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 the extent they allowed. 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 the extent they allowed financial institutions to levy interest on loans during the 6-month moratorium. Justice Bhushan said "There are two issues in this: No interest during moratorium period, and no interest on interest".

Court Interest Rbi Moratorium Bhushan Hearing Till M R Shah observations hearing till period allowing sc interest senior m concerns raises court bench r moratorium levy rbi bhushan

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, 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

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

Loan Moratorium- Resolution Framework For COVID-Related Stress More Restrictive Than Prudential Norms For Normal Times: SC Told

Live Law

Senior Advocate Ravindra Srivastava, for the group, told the bench of Justices Ashok Bhushan, R. Subhash Reddy and M. R. Shah that the banks are "prevailing over" the government and the RBI and "making huge profits". Mr. Srivastava argued that while the Kamath committee had mentioned 26 sectors as having been severely-impacted during the Covid pandemic, the waiver of compound …

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 ago

Loan Moratorium Case- No Requirement Of Specific Resolution Plan For Borrowers For Invocation Of Resolution Framework: RBI Tells Supreme Court

Live Law

Reserve Bank of India has informed the Top Court that borrowers opting for resolution of COVID-related stressed loans shall not be required to submit any specific plans. RBI has stated that borrowers may invoke resolution framework by submitting a request to the lending institutions.The Resolution Framework does not require any resolution plan in any form to be submitted to the. …

4 years, 1 month ago

Won't Pass Any Order Which Will Lead To Economy Going Haywire, Says Supreme Court On Pleas For Loan Moratorium Extension

Live Law

The Supreme Court continued the hearing in the pleas pertaining to extension of loan moratorium along with petitions by specific sectors.Solicitor General Tushar Mehta made submissions on behalf of the Centre bench of Justices Ashok Bhushan, R Subhash Reddy & MR Shah, the crux of which were that the the sector specific issues that emanate in the instant petitions could …

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, 2 months ago

Last Date for Lenders to Credit Interest-on-interest in Borrower Accounts Today; All You Need to Know

News 18

Lenders have been directed to credit in the accounts of eligible borrowers the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme by today. The apex court in the due course directed the Centre to provide interest waiver on loans of up to Rs 2 crore under …

4 years, 2 months ago

[Loan Moratorium And Interest Waiver] Banks Are Advised To Credit Difference Between Compound And Simple Interest To Borrowers: RBI Tells Supreme Court

Live Law

In the ongoing issue pertaining to levy of accruing interest on interest and loan moratorium before Supreme Court, Reserve Bank of India informed the Court that banks shall be guided by a Scheme for effectuating ex gratia payments to borrowers towards specified loan amounts.The Additional Affidavit states that the applicable scheme dated October 23 will be "Scheme for grant of …

4 years, 2 months ago

EXPLAINED | Banks To Give Cashback For Interest Waiver To Borrowers Before Diwali: Understand In 10 Points

ABP News

In a move to ease the financial burden, the Reserve Bank of India directed all the banks and the financial institution of the country to implement the central government’s scheme of interest-on-interest waiver loans for up to Rs. The government has asked the lenders to complete the crediting of ‘interest on interest’ charges in the accounts of borrowers by November …

4 years, 2 months ago

RBI Asks Lenders to Implement Waiver of Interest on Interest for Loans upto Rs 2cr by Nov 5

News 18

The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5, as decided by the government. Last Friday, the government had announced the scheme for grant of ex-gratia payment of …

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

Loan interest waiver to be credited by November 5

The Hindu

Three weeks after informing the Supreme Court that the Centre would bear the additional compound interest on loans of up to ₹2 crore availed by retail borrowers as well as micro, small and medium enterprises, the government formally communicated the modalities of the scheme to lenders on Friday. Banks and other lenders, including co-operative banks and non-banking finance companies, have …

