4 years, 7 months ago

SC defers case seeking clarification on eligibility of NBFC for loan moratorium

The Supreme Court on Tuesday deferred hearing the plea seeking clarification on the eligibility of the Non Banking Financial Company for loan moratorium scheme announced by RBI in March which granted three-month loan moratorium from paying EMIs and other loans amidst the nationwide lockdown due to covid-19. The central bank had on 22 May extended moratorium on term loans till 31 August amid the nationwide lockdown due to covid-19. The apex court three judge bench comprising Justices Ashok Bhushan, MR Shah and V Ramasubramanium also ordered for the case to be tagged with the pleas seeking similar clarification. Confederation of Real Estate Developers Association of India had also filed a plea on 12 May seeking clarification on whether the notification made it mandatory for all non-banking finance companies to be eligible for loan moratorium or the bank could use its discretion to grant this benefit.

Bank Loan Rbi Moratorium Nbfc Loan Moratorium Sc Defers moratorium loan eligibility loans sc defers seeking threemonth case bench rbi nbfc bank clarification court

History of this topic

2 years, 11 months ago

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court

Live Law

The Karnataka High Court recently set aside the directionsissued to Reserve Bank of India by a single judge bench of the High Court directing it to monitor the implementation of Covid-19 package announced on March 27, 20202, by which RBI had allowed Banks to declare a three-month moratorium on all term loans, outstanding as on March 1, 2020. Senior Advocate …

3 years, 5 months ago

Kerala CM seeks moratorium on loan repayment

The Hindu

Chief Minister Pinarayi Vijayan on Thursday sought more cooperation from banks for effectively overcoming the pandemic-induced economic downturn. Mr. Vijayan urged the banks to ensure maximum coverage for farmers, dairy farmers and fishers under the Pradhan Mantri Kisan Samman Nidhi. The Chief Minister encouraged banks to provide liberal assistance to agricultural production groups that are being formed under the State …

3 years, 7 months ago

SC upholds Centre's notification permitting banks to proceed against personal guarantors under IBC

India Today

The Supreme Court on Friday upheld the validity of the Centre's notification allowing banks to proceed against personal guarantors for recovery of loans given to a company under the Insolvency and Bankruptcy Code. A bench comprising justices L Nageswara Rao and S Ravindra Bhat held that approval of the resolution plan under the IBC does not discharge personal guarantors of …

3 years, 8 months ago

Breaking: COVID-Plea In Supreme Court Seeks Relief To Borrowers In Form Of Fresh Loan Moratorium, Temporary Cease On Declaration Of NPA By Banks

Live Law

A plea has been filed before the Supreme Court seeking directions for relief to borrowers in the form of a fresh loan moratorium, extension of time period under the restructuring scheme and temporary cease on the declaration of NPA by the financial banks to bring a relief for the public interest at large in wake of the Pandemic.The plea has …

3 years, 9 months ago

Bring policy to refund 'interest on interest' charged during moratorium period: RBI asks NBFCs

India TV News

The Reserve Bank of India has directed all banks and NBFCs to immediately put in place a board-approved policy to refund or adjust the 'interest on interest' charged to borrowers during the moratorium period of March 1 to August 31, 2020. In a major relief to big borrowers, the Supreme Court last month ruled that no penal or compound interest …

3 years, 9 months ago

Supreme Court waives compound, penal interests on loans during moratorium

Hindustan Times

The Supreme Court on Tuesday ordered banks against charging borrowers any penal interest or compound interest on loans during the moratorium on repayment of loans from March to August 2020 in view of the Covid-19 pandemic. The court refused to extend the moratorium or tinker with the resolution mechanism proposed by Reserve Bank of India to waive compound interest on …

3 years, 9 months ago

Court/Tribunal Can Condone Delay Under Section 5 Limitation Act Even In The Absence Of A Formal Application: Supreme Court

Live Law

The Supreme Court held that there is no bar to exercise by the Court/Tribunal of its discretion to condone delay under Section 5 of the Limitation Act, in the absence of a formal application.However, the Court can always insist that an application or an affidavit showing cause for the delay be filed, the bench comprising Justices Indira Banerjee and Hemant …

3 years, 9 months ago

Loan moratorium case | Refund penal interest on EMIs, Supreme Court tells lenders

The Hindu

The Supreme Court on Tuesday directed banks and financial institutions to refund compound interest, interest on interest or penal interest collected on EMI for loans during the period of moratorium from March 1 to August 31 last year. The court said the amount accumulated as compound/penal interest or interest on interest during the six-month moratorium on term loan EMIs should …

3 years, 9 months ago

Supreme Court Bars Charging Compound Interest Or Penal Interest On Any Borrower During Loan Moratorium; Refuses Moratorium Extension

