Madras High Court upholds Constitutionality of SARFAESI Act and validity RBI Circulars [Read the Judgment]
10 years, 10 months ago

Madras High Court upholds Constitutionality of SARFAESI Act and validity RBI Circulars [Read the Judgment]

Live Law  

A division bench of the Madras High Court, comprising of Justice N. Paul Vasanthakumar and Justice M.M. Sundresh dismissed several writ petitions through a common order on May 8, upholding the Constitutional validity of Section 2 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the guidelines issued by the. Sundresh dismissed several writ petitions through a common order on May 8, upholding the Constitutional validity of Section 2 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the guidelines issued by the Reserve Bank of India on the classification of assets as Non-Performing Assets. These 40 petitions were filed by various companies and individuals, who were indebted to banks and the banks thereby initiated proceedings under the SARFAESI Act, 2002 after declaring the assets as "Non Performing Assets" in view of the guidelines issued by way of the Circular by the Reserve Bank of India. The Court termed it as 'legislation by reference' and stated that when once the Legislature has approved the power of Reserve Bank of India on the classification of assets, the resultant consequence would be that a subsequent amendment pertaining to such a classification would apply with its vigor and force to the new Act as well According to the Respondents, the issues were no longer Res Integra as they are already covered by the decision rendered by the Supreme Court in Mardia Chemicals Limited and others Vs. Union of India and others, and therefore it is not open to the petitioners to re-agitate the same.

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History of this topic

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

SARFAESI And Arbitration Proceedings Can Proceed Parallely As Nature Of Both Proceedings Is Distinct: Bombay High Court
3 months, 3 weeks ago

SARFAESI And Arbitration Proceedings Can Proceed Parallely As Nature Of Both Proceedings Is Distinct: Bombay High Court

Live Law  

The Bombay High Court bench of Justice Advait M Sethna has affirmed that SARFAESI proceedings are in the nature of enforcement proceedings, while arbitration is in the context of an adjudicatory proceedings. A careful perusal of the record makes it clear that there is an arbitral clause contained in loan agreement dated 13 September 2018 which states that all claims …

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings
4 months, 1 week ago

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings

Live Law  

The Supreme Court recently issued notice on a special leave petition filed by Aditya Birla Finance Ltd against a judgment of the Bombay High Court which held that a commercial suit won't be barred by Section 34 of the SARFAESI Act when there are allegations of fraud. A Special Leave Petition was filed before the Supreme Court by Aditya Birla …

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution
9 months, 1 week ago

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution

Live Law  

The Madras High Court comprising of Justice N. Seshasayee held that every claim by operational creditors involves a right to their property under Article 300A of the Constitution of India. Observations by the High Court: The Madras High Court dismissed the writ petition and highlighted a key point that every claim by operational creditors involves a right to their property …

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC
11 months ago

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC

Live Law  

The Punjab & Haryana High Court has made it clear that the District Magistrate under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is only an executing functionary and not empowered to make any adjudication on the application made by the creditors for taking possession of the secured assets.Observing. The Punjab …

50 Important Judgments Of Madras High Court In 2023
1 year, 2 months ago

50 Important Judgments Of Madras High Court In 2023

Live Law  

LiveLaw reported 413 judgments from the Madras High Court in 2023. Intimation Of Arrest Through SMS Hampers Constitutional Safeguard Of Effective Representation: Madras High Court Quashes Detention Order Case Title: Harini v. The State of Tamil Nadu and others Citation: 2023 LiveLaw 145 The Madras High Court recently set aside a detention order passed by the Commissioner of Police, Avadi …

SARFAESI Act | Orders Passed In Interim Application Appealable U/S 18; Cannot Invoke Supervisory Jurisdiction U/Art 227: Kerala High Court
1 year, 4 months ago

SARFAESI Act | Orders Passed In Interim Application Appealable U/S 18; Cannot Invoke Supervisory Jurisdiction U/Art 227: Kerala High Court

