans in the wake of COVID-19 pandemic is applicable even to loans which were on default as on March 1, 2020.On this premise, the Court restrained Yes Bank from classifying a loan, which was on default since January 1, as Non Performing …

Central Information Commission directs RBI to provide names of big loan defaulters
5 years, 10 months ago

Central Information Commission directs RBI to provide names of big loan defaulters

Firstpost  

The Central Information Commission has directed the Reserve Bank of India to disclose the list of big loan defaulters it had sent to banks for resolution New Delhi: The Central Information Commission has directed the Reserve Bank of India to disclose the list of big loan defaulters it had sent to banks for resolution. The CIC’s directive came while deciding …

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
5 years, 10 months ago

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS

Firstpost  

Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS Mumbai: Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to …

RBI withdraws circular that asked banks to disclose IL&FS exposure, provisions
5 years, 10 months ago

RBI withdraws circular that asked banks to disclose IL&FS exposure, provisions

Live Mint  

Mumbai: The Reserve Bank of India on Wednesday withdrew its 24 April-circular which mandated banks to disclose their exposure to Infrastructure Leasing and Financial Services Ltd, and its group entities, in their notes to financial statements. This comes after the National Company Law Appellate Tribunal last week allowed banks to declare defaulting loans of IL&FS and its group companies as …

Points of conflict
5 years, 10 months ago

Points of conflict

The Hindu  

The story so far: On April 26, the Supreme Court directed the Reserve Bank of India to disclose to the public the names of wilful defaulters on loans and also other information gathered by the central bank during its annual inspection of commercial banks. In January 2016, the RBI refused to comply with demands made by activists under the Right …

NCLAT allows banks to declare defaulting IL&FS accounts as NPAs
5 years, 10 months ago

NCLAT allows banks to declare defaulting IL&FS accounts as NPAs

Live Mint  

The National Company Law Appellate Tribunal on Thursday allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments. However, the appellate tribunal has also clarified that although the banks would declare the IL&FS accounts as NPAs but can not initiate recovery process and debit money. The NCLAT had in …

RBI’s revised guidelines for resolution of stressed assets likely before May 23
5 years, 11 months ago

RBI’s revised guidelines for resolution of stressed assets likely before May 23

Live Mint  

New Delhi: The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on issuance of a revised framework for resolution of stressed assets by the Reserve Bank of India and the guidelines are expected to be announced before May 23, sources said. Against the backdrop of the Supreme Court quashing an RBI circular, issued …

RBI wants banks to disclose IL&FS NPAs, provisions in their Q4 results
5 years, 11 months ago

RBI wants banks to disclose IL&FS NPAs, provisions in their Q4 results

Live Mint  

Mumbai: The Reserve Bank of India on Wednesday asked banks to disclose their exposure to Infrastructure Leasing and Financial Services Ltd, and its group entities, in their notes to financial statements. In a notification, RBI said banks must disclose details, including total amount of exposure that are non-performing assets as per Income Recognition and Asset Classification norms, but not classified …

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment
5 years, 11 months ago

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment

Live Law  

The Supreme Court of India in the matter of Dharani Sugars & Chemical Ltd Vs. Union of India struck down Circular dated 12th February 2018 issued by RBI as ultra vires of section 35AA of the Banking Regulation Act, 1949. The Supreme Court analyzed the scope of power of RBI under Section 35 AA of the BR Act and held …

SC repeals RBI's 12 February circular: Lenders can now refer defaulters to NCLT on case by case basis: Bankers
5 years, 11 months ago

SC repeals RBI's 12 February circular: Lenders can now refer defaulters to NCLT on case by case basis: Bankers

Firstpost  

According to former RBI deputy governor R Gandhi banks can now take defaulting companies on their own instead of being directed by the regulator. In the best interest of customers, banks will take a call on referring cases to National Company Law Tribunal on case by case basis, a top public sector bank official told PTI. Prior to the 12 …

SC quashes RBI Feb 12 circular: What it means for deal activity in India
5 years, 11 months ago

SC quashes RBI Feb 12 circular: What it means for deal activity in India

Live Mint  

Mumbai: India-focused distressed assets funds may see higher deal activity in pre-National Company Law Tribunal cases with the Supreme Court quashing the Reserve Bank of India’s 12 February 2018 circular on Tuesday. RBI had on 12 February 2018 ordered lenders to begin bankruptcy proceedings against defaulters before NCLT if they failed to make interest payment within 180 days of missing …