Live Law

The Supreme Court on Tuesday directed that there should be no charging of compound interest, interest on interest or penal interest on the installments which were due during the loan moratorium period from March 1 to August 31 last year on any borrower, irrespective of the loan amount. Terming this policy of the Centre to be "arbitrary and discriminatory", the …

3 years, 9 months ago

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium

Live Law

3 years, 9 months ago

Breaking: Supreme Court To Pronounce Judgment On Pleas Seeking Loan Moratorium Extension Tomorrow

Live Law

The Supreme Court will pronounce its judgment tomorrow on a batch of petitions which seek the extension of the 6 month loan moratorium period granted by the Reserve Bank of India.The Court had reserved the Judgment on December 17 last year after hearing petitioners, Centre, RBI and intervenors. The Supreme Court will pronounce its judgment tomorrow on a batch of …

4 years ago

No case of COVID-19 related stress to which banks showed apathy, RBI tells SC

The Hindu

The Reserve Bank of India on Wednesday maintained in the Supreme Court that there has not been a single case of COVID-19 related financial stress to which banks have shown an “apathetic” attitude. A three-judge Bench led by Justice Ashok Bhushan is hearing several pleas by industry and business sectors, including power and real estate, to extend the moratorium or …

4 years, 1 month ago

"Situation Demands That Loan Moratorium Be Extended Till 31 March 2021": Plea In Supreme Court Seeks Extension

Live Law

An amendment application for the prayers in the plea seeking directions to extend the moratorium period till March 31, 2021 has been filed in the Supreme Court.The Supreme Court is currently seized of a batch of plea's and is hearing the issue of extension of loan moratorium and waiver of accruing interest.One of the Petitioner Advocate Vishal Tiwari has sought …

4 years, 1 month ago

SC allows power producers to file suggestions on loan relief

Live Mint

The Supreme Court on Thursday asked all parties, including power producers, to file their submissions and suggestions on the loan relief plea before the central government and the Reserve Bank of India within three days. The court took on record the submission of Senior Advocate Rajiv Dutta for petitioner, to dispose of his plea in view of Centre’s decision to …

4 years, 2 months ago

Here is What You Will Get if You Paid Your EMIs on Time During Loan Moratorium Period

News 18

The Reserve Bank of India had in March, after the outbreak of the novel coronavirus, provided a moratorium on repayment of EMIs and credit card dues for three months. The top court in the due course directed the Centre to implement “as soon as possible” interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme. …

4 years, 2 months ago

Loan moratorium | Centre informs Supreme Court it will repay additional interest by November 5

The Hindu

The Centre has informed the Supreme Court that the difference in the compound interest and simple interest charged for six months of moratorium period on eight categories of loans worth up to ₹2 crore will be paid back to borrowers by November 5, 2020. "The Central Government has directed that all lending institutions shall give effect to the scheme and …

4 years, 2 months ago

RBI Accepts Recommendation For Separate Treatment of Aviation, Automotive, Roads Sectors

News 18

Citing Kamath Committee recommendations, the Reserve Bank of India has informed the Supreme Court that it has accepted the recommendation for different treatment for sectors namely aviation, automobile manufacturing, roads and wholesale trading. Citing the September 7 special window notification, the RBI insisted that banks have sufficient flexibility to accommodate the impact of Covid-19 while specifying specific ratios for determining …

$Moratorium extension not in borrowers\' interest: RBI tells SC$

4 years, 2 months ago

Moratorium extension not in borrowers\' interest: RBI tells SC

Deccan Chronicle

New Delhi: A loan moratorium exceeding six months might result in vitiating the overall credit discipline, which will have a debilitating impact on the process of credit creation in the economy, the Reserve Bank of India told the Supreme Court on Saturday. In its 17-page “consolidated affidavit” filed ahead of the hearing on Tuesday of the loan moratorium case, the …

4 years, 3 months ago

Lockdown moratorium | Loans up to ₹2 crore may get relief

The Hindu

The Centre has informed the Supreme Court that it will continue to “hand-hold” small and vulnerable borrowers and waive the compound interest accumulated against their loans during the six-month moratorium period. The government made it clear that “any individual or entity whose loan amount is more than ₹2 crore will not be eligible for waiver of compounding of interest”. The …

4 years, 3 months ago

Decision in 2-3 Days Over Interest on Deferred Instalments by Banks, Centre Informs SC

News 18

The Centre informed the Supreme Court on Monday that a decision is likely in 2-3 days over charging of interest by banks on instalments which were deferred during the moratorium period in view of the COVID-19 pandemic. The top court asked the Centre to bring the decision on record and circulate the affidavit to the parties in a batch of …

4 years, 3 months ago

SC Defers Loan Moratorium Hearing To Oct 5, As SG Submits Matter At Advanced Stage Of Consideration At Highest Level; Interim Order To Continue