Live Law  

The Kerala High Court recently held that an order passed in an interim application is appealable before the Appellate Tribunal, under Section 18 of the SARFAESI Act.It thus proceeded to declare that Article 227 of the Constitution cannot be invoked by the High Court, when the Tribunal had considered the matter before it in the proper perspective. Justice K. The …

S.34 SARFAESI Act | Civil Court's Jurisdiction Not Ousted When Remedy Cannot Be Effectively Addressed By Tribunal: Madras High Court
1 year, 5 months ago

S.34 SARFAESI Act | Civil Court's Jurisdiction Not Ousted When Remedy Cannot Be Effectively Addressed By Tribunal: Madras High Court

Live Law  

While dismissing an application filed under Section 34 of the SARFAESI Act to reject a plaint on the ground that the court's jurisdiction was ousted, the Madras High Court observed that the civil court's jurisdiction is not ousted when the remedy sought cannot be effectively addressed by the Tribunal. Though the bank had challenged the suit claiming that the court’s …

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 …

Priority Of The Secured Creditor Over Govt. Dues Under SARFAESI Act, 2002: Bombay High Court
1 year, 8 months ago

Priority Of The Secured Creditor Over Govt. Dues Under SARFAESI Act, 2002: Bombay High Court

Live Law  

The Bombay High Court held that priority belongs to the secured creditor in respect of the dues of the Central government, state government, or local authority under Section 26-E of the SARFAESI Act, 2002.The bench of Justice B. P. Colabawalla and Justice M.M. The Bombay High Court held that priority belongs to the secured creditor in respect of the dues …

Madras High Court Weekly Round-Up: June 19 to June 25
1 year, 8 months ago

Madras High Court Weekly Round-Up: June 19 to June 25

Live Law  

A weekly round-up of important cases from the Madras High Court Citations: 2023 LiveLaw 169 To 2023 LiveLaw 173 NOMINAL INDEX Aarur Tamilnadam v S Sankar and others, 2023 Livelaw 169 Sudha Sarveshkumar v Chief Secretary and others, 2023 LiveLaw 170 Elephant G Rajendran v The Registrar General and others, 2023 Livelaw 171 Kannaian Naidu and others v Kamsala Ammal …

SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court
1 year, 11 months ago

SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court

Live Law  

The Supreme Court has granted relief to an auction purchaser by directing the refund of the deposit made by him, which was forfeited by the bank by invoking Rule 9 of Security Interest Rules, 2002.Rule 9 enables the bank to forfeit the deposit amount on default of the auction purchaser to deposit the balance bid amount within the stipulated time. …

Judicial Service Examination: Questions With Explanatory Answers Based On Latest Supreme Court Judgments
2 years, 3 months ago

Judicial Service Examination: Questions With Explanatory Answers Based On Latest Supreme Court Judgments

Live Law  

Which of the following is true with respect to the decision in the 2020 judgment of Tofan Singh v. State of Tamil Nadu? a. NDPS officers are not police officers since they do not file any charge-sheet b. NDPS officers are police officers but confessional statements recorded by them are admissible c. NDPS officers are police officers and therefore confessional …

Arbitration Cases Weekly Round-Up: 20 November To 26 November, 2022
2 years, 3 months ago

Arbitration Cases Weekly Round-Up: 20 November To 26 November, 2022

Live Law  

Delhi High Court: Rights Under An Agreement Are Superseded By A Subsequent One? Arbitrator To Decide: Delhi High Court Case Title: PVR Limited versus Imperia Wishfield Private Limited The Delhi High Court has ruled that the arbitration clause relates to the resolution of disputes between the parties and not the performance of the contract and thus, the arbitration agreement survives …

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court
2 years, 4 months ago

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court

Live Law  

The Delhi High Court has reiterated that arbitration proceedings and proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 can go hand in hand. The single bench of Justice V. Kameswar Rao held that even if a party intended to take action under Section 17 of the SARFAESI Act by filing a petition …

Supreme Court Deprecates HC Practice Of Entertaining Writ Petitions Filed In SARFAESI Matters Without Exhausting Alternative Remedy
2 years, 4 months ago