4 years, 2 months ago

Govt Waives Interest on Interest for Loans Up to Rs 2 Cr Even for Those Who Didn't Opt for Moratorium

News 18

New Delhi: In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not. The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans …

4 years, 2 months ago

Govt waives interest on interest for loans up to ₹2 crore

The Hindu

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to ₹2 crore irrespective of whether moratorium was availed or not. The Department of Financial Services came out with operational guidelines in the backdrop of Supreme Court’s direction to implement the interest waiver …

4 years, 2 months ago

Loan borrowers’ Deepavali in your hands, Supreme Court tells government

The Hindu

The Supreme Court on Wednesday questioned the government’s need to wait a whole month, till November 15, to notify the implementation of a scheme for waiving the compound interest accumulated during the moratorium against loans worth up to ₹2 crore. To this, Justice Shah said the court welcomed the step taken by the government to “take care” of the common …

4 years, 2 months ago

Opinion | Pandemic pandemonium & policies - measured by moratorium and Moody’s

Live Mint

Moratorium: A temporary stopping of an activity, especially by official agreement Interest moratorium: Temporary pause of interest payments due Pandemonium: A state of great noise and confusion Policies: A plan of action agreed or chosen by a government Pandemic: A disease that spreads over a whole country or the whole world The topic of interest calculation and its levy, which …

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

Loan moratorium: Compound interest waiver applies to small firms, individuals

India Today

The Union finance ministry is unlikely to extend the benefits of its move to waive the ‘interest on interest’ levied on loans taken by small firms and individuals. In March, the RBI asked lending institutions like banks, non-banking financial companies, microfinance institutions and housing finance companies to allow their borrowers to defer their instalments. The RBI’s recent financial stability report …

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

Banks tread with care on recast, as SC verdict on waiver looms large

Live Mint

Stung by a sour past on asset quality, India’s lenders are taking all kinds of precautions before they go easy on borrowers by restructuring loans. The higher interest rate charged is also to offset the cost the bank incurs due to provisioning. “For individual loans, immediate P&L impact for SBI will be limited to the provisioning towards restructured individual accounts,” …

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

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 …

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14 hours, 48 minutes ago

Supreme Court Dismisses PIL Alleging Exchange Of Currency Defaced By Kashmiri Separatists At RBI Branch; Notes Petitioner Suppressed Facts

Live Law

The Supreme Court today dismissed a public interest litigation seeking CBI enquiry into the Jammu Regional Branch of Reserve Bank of India where defaced Indian currencies worth Rs.30 crores were allegedly exchanged by a separatist group in 2013. During the hearing, Senior Advocate Jaideep Gupta submitted that the petitioner was a dismissed employee of the bank and there was no …

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1 day, 10 hours ago

[S.138 NI Act] While Considering Suspension Of Sentence, Court Must See If Case Falls Under Any Exceptions: Andhra Pradesh HC Reiterates

Live Law

The Andhra Pradesh High Court has reiterated that a plea for suspension of sentence is generally sought without any conditions, and when an accused seeks a blanket order like this, the responsibility is cast on the Court to determine whether the case falls under an exception. the high court said, “The Appellate Court in the impugned order referred to the …

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2 days, 7 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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SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court

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2 days, 15 hours ago

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court

Live Law

The Supreme Court has stated that the right of a borrower to redeem the secured asset can be exercised only till a notice for the sale of the mortgaged property is published in terms of Rule 9 of the Security Interest Rules, 2002. The Court observed that till the 2016 amendment to the Securitisation and Reconstruction of Financial Assets and …

Supreme Court Court Sale Right Supreme Act Asset

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2 days, 15 hours ago

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court

Live Law

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4 days, 10 hours ago

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

Live Law

The Supreme Court today slammed Maharashtra authorities over non-payment of timely compensation to persons whose lands were compulsory acquired by the state way back in 2005. A bench of Justices Surya Kant and N Kotiswar Singh was dealing with the petitioner's plea against a High Court order, whereby the Zilla Parishad was directed to pay compensation to respondent-claimants against compulsory …