Live Law

The Supreme Court on Monday adjourned to next Monday the hearing on plea seeking extension of the Covid-19 induced loan moratorium & waiver of accruing interest. Because if the government takes a decision, it may help" "Please allow the intervention of the banks.It was the Government of India that issued the first circular, the moratorium, and it is the government …

4 years, 3 months ago

SBI loan restructuring: How interest will be calculated during moratorium extension period

India Today

A few days ago, the country’s largest lender State Bank of India came out with a set of rules and regulations for offering an extension on loan repayments to those affected financially by the Covid-19 pandemic. However, there are several key aspects that Covid-affected customers need to know before availing moratorium extension on repayments under SBI’s loan repayment framework. Loan …

4 years, 3 months ago

A balanced approach to waiving interest during moratorium

Live Mint

In March 2020, the Reserve Bank of India allowed a moratorium of three months on payment of instalments of loans and later extended it by three months till 31 August 2020. The scheme was a half-hearted measure to provide relief to borrowers, as the moratorium was too brief, knowing well the gravity and longevity of covid, and it addressed only …

4 years, 4 months ago

Interest During Loan Moratorium: Centre Constitutes Expert Committee

Live Law

The Ministry of Finance on Thursday constituted an Expert Committee to study the issues related to waiver of interest and interest on interest during loan moratorium. The Centre had today told the Supreme Court today that an expert committee will look into various issues raised in the ongoing hearing in the matter of Gajendra Sharma Vs. UoI and Others The …

4 years, 4 months ago

Govt Sets Up Expert Panel to Look into Issue of Waiver of Interest During Moratorium

News 18

The government on Thursday said it has constituted an expert committee under former CAG Rajiv Mehrishi to look into the much-debated issue of waiver of interest on loans during the moratorium period. The announcement came hours after the government informed the Supreme Court that an expert panel has been set up to look into the issue of interest being charged …

4 years, 4 months ago

In a Relief to Borrowers, Supreme Court Extends Loan Moratorium Scheme till September 28

News 18

Continuing its interim order, the Supreme Court on Thursday extended loan repayment moratorium till September 28 that directed banks not to declare any loan as NPA due to non-payment of installments during the period. The apex court had earlier asked the Centre and the Reserve Bank of India to review the move to charge interest on EMIs during the moratorium …

4 years, 4 months ago

[Loan Moratorium & Interest Waiver] "Highest Level Expert Committee Convening Meetings & Will Take Holistic Decision In Two Weeks": Centre Tells SC, Interim Order To Continue [Read Order]

Live Law

The Centre informed Supreme Court on Thursday that an Expert Committee at the highest level had been constituted in order to take a decision on the issue of moratorium extension, interest during moratorium, interest on interest and other related issues. Solicitor General Tushar Mehta sought two weeks time in order to place on record a comprehensive affidavit in this regard …

4 years, 4 months ago

Supreme Court Adjourns Hearing in Loan Moratorium Case Till September 10

News 18

The Supreme Court on Thursday provided some relief to stressed borrowers who are facing hardship due to impact of COVID-19 pandemic. The bench said that accounts which were not declared as non-performing assets till August 31 this year, shall not be declared NPA till further orders, and adjourned the next hearing in the loan moratorium matter until next week Thursday, …

4 years, 4 months ago

Relief for borrowers in moratorium case

The Hindu

The Supreme Court on Thursday directed banks that loan accounts on the clear till the expiry of the moratorium on August 31 should not be declared as non-performing assets till further orders. A Bench led by Justice Ashok Bhushan spelt relief for borrowers struggling to gain their feet amid a pandemic with its one-liner that “accounts which were not declared …

4 years, 4 months ago

Banks Can’t Declare Loan Accounts as NPAs Till Further Orders: SC

The Quint

The Solicitor General, representing the Finance Ministry and the RBI, submitted before the bench that an expert committee on resolutions is to decide sector-wise relief to ease stress caused by the pandemic. "Expert committee does not come in way of individual borrowers," said Mehta, who also cited the 6 August RBI circular which deals with stressed accounts and provides for …

4 years, 4 months ago

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court

News 18

The Supreme Court Thursday directed that accounts, which were not declared as non-performing asset till August 31 this year, shall not be declared NPA till further orders. In view of the above, the accounts which were not declared NPA till August 31, 2020 shall not be declared NPA till further orders, said the bench, also comprising Justices R S Reddy …

4 years, 4 months ago

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC

Live Mint

The Supreme Court of India on Thursday passed an interim order saying that the accounts not declared as non-performing asset as on 31 August shall not be declared as NPAs till further notice. The apex court on Thursday heard a batch of petitions seeking interest waiver on loan moratorium granted by Reserve Bank of India. While arguing whether banks should …

4 years, 4 months ago

Loan moratorium | Interest on interest “worse than taking a pound of flesh”