Supreme Court Deprecates HC Practice Of Entertaining Writ Petitions Filed In SARFAESI Matters Without Exhausting Alternative Remedy

Live Law  

The Supreme Court deprecated the practice of entertaining writ petitions filed in SARFAESI matters without exhausting the alternative statutory remedy.In this case, the Telangana High Court set aside the e-auction sale held by the Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on. In this context, the bench comprising …

Supreme Court Admits Plea Against Abolition Of State-Funded Madrassas In Assam
2 years, 4 months ago

Supreme Court Admits Plea Against Abolition Of State-Funded Madrassas In Assam

Live Law  

The Supreme Court of India on Tuesday admitted a special leave petition against a Gauhati High Court decision upholding a 2020 Assam Assembly law, according to which all state-run madrassas were to be converted into general educational institutions. Repelling the contentions of the petitioners, a Division Bench of the High Court led by Chief Justice Sudhanshu Dhulia had upheld the …

Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court
2 years, 5 months ago

Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court

Live Law  

The Delhi High Court has ruled that the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 provides a remedy in addition to the adjudication under the Arbitration and Conciliation Act, 1996 and hence, initiation of proceedings under the SARFAESI Act does not bar the arbitration of disputes. The petitioners invoked the arbitration …

"RBI Officials Involved In Scams Like Kingfisher, Yes Bank", Alleges Subramanian Swamy; Supreme Court Issues Notice On Plea For CBI Probe
2 years, 5 months ago

"RBI Officials Involved In Scams Like Kingfisher, Yes Bank", Alleges Subramanian Swamy; Supreme Court Issues Notice On Plea For CBI Probe

Live Law  

A Division Bench of the Supreme Court of India on Monday issued notice on a writ petition filed by Dr Subramanian Swamy seeking an enquiry by the Central Bureau of Investigation into the role of Reserve Bank of India officials in various banking scams. Gavai and B.V. Nagarathna that the RBI officials had allegedly escaped scrutiny with respect to their …

'Not Manifestly Arbitrary': Delhi High Court Upholds Constitutional Validity Of Chapter II Of SARFAESI Act
2 years, 5 months ago

'Not Manifestly Arbitrary': Delhi High Court Upholds Constitutional Validity Of Chapter II Of SARFAESI Act

Live Law  

The Delhi High Court has upheld the constitutional validity of Chapter II of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 observing that it is not manifestly arbitrary and is not in violation of Article 14 of the Constitution of India.A division bench of Chief Justice Satish Chandra Sharma and Justice Subramoniuam Prasad passed. …

Bombay High Court Weekly Round Up: August 29 - September 3 , 2022
2 years, 6 months ago

Bombay High Court Weekly Round Up: August 29 - September 3 , 2022

Live Law  

Nominal Index Nizar Noorali Rangara and Anr. with 11 connected matters 2022 LiveLaw 316 Reports/Judgments Company In Liquidation Cannot Always Avoid Proceedings U/S 138 NI Act, Its Conduct Can Be Weighed In: Bombay High Court Case Title: Nizar Noorali Rangara and Anr. Citation: 2022 LiveLaw 313 The Aurangabad bench of Bombay High Court on Tuesday set aside an order removing …

'Bank Has Symbolic Possession Of Mortgaged Properties': Gujarat High Court Refuses To Cancel 2016 Bail Order For Non-Repayment 10 Cr Loan
2 years, 8 months ago

'Bank Has Symbolic Possession Of Mortgaged Properties': Gujarat High Court Refuses To Cancel 2016 Bail Order For Non-Repayment 10 Cr Loan

Live Law  

The Gujarat High Court has recently declined to cancel the bail of the Respondent-Accused for offences under Sections 406 and 420 added with Sections 467, 468 and 471 of the IPC on the ground that the Applicant-Bank had already taken 'symbolic possession' of certain properties long back. The High Court, therefore, felt that it should not interfere with the order …

MP High Court Upholds Eligibility Criteria Laid Down By Bank Of Baroda For Its Borrowers To Avail Benefits Of Resolution Framework 2.0 Issued By RBI
2 years, 9 months ago