Supreme Court quashes RBI’s February 12 circular on one-day default
5 years, 11 months ago

Supreme Court quashes RBI’s February 12 circular on one-day default

Deccan Chronicle  

Mumbai: The Supreme Court on Tuesday declared as unconstitutional the Reserve Bank of India’s February 12, 2018 circular on defaulting companies. The Supreme Court held that in the light of section 35AA of the Banking Regulation Act, the RBI could not have issued a generic circular mandating reference under the Insolvency and Bankruptcy Code. As a result, all cases in …

SC Strikes Down RBI Circular Asking Banks To Take Defaulting Companies To Insolvency [Read Judgment]
6 years ago

SC Strikes Down RBI Circular Asking Banks To Take Defaulting Companies To Insolvency [Read Judgment]

Live Law  

The Supreme Court today struck down the circular issued by the Reserve Bank of India on February 12, 2018 directing banks to initiate insolvency proceedings against companies having bad debts of Rs 2000 crores or above.The February 12 circular had directed banks to resolve debts over Rs 2000 crores within 180 days, failing which the corporate debtor would have to …

Supreme Court quashes RBI’s 12 February circular on one-day default
6 years ago

Supreme Court quashes RBI’s 12 February circular on one-day default

Live Mint  

Mumbai: The Supreme Court on Tuesday quashed the Reserve Bank of India’s 12 February circular which prescribed rules for recognising one-day defaults by large corporates and called for insolvency action as a remedy. Since the central bank had also cancelled all its previous restructuring schemes in favour of 12 February circular, lenders will now have to individually look at resolution …

Bombay HC Grants Interim Stay On CIC’s Order Directing RBI To Disclose Wilful Defaulters’ List
6 years, 3 months ago

Bombay HC Grants Interim Stay On CIC’s Order Directing RBI To Disclose Wilful Defaulters’ List

Live Law  

The Bombay High Court on Friday granted interim stay on Central Information Commission’s order directing the RBI to submit a list of wilful defaulters with a bad loan of over Rs. The CIC had also issued a notice to then RBI Governor Urjit Patel for non-compliance of its orders on November 2, 2018.A division bench of Justice BP Dharmadhikari and …

Bombay HC Seeks Centre’s Response In RBI’s Petition Challenging CIC Order Directing Disclosure Of FCRA List [Read Order]
6 years, 4 months ago

Bombay HC Seeks Centre’s Response In RBI’s Petition Challenging CIC Order Directing Disclosure Of FCRA List [Read Order]

Live Law  

The Bombay High Court on Thursday directed the Centre to file its reply to a petition filed by the Reserve Bank of India challenging an order by the Chief Information Commission directing the RBI to disclose names of wilful defaulters and foreign donors on the Foreign Contribution Act watchlist.The division bench of Justice B.P. The Bombay High Court on Thursday …

RBI seeks stay on CIC order on foreign donors in FCRA list
6 years, 4 months ago

RBI seeks stay on CIC order on foreign donors in FCRA list

Live Mint  

Mumbai: The Reserve Bank of India has approached the Bombay high court against a Central Information Commission order for the central bank to provide details of foreign donors placed by the ministry of home affairs on the Foreign Contribution Act watchlist. In its petition, RBI said that the CIC has issued a showcause notice and directed it to disclose the …

Disclosure of Loan Defaulters' List : CIC Should Ensure Compliance By RBI, Acharyulu Writes To Chief Information Commissioner [Read Letter]
6 years, 4 months ago

Disclosure of Loan Defaulters' List : CIC Should Ensure Compliance By RBI, Acharyulu Writes To Chief Information Commissioner [Read Letter]

Live Law  

The outgoing Central Information Commissioner Prof.M. Sridhar Acharyulu has written to the Chief Information Commissioner R K Mathur making a fervent plea that CIC should take steps to make the Reserve Bank of India comply with the orders of CIC to disclose information of willful loan defaulters.The letter comes in the wake of November 16 direction by him to RBI …