The Hindu

Circulars issued by the Reserve Bank of India on August 6 and hailed by the government in the Supreme Court came under intense criticism from individual borrowers and commercial sectors across the spectrum who called it “old wine in a new bottle”. The circulars allow individual banks discretion to resolve COVID-19 -related stress and customise relief to individual borrowers facing …

4 years, 4 months ago

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told

News 18

Banks are free to restructure loans but they cannot penalise honest borrowers by charging interest on deferred EMI payments under the moratorium scheme during the COVID-19 pandemic, a petitioner opposing the move said in the Supreme Court on Wednesday. A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest …

4 years, 4 months ago

Loan moratorium can be extended by 2 years: Govt

Live Mint

The moratorium for repayment of loans can be extended by up to two years, according to a 6 August circular by the Reserve Bank of India, solicitor general Tushar Mehta told the Supreme Court on Tuesday. The central government also apprised the bench that it has filed an affidavit stating that the National Disaster Management Authority has taken cognizance of …

4 years, 4 months ago

Interest waiver on EMIs during moratorium against basic canon of finance: Centre

Live Mint

Waiver of interest on deferred EMIs during the moratorium period would be against “the basic canons of finance” and unfair to those who repaid loans as per schedule, the Centre told the Supreme Court on Tuesday. The government said any “post facto” change in the terms of the RBI circulars with regard to non-charging of interest during the moratorium period …

4 years, 4 months ago

"Loan Moratorium Period Capable Of Being Extended By 2 Years": Centre Tells SC

Live Law

The Central Government told the Supreme Court on Tuesday that the moratorium period is extendable by two years. @RBI #loans #moratorium #banks #interestwaiver pic.twitter.com/o6P3EoImJh — Live Law September 1, 2020 Earlier, the Supreme Court had said there was "no merit in charging interest on interest" for deferred loan payment instalments during the moratorium period announced in wake of the COVID-19 …

4 years, 4 months ago

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31

News 18

The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the COVID-19, sources said. It was only a temporary reprieve to borrowers affected by the pandemic, the sources said, adding that …

4 years, 4 months ago

Loan moratorium scheme | Supreme Court hits out at Centre

The Hindu

The Supreme Court on Wednesday criticised the Centre for “hiding behind the Reserve Bank of India” without making its stand clear on the loan moratorium scheme introduced during the COVID-19 pandemic. Noting that the issue had been pending indecisively for some months now, the court advised the government against adopting a blinkered vision, focussing only on matters of business of …

4 years, 4 months ago

'Don't Hide Behind RBI, Take Own Stand': Supreme Court Raps Centre on Loan Moratorium Scheme

News 18

The Supreme Court on Wednesday said the Central government is “hiding behind the RBI” and dithering from its own stand on whether there should be some relief in the form of waiver to those who have availed loans from banks and other financial institutions. The court’s adverse comments against the Government came after Solicitor General Tushar Mehta referred to the …

4 years, 4 months ago

Plea In Delhi HC Seeks Financial Assistance For Lawyers; Interest Free Moratorium On Loans/ EMIs [Read Petition]

Live Law

A petition has been filed before the Delhi High Court seeking a direction upon the Delhi Government to provide financial assistance to such Advocates who are enrolled with the Bar Council of Delhi, without any discrimination on the ground of their residential address. The plea The petition has been filed by Advocate Sunil Kumar Tiwari, concerned by the plight of …

4 years, 5 months ago

'Banks Not Passing Benefits Of Multiple Cuts In Policy Rates To Customers': Plea In SC Seeks Extension Of RBI Loan Moratorium, Fixation Of Lending Rates

Live Law

A writ petition has been filed in the Supreme Court seeking the extension of the loan moratorium announced by the Reserve Bank of India beyond August 31 for a period of 18 months.The petition filed by Coimbatore Jewellery Manufacturers Association A writ petition has been filed in the Supreme Court seeking the extension of the loan moratorium announced by the …

4 years, 6 months ago

RBI Must Monitor Implementation Of Loan Moratorium Circular; Borrower Entitled To Seek Moratorium As A Matter Of Right For Continuity Of Business : Karnataka HC

Live Law

The High Court of Karnataka has held that a borrower is entitled to seek loan moratorium on the basis of the Reserve Bank of India's March 27 circular, on the ground that the non-grant of it would affect the continuity of buisness.While acknowledging that the grant of moratorium as per the RBI circular is the discretion of the bank, the …

4 years, 6 months ago

No benefit from RBI’s loan moratorium scheme, says Supreme Court

The Hindu

The Supreme Court on Wednesday said there were few takers for the Reserve Bank of India’s loan moratorium scheme during the lockdown because people know there was hardly any benefit arising out of it. Appearing before a Bench led by Justice Ashok Bhushan, Solicitor-General Tushar Mehta, who had met Finance Ministry and RBI officials, explained that the moratorium during a …