MP High Court Upholds Eligibility Criteria Laid Down By Bank Of Baroda For Its Borrowers To Avail Benefits Of Resolution Framework 2.0 Issued By RBI

Live Law  

The Madhya Pradesh High Court, Indore Bench has recently upheld the eligibility criteria laid down by the Bank of Baroda for its borrowers to avail the benefits of the Resolution Framework 2.0 issued by the Reserve Bank of India. Justice Vivek Rusia held that the eligibility criteria of the Bank of Baroda, whereby only those borrowers were eligible whose accounts …

Petitioner Cannot File Writ Petition Before Exercising Remedy U/S 17 Of SARFAESI Act; Madras High Court
3 years, 2 months ago

Petitioner Cannot File Writ Petition Before Exercising Remedy U/S 17 Of SARFAESI Act; Madras High Court

Live Law  

The Madras High Court, in a Bench comprising of Justice M. Duraiswamy and Justice Sathya Narayan Prasad in R. Ganesan v. M/s. ASREC Limited has reiterated the legal position and dismissed the writ petition filed by the Petitioner due to non-exercise of alternate remedy of appeal under Section 17 of the SARFAESI Act. The Petitioner filed a writ petition under …

Writ Petition By Borrowers Challenging SARFAESI Proceedings Initiated By Private Banks/ARCs Not Maintainable: Supreme Court
3 years, 2 months ago

Writ Petition By Borrowers Challenging SARFAESI Proceedings Initiated By Private Banks/ARCs Not Maintainable: Supreme Court

Live Law  

The Supreme Court observed that a writ petition challenging proceedings under SARFAESI Act initiated by private banks/Asset Reconstruction Companies is not maintainable. "If proceedings are initiated under the SARFAESI Act and/or any proposed action is to be taken and the borrower is aggrieved by any of the actions of the private bank/bank/ARC, borrower has to avail the remedy under the …

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 …

Special Courts For MP/MLAs : Supreme Court To Examine If Cases Triable By Magistrate Can Be Committed To Sessions Court
3 years, 4 months ago

Special Courts For MP/MLAs : Supreme Court To Examine If Cases Triable By Magistrate Can Be Committed To Sessions Court

Live Law  

The Supreme Court on Monday orally observed that when a statute states that the trial has to be before a Magistrate, Supreme Court court in exercise of its jurisdiction under Article 142 cannot then say that notwithstanding the statute, the jurisdiction will be exercised by Court of SessionsA Bench comprising CJI NV Ramana, Justice DY Chandrachud and Justice Surya Kant …

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20
3 years, 5 months ago

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20

Live Law  

The Supreme Court will hear on October 20th plea filed by State Bank of India challenging the Punjab and Haryana High Court's decision that Prevention Of Money Laundering Act prevails over the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act A Bench comprising Justice AM Khanwilkar, Justice Dinesh Maheshwari and Justice. The Supreme Court will hear …

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks
3 years, 6 months ago

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks

Live Law  

The Madhya Pradesh High Court has stayed a circular issued by the Reserve Bank of India on June 25 which laid down several conditions related to Urban Coopeartive Banks.A division bench comprising Chief Justice Mohammad Rafiq and Justice Vijay Kumar Shukla passed the interim order on September 3 while issuing notice on a writ petition filed by Mahanagar Nagrik Sahkari …

Forum Shopping: Gujarat High Court Refuses To Hear Plea Challenging Validity Of S.14 SARFAESI Act
3 years, 7 months ago

Forum Shopping: Gujarat High Court Refuses To Hear Plea Challenging Validity Of S.14 SARFAESI Act

Live Law  

The Gujarat High Court recently refused to entertain a plea challenging the vires of Section 14 of the SARFAESI Act, while admonishing the Petitioner for indulging in forum shopping.Section 14 provides that the District Magistrate concerned shall assist the secured creditor in taking possession of secured asset of the borrower. The Gujarat High Court recently refused to entertain a plea …

