MUMBAI: The Debt Recovery Tribunal, a quasi-judicial body that helps banks and financial institutions recover loans from customers, has issued a public summons to Housing Development and Infrastructure Ltd promoters Rakeshkumar Wadhawan and his son Sarang, in connection with the proceedings initiated by Bank of India for recovery of an outstanding loan amount of ₹846.63 crore from their group firm, …
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 …
A bank cannot retain title documents of a borrower's house after repayment of a loan, citing general lien on documents, merely because of pendency of another loan, the Bombay High Court has held. The bench partly-allowed a borrower's writ petition and directed Union Bank of India to handover title documents of his flat despite recovery proceedings, for another unpaid loan …