4 years, 6 months ago

SC directs Centre and RBI to review loan moratorium scheme

Live Mint

NEW DELHI: The Supreme Court on Wednesday directed the Centre and Reserve Bank of India to review the moratorium scheme on term loans and create tailored schemes for various sectors, including agriculture. The central bank had on 22 May extended moratorium on term loans till 31 August amid the nationwide lockdown due to covid-19. In March, the central bank had …

4 years, 6 months ago

Loan interest can’t be waived, SBI tells SC

Live Mint

Banks are of the view that interest on loans cannot be waived for the six months of the repayment moratorium allowed by the central bank, State Bank of India told the Supreme Court on Friday. SBI’s statement came in an intervention application it filed on Friday in a plea seeking a waiver on interest charges during the course of the …

4 years, 7 months ago

SC Raises Concerns Over RBI Allowing Levy Of Interest During Moratorium; Adjourns Hearing Till June 12

Live Law

The Supreme Court on Thursday made oral observations raising concerns over the Reserve Bank of India allowing levy of interest during the moratorium period allowed for loan repayments.A bench comprising Justices Ashok Bhushan, S K Kaul and M R Shah was hearing petitions filed Gajendra Sharma and few others challenging the RBI Circulars of March 27 and May 22 to …

4 years, 7 months ago

Waiver Of Interest On Loans During Moratorium Affects Stability Of Financial Institutions, RBI Tells SC

Live Law

The Reserve Bank of India has filed its counter affidavit stating that a waiving off interest on term loan repayments during moratorium would not be prudent as it would hit the health of banks & risk their financial stability.On May 26, the Top Court had sought a response from the RBI in a plea regarding the levy of interest on …

4 years, 7 months ago

Moratorium will hurt NBFC balance sheets: experts

Live Mint

The six-month moratorium on loan repayments will hurt the balance sheets of Indian non-bank financiers, as most borrowers availed the scheme, but the lenders were denied the benefit by banks, said industry experts. Speaking via videoconference at CII’s Annual Session 2020 on Tuesday, the experts said while the moratorium will help borrowers, it was not the most effective solution to …

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2 days, 4 hours ago

RBI lifts curbs on Ashirvad Micro Finance, DMI Finance

The Hindu

The Reserve Bank of India has lifted supervisory restrictions on Ashirvad Micro Finance Ltd. and DMI Finance Private Ltd. after getting satisfied about the corrective action taken by both the regulated entities. Subsequently, the above-mentioned companies initiated remedial action and submitted their various compliances to the Reserve Bank, the regulator said in a circular. “Now, having satisfied itself based on …

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BPSC 70th CCE 2024 exam row: Supreme court refuses to hear plea, asks petitioners to move Patna HC

India TV News

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4 days, 7 hours ago

Supreme Court Slams Maharashtra Officials For Non-Payment Of Land Acquisition Compensation, Directs Recovery Of Cost From Guilty Officers

Live Law

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4 days, 13 hours ago

Supreme Court Annual Digest 2024- Code Of Civil Procedure (CPC)

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5 days, 6 hours ago

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT

Live Law

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5 days, 17 hours ago

Last Payment Made By Corporate Debtor Within Period Of Limitation Amounts To Acknowledgment U/S 19 Of Limitation Act: NCLAT

Live Law

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6 days, 3 hours ago

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution

Live Law

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6 days, 9 hours ago

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT

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1 week, 2 days ago

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1 week, 2 days ago

IBC Monthly Digest: December 2024

Live Law

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1 week, 3 days ago

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1 week, 4 days ago

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Live Law

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1 week, 4 days ago

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Live Law

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1 week, 4 days ago

Order VII Rule 11 CPC - Where It's Glaring From Averments That Suit Is Hopelessly Time-Barred, Plaint Is To Be Rejected : Supreme Court

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1 week, 4 days ago

Order VII Rule 11 CPC - Where It's Glaring From Averments That Suit Is Hopelessly Time-Barred, Plaint Is To Be Rejected : Supreme Court

Live Law

The Supreme Court on December 20 set aside an order passed by the High Court of Bombay dated April 26, 2016. The Appellants sought rejection of the said plaint by filing an application under Order VII Rule 11 of the Civil Procedure Code, 1908 on grounds that the suit was barred by limitation. However, the trial Court erroneously dismissed the …

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1 week, 5 days ago

Bombay High Court Annual Digest 2024 [Part I]

Live Law

Citations 2024 LiveLaw 1 – 2024 LiveLaw 215: Former IT Analyst Of TCS With Supervisory Responsibilities Not Workman: Bombay High Court Case Title: Rohit Dembiwal v. Tata Consultancy Services Ltd. & Ors Citation: 2024 LiveLaw 1 The Bombay High Court dismissed a writ petition filed by a former IT analyst of Tata Consultancy Services Ltd observing that the petitioner was …