Supreme Court To Hear Banks' Challenge Against RBI's RTI Notices For Disclosures On August 17
3 years, 7 months ago

Supreme Court To Hear Banks' Challenge Against RBI's RTI Notices For Disclosures On August 17

Live Law  

The Supreme Court on Friday adjourned hearing of the pleas filed by Banks challenging the notices issued by the Reserve Bank of India to them under Section 11 of the Right to Information Act as regards the inspection reports/ risk assessment reports for the years FY17-18 and FY18-19. A Justice Rao led Bench of the Supreme Court had on April …

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 …

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act
4 years, 2 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law  

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

Supreme Court Weekly Round Up
4 years, 4 months ago

Supreme Court Weekly Round Up

Live Law  

Supreme Court Orders Release Of Arnab Goswami From Jail; Says 'Personal Liberty Must Be Upheld' The Supreme Court on Wednesday granted interim bail to Republic TV anchor Arnab Goswami,who was arrested on November 4 and has been under judicial custody since then in a criminal case relating to abetment to suicide of interior designer Anvay Naik in 2018. A vacation …

[SARFAESI] Time Limit Stipulation For District Magistrates To Deliver Possession Of Secured Asset Is Not Mandatory: Supreme Court [Read Judgment]
4 years, 4 months ago

[SARFAESI] Time Limit Stipulation For District Magistrates To Deliver Possession Of Secured Asset Is Not Mandatory: Supreme Court [Read Judgment]

Live Law  

The Supreme Court has held that time limit stipulation in Section 14 of the SARFAESI Act mandating the District Magistrate to deliver possession of a secured asset, is directory and not mandatory and that the inability to take possession within time limit does not render the District Magistrate Functus Officio.The bench comprising Justices L. Nageswara Rao, Hemant Gupta and Ajay …

Advocates Permitted To Participate In Proceedings Before Banking Ombudsman Under 2006 RBI Scheme?: Madras HC To Consider [Read Order]
4 years, 5 months ago

Advocates Permitted To Participate In Proceedings Before Banking Ombudsman Under 2006 RBI Scheme?: Madras HC To Consider [Read Order]

Live Law  

The bench of Chief Justice A. P. Shah and Justice Senthil Kumar Ramamoorthy also asked the parties to shed light on a "very peculiar clause" that has been incorporated under Clause 12 of the Scheme which provides that if any Award is rendered by Ombudsman it shall lapse and shall be of no use unless a letter of acceptance of …

Can Banks Continue SARFAESI Proceedings With Respect To Loan Accounts Declared As NPA Prior To Lockdown? Kerala HC Seeks Response From Centre,State [Read Order]
4 years, 6 months ago

Can Banks Continue SARFAESI Proceedings With Respect To Loan Accounts Declared As NPA Prior To Lockdown? Kerala HC Seeks Response From Centre,State [Read Order]

Live Law  

The Kerala High Court has sought response from the Central Government about the banks' plea seeking permission to continue SARFAESI proceedings with respect to loan accounts which were declared as NPA prior to the declaration of lockdownThe Full bench comprising the Chief Justice S. Manikumar, Justices CT Ravikumar and Shaji P. Chaly was considering an application filed by State Bank …

Madras HC Denies Interim Relief To Cooperative Banks Against 2020 Ordinance Subjecting Them To RBI Supervision [Read Order]
4 years, 8 months ago

Madras HC Denies Interim Relief To Cooperative Banks Against 2020 Ordinance Subjecting Them To RBI Supervision [Read Order]

Live Law  

The Madras high court on Monday refused immediate interim relief to cooperative banks which have challenged the Centre's ordinance bringing them under the purview of the RBI.The two petitioners before Chief Justice A. P. Shah and Justice Senthilkumar Ramamoorthy are "some of the pioneers in Cooperative Banking in this country and their activities date back almost to a century". Appreciating …