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4 days, 16 hours ago

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

Live Law

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5 days, 9 hours ago

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

Live Law

The NCLAT New Delhi Bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. IA No.1891 of 2024 was filed by the …

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Haryana RERA Orders Agrante Developers To Refund Amount Paid By Homebuyer

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5 days, 19 hours ago

Haryana RERA Orders Agrante Developers To Refund Amount Paid By Homebuyer

Live Law

Haryana Real Estate Regulatory Authority bench, comprising Arun Kumar, has directed Agrante Developers to refund Rs.9.47 Lakhs with interest to homebuyer who purchased a flat in their Beethoven's 8 Project. On April 24, 2015, the builder issued an allotment letter in favor of the homebuyer under a subvention scheme requiring him to pay 10% upfront while the remaining amount was …

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Dismissal Of Earlier S.482 CrPC Petition Doesn't Bar Subsequent Petition Filed Due To Change In Law : Supreme Court

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6 days, 8 hours ago

Dismissal Of Earlier S.482 CrPC Petition Doesn't Bar Subsequent Petition Filed Due To Change In Law : Supreme Court

Live Law

Observing that the principle of res judicata is not strictly applicable to the criminal proceedings, the Supreme Court recently ruled that the dismissal of a previous petition does not preclude the filing of a subsequent petition under Section 482 of the Cr.P.C if it is prompted by a change in the law. The bench comprising Justice Dipankar Datta and Justice …

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6 days, 8 hours ago

Dismissal Of Earlier S.482 CrPC Petition Doesn't Bar Subsequent Petition Filed Due To Change In Law : Supreme Court

Live Law

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6 days, 12 hours ago

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

Live Law

The NCLAT New Delhi Bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that after initiation of moratorium under Section 14, sub-section, no assessment proceedings can be continued by the EPFO. On the other hand it is the case of the respondent that no claim was filed by the Appellant before the Plan was approved …

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1 week ago

RERA fines builder for delaying possession

Hindustan Times

The Real Estate Regulation Authority Punjab has directed Omaxe developers in Chandigarh to pay interest per month for delay in handing possession of a flat. The RERA ruled that it is evident that there is delay of many months which is likely to get further delayed and thus the complainant is entitled to get interest. The complainant sought issuance of …

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RBI may cut policy rates by 50 basis points in first half of 2025: Report

India TV News

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1 week, 1 day ago

RBI Floating Rate Savings Bond interest rate announced for January to June 2025; check latest details and other features

Live Mint

The Reserve Bank of India has announced the latest interest rate for RBI Floating Rate Savings Bonds on Tuesday for January to June 2025. The RBI Floating Rate Savings Bond, 2020 will be offered at 8.05 per cent interest rates from January to June 2025. Currently, the interest rate of RBI Floating Rate Savings Bonds is 0.35% higher than the …

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1 week, 2 days ago

After announcing Rythu Bharosa from Sankranti, Telangana decides to raise ₹30,000 crore market borrowings in Q4

The Hindu

Telangana Government has decided to raise a huge ₹30,000 crore market borrowings during the last quarter of the current financial year. The decision to raise ₹30,000 crore in the last quarter follows the Government’s announcement of implementing Rythu Bharosa, farmers investment subsidy scheme, involving crediting of ₹7,500 an acre into the accounts of eligible farmers whose lands are under cultivation, …

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1 week, 3 days ago

S. 138 NI Act | Complainant Can't Be Left Remediless Merely Because He Filed 'Premature' Complaint For Cheque Dishonour: Rajasthan HC

Live Law

“ From the aforesaid law laid down by the Apex Court in the case of Yogendra Pratap Singh and Gajanand Burange, it is apparent that in a case where the complaint was filed before the expiry of a period of fifteen days stipulated in the notice which is required to be served upon the drawer of the cheque, the Court …