India Justice Mumbai Pet High Court Goa Constitution

1 week, 6 days ago

High Court denies relief to Mumbai-based firm in loan repayment case

India Today

The Bombay High Court dismissed a petition filed by Royal Traders, a partnership firm owned by Kamala Mills, which sought the court's direction to reduce its pre-deposit amount in the Debt Recovery Appellate Tribunal to 25 per cent. Dismissing the Royal Traders' petition, the court upheld DRAT's order requiring a 50 per cent pre-deposit. However, Royal Traders did not deposit …

Royal High Court Debt Cent Traders Kamala Mills Drat

2 weeks, 1 day ago

What RBI has in store for banks and NBFCs: New regulation, lens on unsecured loans

Live Mint

India's banks and non-bank lenders are set to witness a slew of regulatory and supervisory changes in the year ahead, as the central bank pushes ahead with its recent measures to strengthen the banking system. The Reserve Bank of India will consider removing prepayment penalties on floating rate term loans to small businesses; examine inter-linkages between private credit firms, banks …

India Credit Bank Loans Report Rbi Banks

2 weeks, 1 day ago

National Investigation Agency Act | High Court Can't Condone Delay In Filing Appeal Beyond 90 Days, S.21(5) Mandatory: Punjab & Haryana HC

Live Law

The Punjab & Haryana High Court has said that the High Court is not empowered to condone delay in filing appeal under National Investigation Agency Act beyond 90 days and provision of Section 21 is "mandatory" in nature. Courts creating distinction between appellant under Section 21 of the NIA Act for condoning the delay in preferring an appeal, would absolutely …

High Court Appeal Court Delay High Punjab Act

2 weeks, 1 day ago

National Investigation Agency Act | High Court Can't Condone Delay In Filing Appeal Beyond 90 Days, S.21(5) Mandatory: Punjab & Haryana HC

Live Law

High Court Appeal Court Order Delay High Punjab

2 weeks, 1 day ago

Supreme Court Yearly Digest 2024: Negotiable Instruments Act, 1881

Live Law

Director of the company not responsible for its day-to-day affairs cannot be held liable for dishonour of cheque. Prem Raj v. Poonamma Menon, 2024 LiveLaw 272 : 6 SCC 143 Section 138 – Dishonouring of cheque – Held, existence of any “enforceable debt or other liability” not found. Raj Reddy Kallem v. State of Haryana, 2024 LiveLaw 336 Section 147 …

Supreme Court Negotiable Instruments Act Bank Criminal Proceedings 2024 Accused Act

2 weeks, 1 day ago

Decree Holder Is “Financial Creditor” Under IBC, Limitation For Filing Section 7 Petition Is Extendable On Acknowledgment Of Debt: NCLAT

Live Law

The National Company Law Appellate Tribunal New Delhi bench comprising Justice Yogesh Khanna and Arun Baroka has held that a decree holder falls within the definition of "Financial Creditor" under Section 5 and Section 5 of the Insolvency and Bankruptcy Code if the decree is based on a financial debt. The Respondent also contended that a a decree holder is …

Financial Debt Limitation Tribunal Respondent Petition Three Years

2 weeks, 1 day ago

Karnataka High Court Annual Digest 2024 [Part I]

Live Law

Citation No: 2024 LiveLaw 1 to Citation No: 2024 LiveLaw 260 Judgments/Orders Karnataka High Court Quashes Rape Charge On False Promise To Marry But Orders Accused To Maintain Child Born From 'Consensual' Relationship Case Title: Raghvendraraddi Shivaraddi Naduvinamani AND State of Karnataka Case No: Criminal Petition No 100721 of 2023. A division bench of Chief Justice Prasanna B Varale and …

India Society Bengaluru Karnataka Justice High Court Writ Petition

2 weeks, 2 days ago

[SARFAESI Act] Courts Must Not Interfere Under Writ Jurisdiction When Alternative Statutory Remedies Are Available: Rajasthan HC

Live Law

The Jaipur bench of the Rajasthan High Court dismissed a plea by the purchaser of a property–in relation to which proceedings were initiated under the SARFAESI Act, on the ground that the purchaser had already availed the statutory remedy before the Debt Recovery Tribunal. The court again referred to the Supreme Court's decision in Satyawati Tondon in which it was …

Supreme Court High Court Appeal Statutory High Act Petitioner

2 weeks, 2 days ago

Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that CIRP withdrawal application can be withdrawn by Resolution Professional before the application is heard and allowed. Thereafter, the MHIL was informed by the RP about the decision taken by the CoC regarding CIRP withdrawal and that an application under section 12A had also …

Resolution Application Resolution Professional Filed Withdrawal Claim Professional