Supreme Court Weekly Round Up
4 years, 10 months ago

Supreme Court Weekly Round Up

Live Law  

SARFEASI Act Applicable To Cooperative Banks : SC The Supreme Court held that the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 is applicable to Cooperative banks. Order XXIII Rule 3A CPC: Bar To File Separate Suit Challenging Compromise Decree Applies To Stranger Also: SC The Supreme Court held that the bar under Order 23 Rule …

Opinion | A judgement that balances power and proportionality
5 years ago

Opinion | A judgement that balances power and proportionality

Live Mint  

In a judgement on Wednesday spanning elements as diverse as Vedic philosophy and cypherpunks, Jain parables and the history of central banking, the Supreme Court set aside a circular issued by the Reserve Bank of India banning entities regulated by it from dealing in virtual currencies. Rich with details on the character of virtual currencies and their manner of regulation, …

Additional Chief Judicial Magistrate Can Entertain Application U/s 14 SARFAESI Act: Kerala HC [Read Judgment]
5 years, 8 months ago

Additional Chief Judicial Magistrate Can Entertain Application U/s 14 SARFAESI Act: Kerala HC [Read Judgment]

Live Law  

The Kerala High Court has held that Additional Chief judicial Magistrate will have jurisdiction to entertain an application filed under Section 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. SC Expected To Solve The Confusion Recently, granting leave to directly appeal against a similar order passed by Additional Chief Judicial Magistrate, Ernakulam, the …

RBI's revised guidelines for resolution of stressed assets likely before 23 May; poll code may not impact issuance of new rules
5 years, 10 months ago

RBI's revised guidelines for resolution of stressed assets likely before 23 May; poll code may not impact issuance of new rules

Firstpost  

Against the backdrop of the Supreme Court quashing an RBI circular, issued on 12 February, 2018, a revised set of rules is under works and would be released soon, they said. New Delhi/Mumbai: 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 …

Supreme Court Monthly Digest- March 2019
5 years, 11 months ago

Supreme Court Monthly Digest- March 2019

Live Law  

If Contempt Is In The Face Of Court, Judges Can Take Immediate Action Without Issuing Notice National Lawyers Campaign For Judicial Transparency and Reforms V. Union of India To hold Advocate Mathews Nedumpara guilty of contempt, the Supreme Court followed the dictum that when contempt is in the face of court, summary procedure can be followed to inflict punishment "then …

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 …

New NPA framework soon
5 years, 11 months ago

New NPA framework soon

Deccan Chronicle  

Mumbai: With the Supreme Court quashing the Reserve Bank of India’s February 12, 2018 circular on resolution of stressed assets as ultra vires, the central bank would be coming out with a revised circular on resolution of stressed assets. Das said that the Supreme Court order struck down the February 12 circular regarding resolution of stressed assets but the validity …

RBI to issue revised circular on bad loan resolution: Shaktikanta Das
5 years, 11 months ago

RBI to issue revised circular on bad loan resolution: Shaktikanta Das

Live Mint  

Mumbai: The Reserve Bank of India will issue a revised circular for resolution of stressed assets after its 12 February 2018 norms were struck down by the Supreme Court earlier this week, RBI governor Shaktikanta Das said on Thursday. The RBI will take steps in light of the court order, including issuance of a revised circular, for expeditious and effective …

RBI 12 February circular no more: What it means for banks, IBC cases
5 years, 11 months ago

RBI 12 February circular no more: What it means for banks, IBC cases

Live Mint  

Mumbai: The Supreme Court setting aside the Reserve Bank of India’s 12 February 2018 circular to replace all loan restructuring schemes with a formal bankruptcy process has restored previous debt recast options for defaulting companies and given a free hand to banks to explore steps to rescue such companies outside the court. Catch all the latest news in our blog: …

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 …

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal
5 years, 11 months ago

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal

Firstpost  

Last month, the RBI had maintained that there was no dilution in its stand with regard to 12 February circular on stressed assets recognition and resolution. In a major relief to stressed power, sugar and infrastructure firms, the Supreme Court on Tuesday quashed the Reserve Bank of India’s 12 February, 2018 circular on bankruptcy proceedings and declared it ultra vires_,_ …

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

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