Disclosure of Loan Defaulters' List : CIC Should Ensure Compliance By RBI, Acharyulu Writes To Chief Information Commissioner [Read Letter]
6 years, 4 months ago

Disclosure of Loan Defaulters' List : CIC Should Ensure Compliance By RBI, Acharyulu Writes To Chief Information Commissioner [Read Letter]

Live Law  

The outgoing Central Information Commissioner Prof.M. Sridhar Acharyulu has written to the Chief Information Commissioner R K Mathur making a fervent plea that CIC should take steps to make the Reserve Bank of India comply with the orders of CIC to disclose information of willful loan defaulters.The letter comes in the wake of November 16 direction by him to RBI …

PMO & RBI Should Reveal Information On Willful Defaulters & Raghuram Rajan's Letter : CIC [Read Order]
6 years, 4 months ago

PMO & RBI Should Reveal Information On Willful Defaulters & Raghuram Rajan's Letter : CIC [Read Order]

Live Law  

The Central Information Commission has directed the Reserve Bank of India and the Prime Minister's Office to disclose information on list of willful defaulters and action taken on the ‘alerting letter’ written by former Governor of RBI Raghuram Rajan on February 5, 2015"If the letter of Sri Raghuram Rajan is acted upon, PMO should have explained the same, if not …

CIC again asks PMO, RBI to disclose wilful defaulters' list, Raghuram Rajan's letter on bad loans
6 years, 4 months ago

CIC again asks PMO, RBI to disclose wilful defaulters' list, Raghuram Rajan's letter on bad loans

India TV News  

Pulling up the Reserve Bank of India and the Prime Minister Office, the Central Information Commission has again directed them to disclose the list of wilful defaulters and Raghuram Rajan's letter on bad loans. The commission had earlier issued a show cause notice to RBI Governor Urijit Patel for "dishonouring" a Supreme Court judgment and CIC directive on disclosure of …

CIC show-cause notice to RBI governor: It's high time the central bank ended the secrecy on wilful defaulter data
6 years, 4 months ago

CIC show-cause notice to RBI governor: It's high time the central bank ended the secrecy on wilful defaulter data

Firstpost  

The RBI has been taking shelter under the archaic law that there is a fiduciary relationship between a bank and its debtor so much so that any disclosure about his loan status would amount to this sacred relationship. The RBI has been taking shelter under the archaic law that there is a fiduciary relationship between a bank and its debtor …

Non-Disclosure Of Willful Defaulters' List : CIC Issues Show Cause Notice To RBI Governor [Read Order]
6 years, 4 months ago

Non-Disclosure Of Willful Defaulters' List : CIC Issues Show Cause Notice To RBI Governor [Read Order]

Live Law  

The Central Information Commission has pulled up RBI Governor Urjit Patel for non-disclosure of the names and details of action taken against willful defaulters of big bad loans worth hundreds of crores of rupees.The Commission on Friday also directed the CPIOs of the RBI, the PMO and office of the Finance Minister to explain the action taken on the ‘alerting …

CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters’ list
6 years, 4 months ago

CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters’ list

Live Mint  

New Delhi: The Central Information Commission has issued a show-cause notice to RBI Governor Urjit Patel for “dishonouring” a Supreme Court judgment on disclosure of the wilful defaulters’ list. Irked over the denial of information on disclosure of names of wilful defaulters who have taken bank loans of Rs50 crore and above by the RBI in spite of a Supreme …

Disclose names and action taken against wilful defaulters: CIC
6 years, 7 months ago

Disclose names and action taken against wilful defaulters: CIC

Live Mint  

New Delhi: The Central Information Commission has asked the Union government and the Reserve Bank of India to disclose the names of wilful defaulters of ₹ 50 crore and above and the action taken against them, saying every taxpaying citizen has a right to know about it. Acharyulu pointed out that defaulters of small amounts like farmers are defamed in …

PSUs write-off NPAs worth Rs 2.4 lakh crore in over 3 years, Mamata Banerjee slams govt for not disclosing defaulters
6 years, 11 months ago

PSUs write-off NPAs worth Rs 2.4 lakh crore in over 3 years, Mamata Banerjee slams govt for not disclosing defaulters

