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Allahabad High Court Quashes Criminal, ED Proceedings Initiated Against Indiabulls & Its Officials
1 day, 18 hours 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
Contempt Power Is Not Only For Violation Of Express Orders; Applies To Any Act Intended To Frustrate Judicial Process : Supreme Court
Trending News
1 week, 3 days ago

Contempt Power Is Not Only For Violation Of Express Orders; Applies To Any Act Intended To Frustrate Judicial Process : Supreme Court

Live Law  

In a significant judgment, the Supreme Court observed that contempt jurisdiction is not confined only to violation of express judicial directions but also extends to acts which are intended to frustrate court proceedings or bypass the eventual judgment. Even in the absence of such specific mandates, the deliberate conduct of parties aimed at frustrating court proceedings or circumventing its eventual …

Supreme Court Judgment Court Contempt Proceedings Borrower Celir Llp
Secured Creditor Registered With CERSAI Will Have Precedence Over VAT Authorities Against Proceeds Of Enforcement: Bombay HC
8 months, 3 weeks ago

Secured Creditor Registered With CERSAI Will Have Precedence Over VAT Authorities Against Proceeds Of Enforcement: Bombay HC

Live Law  

The Bombay High Court recently clarified that in a sale of a mortgaged asset, where the mortgage in favour of a secured creditor is registered prior in time with CERSAI, and the MVAT Authorities too have a charge, the proceeds of the enforcement of the mortgage would first go towards discharging the dues owed to the secured creditor. Colabawalla observed …

Security Assets Charge Registered Act Bench Vat
Bank Cannot Be Held Responsible For Illegal Activities Conducted By Borrower In Mortgaged Premises: Supreme Court
10 months, 1 week ago

Bank Cannot Be Held Responsible For Illegal Activities Conducted By Borrower In Mortgaged Premises: Supreme Court

Live Law  

The Supreme Court, while setting aside the impugned order passed by the NGT, Delhi, held that a Bank cannot be held responsible for illegal activities carried out by the borrower in mortgaged premises. “…we are unable to subscribe to the reasoning and view of the National Green Tribunal, Principal Bench, New Delhi in the impugned judgment, which holds that the …

Activities Supreme Court Court Bank Illegal Activities Tribunal Illegal
SARFAESI Act | Right Of Redemption Cannot Be Taken Away By Insufficient Notice: Allahabad High Court
11 months, 1 week ago

SARFAESI Act | Right Of Redemption Cannot Be Taken Away By Insufficient Notice: Allahabad High Court

Live Law  

The Allahabad High Court has held that right of redemption under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is an important right which cannot be taken away or breached by the authorities by insufficient notice. While observing that it is settled law that service of notice upon the borrower is mandatory under Rule …

Court Bank Interest Redemption Auction Right Rules
SARFAESI Act | As per Unamended S.13(8), Borrower Has Right To Redeem Available Till Sale Certificate Is Registered & Possession Is Handed Over : Supreme Court
1 year, 2 months ago

SARFAESI Act | As per Unamended S.13(8), Borrower Has Right To Redeem Available Till Sale Certificate Is Registered & Possession Is Handed Over : Supreme Court

Live Law  

The Supreme Court, while deciding an appeal, settled the issue of right of redemption of a mortgaged property by a borrower under the unamended Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. The Bench comprising of Justices Vikram Nath and Rajesh Bindal clearly held that as per the unamended Section 13 …

Supreme Court Property Court Sale Bank Auction Right
Challenge To Recovery Notice U/S 13(2) SARFAESI Act Lies Before DRT And Not Civil Court, Unless Plaint Alleges Fraud: Bombay High Court
1 year, 6 months ago

Challenge To Recovery Notice U/S 13(2) SARFAESI Act Lies Before DRT And Not Civil Court, Unless Plaint Alleges Fraud: Bombay High Court

Live Law  

The Bombay High Court recently held that once a secured creditor issues demand notice under section 13 of the SARFAESI Act, 2002, the civil court’s jurisdiction is barred, and any challenge to the notice comes under the domain of the Debts Recovery Tribunal. Justice MS Jawalkar rejected a borrower’s civil suit alleging that the bank violated Guidelines on Fair Practices …

Jurisdiction Fraud Recovery Bank Loan Notice Rbi
SARFAESI Auction Can't Be Stayed Just Because Sale Agreement Holder Offered To Pay Dues, When Borrower Hasn't Invoked S.13(8) : Supreme Court
1 year, 7 months ago