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1 week, 3 days ago

Holding Multiple Inquiries On Same Allegations Amount To Violation Of Article 21: Punjab & Haryana High Court

Live Law

The Punjab & Haryana High Court granted anticipatory bail in fraud and Prevention of Corruption Act case to a Junior Engineer posted in Municipal Council Khanna, accused for committing embezzlement of Rs. Justice Sandeep Moudgil said, "multiple inquires on same set of allegations would amount to violation of Article 21 of the Constitution of India added with the fact that …

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1 week, 4 days ago

Bombay High Court Weekly Round-Up: December 23 - December 29, 2024

Live Law

Citations: 2024 LiveLaw 650 to 2024 LiveLaw 654 Nominal Index: Zahid Khamisa vs. State of Maharashtra & Anr, 2024 LiveLaw 650 Imperial Consultants and Securities vs. Deputy CIT, 2024 LiveLaw 651 Shri Saibaba Sansthan Trust vs. Union of India, 2024 LiveLaw 652 Nav Chetna Charitable Trust vs, CIT, 2024 LiveLaw 653 Chandrabhan Atulkar v. MOIL Ltd., 2024 LiveLaw 654 Judgments/Final …

Trust Justice Court Bombay High Court Assessment 2024 High

1 week, 4 days ago

'Employer Can't Recover Excess Amount For Period Extending 5 Years', Delhi High Court Reiterates

Live Law

A Single Bench of the Delhi High Court comprising Justice Jyoti Singh held that the recovery of an excess amount of Rs. The Court reiterated that although an Employer has the right to recover the excess amount mistakenly paid to an Employee, the same cannot be done in cases where the excess payment has been made for a period in …

India High Court Counsel Recovery Court Period Leave

1 week, 4 days ago

Phrase "Where It Is Possible To Do" U/S 73(4B) Of Finance Act Doesn't Make Timeline To Determine Service Tax Dues 'Suggestive': Delhi HC

Live Law

The Delhi High Court has held that the usage of expression "where it is possible to do so" doesn't make the timeline stipulated under Section 73 of the Finance Act, 1994 to determine service tax dues 'suggestive' in nature. While there cannot be denying that the taxation forms the backbone of a nation's economy, any inordinate delay by the Revenue …

Finance Tax Court Case Revenue Notice Proceedings

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

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Trending News

2 weeks, 1 day ago

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Live Law

While setting aside the reassessment proceedings, the Bombay High Court held that 'change of opinion' or 'review of already completed assessment', is not permitted to AO. Facts of the case: The petitioner/ assessee company, engaged in investment and trading of shares and securities, filed its return, after which a notice u/s 142 was issued calling upon the assessee to furnish …

Assessment Sec Bench Material Reasons Assessee Reopening

Trending News

2 weeks, 1 day ago

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Live Law

Assessment Sec Bench Material Reasons Assessee Hc Quashes

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

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, 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

GST Department's Effective Adjudication Of Matter Cannot Be Scuttled By Seeking Writ Remedy: Calcutta High Court

Live Law

While reiterating that it shall not interfere in matters requiring fact-finding and adjudication, which fall squarely within the statutory domain, the Calcutta High Court advised the manufacturer/ supplier to exhaust the statutory remedies provided under the CGST Act, 2017 including submitting a detailed response to the SCN. “The statutory framework under the CGST Act provides adequate mechanisms for addressing the …

High Court Jurisdiction Court Writ Act Bench Gst

2 weeks, 3 days ago

GST Department's Effective Adjudication Of Matter Cannot Be Scuttled By Seeking Writ Remedy: Calcutta High Court

Live Law

High Court Jurisdiction Court Writ Act Bench Gst

2 weeks, 3 days ago

"Contractor Couldn't Collect Market Fee Due To COVID-19": Madhya Pradesh HC Upholds Order Directing Municipality To Refund Bid Money