India TV News  

The Public Sector Banks wrote-off loans worth Rs 2,41,911 crore between April 2014 and September 2017.In a written reply to Rajya Sabha, Minister of State for Finance Shiv Pratap Shukla said that writing off non-performing assets or bad loans is a regular exercise conducted by banks to clean up their balance sheet and to achieve taxation efficiency. "On the contrary, …

Loan default: Listed companies get a breather from SEBI
7 years, 6 months ago

Loan default: Listed companies get a breather from SEBI

The Hindu  

Markets regulator SEBI has put off implementation of its directive “until further notice” that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions. Last month, the regulator had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss. …

SC Asks Centre To Strengthen Debt Recovery Mechanism [Read Judgment]
8 years, 2 months ago

SC Asks Centre To Strengthen Debt Recovery Mechanism [Read Judgment]

Live Law  

Two months after asking the RBI why names of 57 borrowers who have defaulted on bank loans worth a whopping Rs 85,000 should not be made public, the Supreme Court today sought data from the centre on recovery cases filed by banks and financial institutions which are pending for the last one decade.Passing orders in the PIL filed by Centre …

Supreme Court Weekly Round-Up
8 years, 5 months ago

Supreme Court Weekly Round-Up

Live Law  

Enactment Of An Amendment With Retrospective Effect Not An Encroachment Upon Judicial PowersThe Supreme Court in Cheviti Venkanna Yadav vs. State of Telangana and Ors, upheld the constitutional validity of sub-section of Section 5 of the Andhra Pradesh Markets Act, 2015.Delay In Recording Witnesses’ Statements Can Be Fatal For. Enactment Of An Amendment With Retrospective Effect Not An Encroachment Upon …

Willful defaulters’ list: It is high time the Supreme Court read the riot act to the RBI
8 years, 5 months ago

Willful defaulters’ list: It is high time the Supreme Court read the riot act to the RBI

Firstpost  

If there are certain irregularities in the working and functioning of such banks and institutions, the citizens certainly have a right to know about the same In 2011-12 the Central Information Commission 1 gave eight orders to RBI to give information in respect of the following maters 1) top defaulters; 2) Investigations and audit reports of banks by RBI; 3) …

Why Names Of 57 Borrowers Who Owe Banks Rs 85,000 Cr Be Not Disclosed? Asks SC
8 years, 5 months ago

Why Names Of 57 Borrowers Who Owe Banks Rs 85,000 Cr Be Not Disclosed? Asks SC

Live Law  

The Supreme Court today asked the RBI why names of 57 borrowers who have defaulted on bank loans worth a whopping Rs 85,000 crore should not be made public.“Who are these people who have borrowed money and are not paying back? Why this fact that the person has borrowed money and not paying back be not known to public”, asked …

Why Names Of 57 Borrowers Who Owe Banks Rs 85,000 Cr Be Not Disclosed? Asks SC
8 years, 5 months ago

Why Names Of 57 Borrowers Who Owe Banks Rs 85,000 Cr Be Not Disclosed? Asks SC

Live Law  

The Supreme Court today asked the RBI why names of 57 borrowers who have defaulted on bank loans worth a whopping Rs 85,000 crore should not be made public.“Who are these people who have borrowed money and are not paying back? Why this fact that the person has borrowed money and not paying back be not known to public”, asked …

RBI gives loan defaulters' list, urges SC not to reveal names because of 'adverse impact' on business
9 years ago

RBI gives loan defaulters' list, urges SC not to reveal names because of 'adverse impact' on business

Firstpost  

The RBI has submitted a list of big loan defaulters in a sealed cover to the Supreme Court with a submission that disclosing their names may have “adverse impact” for business and may “accentuate failure of business”. New Delhi: The RBI has submitted a list of big loan defaulters in a sealed cover to the Supreme Court with a submission …

#NotEnough: Rising NPAs, opaque CDRs give govt's ease of doing business policies an uneasy twist
9 years, 1 month ago

#NotEnough: Rising NPAs, opaque CDRs give govt's ease of doing business policies an uneasy twist

Firstpost  

Civil institutions like the RBI are entrusted with the responsibility of safeguarding India’s economic viability, and abdicating that responsibility endangers both national stability and national security The Reserve Bank of India which has outwardly been frowning upon the under-reporting of NPAs by banks, while actually protecting their misdeeds, has now earned a serious reprimand from the Supreme Court. The RBI’s …

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