SARFAESI Auction Can't Be Stayed Just Because Sale Agreement Holder Offered To Pay Dues, When Borrower Hasn't Invoked S.13(8) : Supreme Court

Live Law  

The Supreme Court has held that a writ petition under Article 226 of the Constitution of India is not maintainable against action taken by Bank under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, since an alternative statutory remedy exists under Section 17 of SARFAESI Act. Since the Borrower in the …

India Supreme Court Court Sale Bank Pay Writ
SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court
1 year, 8 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. …

High Court Recovery Court Bank Auction Rules High
Merely Because The Borrower Is An MSME, It Would Not Be Governed By The Arbitral Mechanism Provided Under MSMED Act: Gujarat High Court
1 year, 9 months ago

Merely Because The Borrower Is An MSME, It Would Not Be Governed By The Arbitral Mechanism Provided Under MSMED Act: Gujarat High Court

Live Law  

The Gujarat High Court has ruled that merely because the borrower is an MSME, it would not be governed by the provisions of the Micro, Small and Medium Enterprises Development Act, 2006, including the arbitral mechanism envisaged under the said Act. The bench of Justice Biren Vaishnav observed that though, as per the mechanism provided under the MSMED Act, the …

Arbitration Court Bank Loan High Respondent Mechanism
Borrower Has To Pre-deposit 50% Of Which Amount In Appeal Before DRAT U/S 18 SARFAESI Act? Supreme Court Explains
1 year, 11 months ago

Borrower Has To Pre-deposit 50% Of Which Amount In Appeal Before DRAT U/S 18 SARFAESI Act? Supreme Court Explains

Live Law  

While calculating the amount to be deposited as predeposit under Section 18 of the SARFAESI Act, 50% of which amount the borrower is required to deposit as pre-deposit? The bench of Justices M R Shah and B V Nagarathna held as follows: Whatever amount is mentioned in the notice under Section 13 of the SARFAESI Act, in case steps taken …

Supreme Court Appeal Court Sale Assets Debt Case
All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals
1 year, 11 months ago

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

Live Law  

SUPREME COURT Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

India Justice Supreme Court High Court Appeal Corporate Court
No Borrower Has Right To Grant Of One Time Settlement Scheme: Telangana High Court
2 years ago

No Borrower Has Right To Grant Of One Time Settlement Scheme: Telangana High Court

Live Law  

The Telangana High Court relying on decision of Apex Court in Bijnor Urban Cooperative Bank Limited, Bijnor v. Meenal Agarwal, ruled that Banks have the freedom to accept or reject One-Time Settlement proposals as per their commercial wisdom. "No bank can be compelled to accept a lesser amount under the One Time Settlement scheme despite a bank is able to …

Court Settlement Bank Scheme Petitioner Ots One Time Settlement
Borrower Cannot Claim Extension Of Time Period Under OTS Scheme As A Matter Of Right : Supreme Court
2 years, 1 month ago

Borrower Cannot Claim Extension Of Time Period Under OTS Scheme As A Matter Of Right : Supreme Court

Live Law  

The Supreme Court observed that a borrower cannot claim extension of time period under One Time Settlement Scheme as a matter of right.The bench of Justices MR Shah and Krishna Murari observed said that a High Court cannot invoke writ jurisdiction to extend the time period under the OTS scheme. The bench noticed that in a recent judgment Bijnor Urban …

India Supreme Court Court Bank Payment Right High
'Not Manifestly Arbitrary': Delhi High Court Upholds Constitutional Validity Of Chapter II Of SARFAESI Act
2 years, 2 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. …

Court Reconstruction Delhi High Court Rbi Act Chapter Delhi High
No Offence Under Section 138 NI Act If Cheque Is Presented For Full Amount Without Endorsing Part Payment Made By Borrower : Supreme Court
2 years, 2 months ago

No Offence Under Section 138 NI Act If Cheque Is Presented For Full Amount Without Endorsing Part Payment Made By Borrower : Supreme Court

Live Law  

In a significant judgment, the Supreme Court on Tuesday held that no offence for dishonour of cheque under Section 138 of the Negotiable Instruments Act is made out if the cheque is presented for the full amount without endorsing the part-payment made by the borrower after the issuance of the cheque.The Court held that the sum reflected on the cheque …

Supreme Court Court Negotiable Instruments Act Debt Payment Act Para
Recovery Certificate Under Debt Recovery Act Is Not Limited To Winding Up Proceedings Only But Extends To IBC: Clarifies Supreme Court
2 years, 2 months ago

