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. …
The Ministry of Finance has issued a notification dated 04.10.2022, whereby the jurisdiction of Debt Recovery Tribunal has been revised. The notification has been released under Section 3 of the Recovery of Debts and Bankruptcy Act, 1993 and in supersession of the notifications of the Government of India, vide numbers G.S.R. 395 dated the 29.05.2007 and S.O.3065 dated the 26.09.2016, …
The Enforcement Directorate has said that it had transferred a part of the attached or seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre. Of the Rs 18,170.02 crore worth of assets seized, the ED said it has transferred Rs 9,371.17 crore to the government and public sector …
The Presiding Officer DRT-I Ahmedabad, Vinay Goel on Tuesday imposed a cost of Rs. 10,000 upon Mr. Gori for attending the virtual hearing from his Car" The Court placed reliance upon the Judgment of Gujarat High Court in Misc. The Bar Council of Gujarat and the Bar Association of High Court shall inform the advocates to maintain a dignified decorum …
