Delhi HC Temporarily Restrains 6 PSU Banks From Taking Coercive Action Against Company For Defaults Under TReDS
4 years, 11 months ago

Delhi HC Temporarily Restrains 6 PSU Banks From Taking Coercive Action Against Company For Defaults Under TReDS

Live Law  

The Delhi High Court on Monday temporarily injuncted 6 PSU banks from taking any coercive action against Eastman Auto & Power Limited vis-à-vis default arising out of and/or in relation to Reverse Factoring payment obligations under Trade Receivables Discounting System.While granting ad-interim relief to the Petitioner, Bank of Baroda, Bank of India, Punjab National Bank,. The Delhi High Court on Monday temporarily injuncted 6 PSU banks from taking any coercive action against Eastman Auto & Power Limited vis-à-vis default arising out of and/or in relation to Reverse Factoring payment obligations under Trade Receivables Discounting System. While granting ad-interim relief to the Petitioner, Bank of Baroda, Bank of India, Punjab National Bank, Union Bank & SBI Global Factors Limited were thereby injuncted from taking any coercive action against the Petitioner Company as aforementioned. A Single Judge bench comprising Justice Navin Chawla observed that RBI notifications/circulars dated 27.03.2020 & 17.042020 enunciated financial relief to the parties who availed term loans and that it was prima facie apparent that working capital facilities and that "Factoring facilities" was to be considered "at par with loans and advances extended by the banks" The RBI also sought time to seek instructions on whether the facility availed by the petitioner would be covered in terms of the COVID-19 Relief measure notifications.

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History of this topic

Borrower Not 'Consumer' If Loan Was For Profit Generation, Consumer Complaint Not Maintainable Against Bank : Supreme Court
3 weeks, 6 days ago

Borrower Not 'Consumer' If Loan Was For Profit Generation, Consumer Complaint Not Maintainable Against Bank : Supreme Court

Live Law  

The Supreme Court held that a borrower will not come within the definition of "consumer" under Section 2 of the Consumer Protection Act, 1986 if the loan was taken for a profit-generating exercise. The Court held that the complaint filed by the borrower against the bank was not maintainable under the Consumer Protection Act as it was a "pure business-to-business …

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 …

IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 8 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

Live Law  

Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, 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 insolvency …

Covid: Plea In Delhi High Court Seeks Extension Of Due Dates For Compliances Under Income Tax, GST Act, Waiver Of Late Fees Interest Or Penalty
3 years, 10 months ago

Covid: Plea In Delhi High Court Seeks Extension Of Due Dates For Compliances Under Income Tax, GST Act, Waiver Of Late Fees Interest Or Penalty

Live Law  

A petition has been moved in the Delhi High Court seeking extension of all the due dates of compliances specified under the Income Tax Act, GST Act, Employees Provident Fund Act, Employees' State Insurance Act and other allied labour laws falling between 20th March till 31st July, 2021 owing to the second wave of the Covid-19 pandemic. The petition, filed …

RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court
4 years ago

RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court

Live Law  

The Calcutta High Court has held that th Reserve Bank of India is "State" under Article 12 of the Constitution and thus, a writ petition is maintainable against it. The Single Bench ruled, "Since the Reserve Bank of India is an instrumentality of the State, it comes squarely within the meaning of "State" as contemplated in Article 12 of the …

Delhi HC Restores 'Status Quo Ante' With Respect To Loan Classified As NPA By Yes Bank Amid COVID-19 [Read Order]
4 years, 11 months ago

Delhi HC Restores 'Status Quo Ante' With Respect To Loan Classified As NPA By Yes Bank Amid COVID-19 [Read Order]

Live Law  

The Delhi High Court has held that YES Bank should not have classified a loan account as Non Performing Asset when delay in payment of installments was caused due to the conditions brought about by the effects of COVID19. Accordingly, status quo ante is restored qua the classification of the account of petitioner and the account classification as it stood …

Even If Petitioner Is A Secured Creditor, Company Court Need Not Dismiss Winding Up Petition At Admission Stage: Bombay HC [Read Judgment]
6 years, 5 months ago

Even If Petitioner Is A Secured Creditor, Company Court Need Not Dismiss Winding Up Petition At Admission Stage: Bombay HC [Read Judgment]

Live Law  

The Bombay High Court has held that a company court is not justified in dismissing a winding up petition at the stage of admission on the sole ground that the petitioning creditor is a secured creditor.A division bench of Justice AS Oka and Justice MS Sonak dismissed an appeal filed by Stonemann Royale Limited against an order of a company …

Allahabad HC denies relief to power firms from RBI’s NPA deadline
6 years, 7 months ago

Allahabad HC denies relief to power firms from RBI’s NPA deadline

Live Mint  

New Delhi: The Allahabad high court on Monday denied interim relief to power companies, which had challenged the Reserve Bank of India’s 12 February circular on bad loans. “The committee will look into various issues with a view to resolve them and maximize the efficiency of investment, including changes required to be made in the fuel allocation policy, regulatory framework, …

Delhi HC Imputes ‘Strict Liability’ To Delhi Govt PSU For Death Of 2 Manual Scavengers; Directs Award Of Compensation Of Rs. 10 Lakh Each [Read Judgment]
7 years, 1 month ago

Delhi HC Imputes ‘Strict Liability’ To Delhi Govt PSU For Death Of 2 Manual Scavengers; Directs Award Of Compensation Of Rs. 10 Lakh Each [Read Judgment]

Live Law  

The Delhi High Court on Tuesday directed PSU Delhi State Industrial and Infrastructure Development Corporation Ltd to award compensation of Rs. 10 lakh each to the dependents of two manual scavengers who lost their lives in 2011 while cleaning the sewerage in Bawana Industrial Area in Delhi. Relying on judgments in MCD v Association of Victims of Uphaar Tragedy and …

Delhi HC Imputes ‘Strict Liability’ To Delhi Govt PSU For Death Of 2 Manual Scavengers; Directs Award Of Compensation Of Rs. 10 Lakh Each [Read Judgment]
7 years, 1 month ago

Delhi HC Imputes ‘Strict Liability’ To Delhi Govt PSU For Death Of 2 Manual Scavengers; Directs Award Of Compensation Of Rs. 10 Lakh Each [Read Judgment]

Live Law  

The Delhi High Court on Tuesday directed PSU Delhi State Industrial and Infrastructure Development Corporation Ltd to award compensation of Rs. 10 lakh each to the dependents of two manual scavengers who lost their lives in 2011 while cleaning the sewerage in Bawana Industrial Area in Delhi. Relying on judgments in MCD v Association of Victims of Uphaar Tragedy and …

Delhi High Court upholds the vires of Section 14 of SARFAESI Act 2002 [Read Judgment]
9 years, 4 months ago

Delhi High Court upholds the vires of Section 14 of SARFAESI Act 2002 [Read Judgment]

Live Law  

A writ petition in Delhi High Court Challenged the provisions of section 14 of the SARFAESI Act as violative of Article 14, 21 and 300A of Constitution of India and liable to be declared unconstitutional.There were two basic contentions by the petitioner, the firstly regarding the Constitutionality of Section 14 and Secondly, whether CMM is obliged to issue notice to …

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