Recovery Certificate Under Debt Recovery Act Is Not Limited To Winding Up Proceedings Only But Extends To IBC: Clarifies Supreme Court

Live Law  

Recently, the Supreme Court in the case of Kotak Mahinda Bank Limited vs A. Balakrishnan & another has held that any liability arising out of a recovery certificate needs to be treated as financial debt within vis-à-vis clause of Section 5 of the Insolvency and Bankruptcy Code, 2016 and the holder of recovery certificate would be a financial creditor within …

Supreme Court Court Proceedings Legislature Supreme Act Limited
Section 14 SARFAESI Act - CMM/DM Not Required To Adjudicate Disputes Between Borrower/ Third Party And Secured Creditor: Supreme Court
2 years, 2 months ago

Section 14 SARFAESI Act - CMM/DM Not Required To Adjudicate Disputes Between Borrower/ Third Party And Secured Creditor: Supreme Court

Live Law  

The Supreme Court observed that, while considering an application under Section 14 SARFAESI Act, the CMM/DM is not required to adjudicate the dispute between the borrower and the secured creditor and/or between any other third party and the secured creditor with respect to the secured assets.Once all the requirements under Section 14 of the SARFAESI Act are complied. The Supreme …

Supreme Court Court Assets Party Act Possession District Magistrate
IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower : Supreme Court
2 years, 3 months ago

IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower : Supreme Court

Live Law  

The Supreme Court observed that approval of a resolution in respect of one borrower cannot discharge a co-borrower.If there are two borrowers or if two corporate bodies fall within the ambit of corporate debtors, there is no reason why proceedings under Section 7 of the IBC cannot be initiated against both the Corporate Debtors, the bench of Justices Indira Banerjee …

Contract Supreme Court Corporate Resolution Respect Discharge Loan
Bank Cannot Backout From OTS Offer After It Is Accepted By Borrower: Madhya Pradesh High Court
2 years, 3 months ago

Bank Cannot Backout From OTS Offer After It Is Accepted By Borrower: Madhya Pradesh High Court

Live Law  

The Madhya Pradesh High Court recently held that a Bank cannot backout from implementing the One Time Settlement offer it had proposed, after it was accepted by the borrower. Calling such an action by the Bank as arbitrary and unreasonable, Justice Sanjay Dwivedi observed- In the case at hand, the petitioner being a guarantor had mortgaged his personal property and …

Court Bank Offer Petitioner Ots Ots Offer
CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court
2 years, 3 months ago

CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court

Live Law  

The Supreme Court held that Corporate Insolvency Resolution Process can be initiated against the Corporate Guarantor without proceeding against the principal borrower.The liability of the guarantor is co-extensive with that of the Principal Borrower, the bench comprising Justices Indira Banerjee and JK Maheshwari observed.In this case, the Adjudicating Authority admitted. The Supreme Court held that Corporate Insolvency Resolution Process can …

Supreme Court Corporate Court Nclt Bench This Court Principal
[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court
2 years, 3 months ago

[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court

Live Law  

Observing that the jurisdiction of the District Magistrate is limited only to assisting secured creditors in taking possession of secured assets under the SARFAESI Act, the Bombay High Court held that the DM isn't empowered to hear the borrower or third parties while deciding application filed by secured creditor. "The jurisdiction of the CMM/DM under Section 14 of the SARFAESI …

High Court Application Act Possession Third Parties Petitioner Borrower
Writ Court Cannot Examine Transactions Between Bank & Borrower As They Are Essentially Contractual In Nature: Karnataka High Court
2 years, 4 months ago

Writ Court Cannot Examine Transactions Between Bank & Borrower As They Are Essentially Contractual In Nature: Karnataka High Court

Live Law  

The Karnataka High Court has said that writ courts neither have means nor the expertise to re-evaluate the "prudential decisions" of the Banks that are made in the ordinary course of their commercial transactions with accumulated wisdom in the trade. Further it said, "Credit facilities have been recalled at once reveals that the transaction has the overtones of commercial elements; …

Court Bank Judicial Review Writ Rbi Bench Contra
NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings
2 years, 5 months ago

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in L&T Finance Limited v Tikkavarapu Venkaram Reddy, has initiated insolvency resolution process against Mr. Tikkavarapu Venkatarami Reddy, who is the Personal Guarantor of M/s Deccan Chronicle Holdings Ltd. in respect of the credit facilities availed …

Insolvency Resolution Process Respondent Nclt Reddy Shri