2 weeks, 3 days ago

Law, policy, contract: Why SC junked ruling on credit card interest

Hindustan Times

The Supreme Court last week struck down a decision of the apex consumer forum that directed banks not to levy penal interest of above 30% on credit card users who either default or delay payment of dues within the stipulated time. The commission held that charging of interest rates beyond 30% from credit card holders upon delay or default in …

Contract Policy Court Credit Public Interest Interest Rates Interest

2 weeks, 3 days ago

Bank Can Exercise General Lien To Appropriate Term Deposits Of Customers Toward Default Payment Of Loan: Karnataka High Court

Live Law

The Karnataka High Court recently set aside an order of the single judge which had directed Union Bank of India to release the amount in Term Deposits which came to be appropriated towards the loan taken by a businessman, exercising its power of general lien over such deposits. Therefore, the appellants have made out grounds to interfere with the impugned …

General Court Bank Loan Term Kar Deposits

2 weeks, 3 days ago

IBC Weekly Round-Up: 16th December -20th December 2024

Live Law

NCLAT The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. 7303, 7304 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has …

Justice Appeal Insolvency Resolution Technical Judicial 2024

2 weeks, 4 days ago

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'

Live Law

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey has held that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not maintainable as the transaction in question constituted an 'operational debt' and was not covered under Section 5 but was governed by Section 5 and Section 21 …

Financial Court Corporate Debtor Application Debt Tribunal Code

2 weeks, 4 days ago

Allahabad High Court Quashes Criminal, ED Proceedings Initiated Against Indiabulls & Its Officials

Live Law

The Allahabad High Court, on Friday, quashed the criminal proceedings initiated by the borrower, Shipra Group, and the Enforcement Directorate against the Indiabulls Group and its officials as arbitral proceedings pursuant to the loan agreements are already underway, a fact which was suppressed by the informant. Observing that the informant had hidden the various proceedings instituted by him in different …

Court Criminal Proceedings Loan High Fir Material Facts Shares

2 weeks, 4 days ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Claims Resolution Plan Tribunal Claim Irp Sra Appellant

2 weeks, 5 days ago

Your credit card defaults may pinch much more

Deccan Chronicle

Mumbai: The next time you miss credit card payments, you may be hit by much higher interest charges and late fees then what you may be paying now.In a move that will give lenders more freedom to set their own interest rates for credit card defaults, the Supreme Court has set aside an order of the National Consumer Disputes Redressal …

Credit Bank Pay Interest Rates Interest Card Rates

2 weeks, 5 days ago

Govt proposes crackdown on unregulated lending, may ban loan apps and impose ₹1 crore penalty, 10-year jail term

Hindustan Times

The central government is planning to crack down on unregulated lending, for which it has introduced a draft bill, proposing stringent measures like 10 years of prison time along with heavy fines for violators, according to a Business Standard report. These measures were first suggested by the Reserve Bank of India’s Working Group on Digital Lending in its its November …

Rbi Lending Digital Lending Unregulated Lending

2 weeks, 5 days ago

Supreme Court Monthly Digest- October 2024 With Statute And Subject Wise Index

Live Law

Advocate Supreme Court deprecates practice of litigant engaging new lawyer to reargue case after court expressed dissatisfaction on merits. Airports Economic Regulatory Authority of India v. Delhi International Airport, 2024 LiveLaw 812 Arbitration and Conciliation Act, 1996 Section 11 - Arbitration Clause in Public Premises Disputes – Applicability of the Public Premises Act, 1971 vis-à-vis the Arbitration and Conciliation Act, …

India Delhi Supreme Court High Court Court Proceedings Bihar Constitution

2 weeks, 5 days ago

25 Notable Supreme Court Judgments Of 2024 On Bail & Arrest

Live Law

The Supreme Court delivered several notable judgments in 2024 on the parameters for bail and powers of arrest. PMLA| ED Cannot Arrest On Grave Suspicion Alone; There Must Be Written Reasons To Believe That Accused Is Guilty : Supreme Court Case Title : Arvind Kejriwal v. Directorate of Enforcement | 2024 LiveLaw 463 Coram : Justice Sanjiv Khanna and Justice …

Justice Delhi Supreme Court High Court Trial High Courts Court

2 weeks, 6 days ago

Beware credit card holders! There is bad news for you in this Supreme Court ruling

Live Mint

Beware credit card holders: In a verdict that will impact lakhs of credit card holders in India, the Supreme Court on December 20 overturned a 2008 National Consumer Disputes Redressal Commission judgment capping credit card interest rates at 30% annually on late bill payments. Supreme Court lifts 30% cap on late credit card payments: Implications for Banks The Supreme Court's …

Supreme Court Court Credit Interest Rates Interest Credit Cards Card

2 weeks, 6 days ago

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

Live Law

The Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish a claim. The Court stated that Section 14 bars the institution/continuation of legal proceedings against the corporate debtor, transfer of assets, enforcement of security interest etc. "If the argument that the claims of all the creditors of the …