Live Law

The Jabalpur bench of the Madhya Pradesh High Court upheld a Collector's order directing a municipal council to refund the first instalment of the bid amount to a Contractor–engaged for recovering weekly market charges, after noting that the money could not be recovered on account of second wave of Covid-19 terming it as "force majeure". the outbreak of the second …

Market Recovery Court Money Order Instalment Refund

2 weeks, 4 days ago

Unreasonable Delay In Seeking Restoration Of Granted Land Can Be Ground For Denying Relief: Karnataka High Court

Live Law

The Karnataka High Court recently upheld an order of the single judge which dismissed a petition filed by the original grantee of a land who had sought restoration of land to themselves, 12 years after it was first transferred to private persons. 12 years having been passed, it would be highly unreasonable, unjust and inequitable, as well as against law …

Law Karnataka High Court Court Transfer Restoration Delay

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

RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm

Live Mint

Mumbai, Dec 22 The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. At his last policy announcement, Das said that the growth-inflation dynamic …

India Policy Growth Bank Central Pti Cent

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, 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

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

'Judicial Time & Resources Abused': Punjab & Haryana HC Imposes Rs.5 Lakh Cost On Litigant For Supressing Facts, Filing Repeated Pleas

Live Law

The Punjab & Haryana High Court imposed a cost of Rs.5 lakh on litigant who repeatedly abused the process of court by filing successive pleas and suppressed “crucial fact.” The plea was filed challenging the resumption order of a land which was allotted to the petitioner subject to certain conditions. A bench of Justice Arun Palli and Justice Vikram Aggarwal …

Court Haryana Building Order Conditions Site Authority

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

RBI fines IndusInd Bank ₹27 lakh over non-compliance

Live Mint

The Reserve Bank of India imposes a penalty of ₹27 lakh on IndusInd Bank for not complying with norms. “The Reserve Bank of India has, by an order dated December 18, 2024, imposed a monetary penalty of ₹27.30 lakh on IndusInd Bank Ltd. for non-compliance with certain provisions of ‘Reserve Bank of India Directions, 2016’,”the central bank said in statement …

Indusind Bank Ineligible Entities Read Rbi

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

3 weeks, 1 day ago

Inordinate Delay Of More Than 10 Years, Haryana RERA Directs Ansal Builders To Refund 1.07 Crores To Homebuyer

Live Law

Haryana Real Estate Regulatory Authority bench comprising Ashok Sangwan has directed M/s Ansal Housing and Constructions Limited to refund Rs. 1.07 crores with 11.10% interest to the homebuyer after facing an inordinate delay of more than 10 years in receiving possession of the flat. According to the final Floor Buyer's Agreement the builder was supposed to hand over possession of …

Agreement Flat Delay Builder Possession Authority Homebuyer

3 weeks, 2 days ago

Sufficiency Of Reasons Over Number Of Days Is Considered While Determining Plea Of Condonation Of Delay U/S 37(1)(2) Of Arbitration Act: Delhi HC

Live Law

The Delhi High Court Bench of Justice Rekha Palli and Justice Saurabh Banerjee held that the appellant failed to demonstrate any plausible reasons for the delay caused in filing the present appeal. The appeal was also accompanied by two applications, the first seeking condonation of 670 days delay in filing the appeal and the second 591 days delay in re-filing …

Appeal Court Review Delay Filed Filing Present

3 weeks, 2 days ago

Delayed Payment Of Gratuity, Employer Liable To Pay 10% Interest As Per Central Government Notification : Jharkhand HC

Live Law

A single judge bench of the Jharkhand High Court comprising of Justice Anubha Rawat Choudhary held that employers are liable to pay interest at 10% rate if they delay in payment of gratuity, as per the notification issued by the Central Government in consonance with Section 7 of the Payment of Gratuity Act, 1972. However, the rate of interest is …

Court Gratuity Pay Interest Payment Central Rate