Court Moratorium Section 14 Claim Supreme

Apex Court Sets Aside Interest Rate Cap On Late Credit Card Bill Payments

Trending News

2 weeks, 6 days ago

Apex Court Sets Aside Interest Rate Cap On Late Credit Card Bill Payments

ABP News

The Supreme Court on Friday set aside an order from the National Consumer Disputes Redressal Commission regarding interest rates on late credit card bill payments. The court ruled that interest rates will not be capped at 30 per cent per annum for late bill payments related to credit cards. Notably, the NCDRC earlier in 2008 ruled that levying more than …

Credit Interest Rates Card Rate Rbi Ncdrc Court Sets

S.20 Specific Relief Act | Defendant Can Raise Plea Of Hardship Only If It Was Unforeseeable At Contract Formation: Supreme Court

Trending News

2 weeks, 6 days ago

S.20 Specific Relief Act | Defendant Can Raise Plea Of Hardship Only If It Was Unforeseeable At Contract Formation: Supreme Court

Live Law

The Supreme Court today observed that a defendant could raise the ground of 'hardship' in performing the contract only if it is established by cogent evidence that she was unable to foresee the hardship at the time of entering into the contract. The Court further stated that Section 20 of the Specific Relief Act, 1963 would not apply if the …

Contract Supreme Court Performance Court Specific Performance Hardship Das

Trending News

2 weeks, 6 days ago

S.20 Specific Relief Act | Defendant Can Raise Plea Of Hardship Only If It Was Unforeseeable At Contract Formation: Supreme Court

Live Law

Contract Supreme Court Performance Court Specific Performance Hardship Das

2 weeks, 6 days ago

Gujarat High Court Monthly Digest: November 2024

Live Law

Citations 2024 LiveLaw 165 to LiveLaw 180 Nominal Index IPCL Employee Association vs Reliance Industries Ltd. 2024 LiveLaw 165 Shailesh Anilkumar Amin & Anr. 2024 LiveLaw 180 Cash Canteen Subsidy Qualifies As Cash Value Of Food Concession And Is Included In Dearness Allowance: Gujarat High Court Case Title: IPCL Employee Association vs Reliance Industries Ltd. Case Citation: 2024 LiveLaw 165 …

India Supreme Court Court Citation Title State Ipc

3 weeks ago

Supreme Court rejects 30% cap on late credit card payments: All about the case

Hindustan Times

The Supreme Court on Friday reversed a 2008 ruling by the National Consumer Disputes Redressal Commission that barred banks from charging more than 30% annual interest on overdue credit card payments, allowing banks to determine their own rates within existing regulations. The apex court’s ruling came in response to appeals by multiple banks, including Standard Chartered Bank, Citibank, and HSBC, …

India Supreme Court Credit Interest Rates Interest Card Rbi

SC allows banks to charge over 30% interest on credit card; overturns NCDRC cap

Trending News

3 weeks ago

SC allows banks to charge over 30% interest on credit card; overturns NCDRC cap

The Hindu

The Supreme Court on Friday allowed appeals filed by banks challenging a 2008 National Consumer Disputes Redressal Commission order, which held that charging over 30% interest on credit card dues amounted to unfair trade practice under the Consumer Protection Act. The NCDRC had passed the order in 2008 on the questions whether banks could charge the credit card users interest …

Credit Card Interest Ncdrc

3 weeks ago

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies

Hindustan Times

A penalty of ₹27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to 'interest rate on deposits', the Reserve Bank said on Friday. For failing to comply with specific rules pertaining to "interest rate on deposits," IndusInd Bank has been fined ₹ 27.30 lakh by the Reserve Bank. After considering the reply of …

Bank Rbi Indusind Bank

3 weeks ago

Personal Loan: Is moratorium a boon or a bane? Find out how it affects your EMI and interest payments

Live Mint

Borrowers who find it difficult to repay personal loans can explore the prospect of a moratorium, a temporary period during which they are not supposed to make any payment. It is noteworthy that the moratorium affects loan repayment since interest keeps accruing, following which one has to pay the combined interest, thus pushing the EMIs upward. Increase in EMI amount: …

Personal Personal Loan Interest Six Months Loan Emi Moratorium Affects

3 weeks ago

Supreme Court overrules consumer forum’s 30% interest rate cap on late credit card payments

Live Mint

The Supreme Court has overruled a 2008 decision by the National Consumer Disputes Redressal Commission that capped the interest rate banks could charge on late credit card bill payments at 30% per annum, bringing relief to banks. In 2008, the NCDRC had ruled that charging credit card holders interest rates in excess of 30% per annum for failing to make …

Supreme Court Credit Interest Card Rate Rbi Rates