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Claim Submitted By Creditor Cannot Be Rejected Merely Because It was in a Different Form: Supreme Court

While hearing an appeal filed against the National Company Law Appellate Tribunal, Principal Bench, New Delhi in the matter of Greater Noida Industrial Development Authority vs Prabhjit Singh Soni & Anr,, Hon’ble Supreme Court held that a claim submitted by the Resolution Applicant under the Corporate Insolvency Resolution Process cannot be rejected or overlooked simply based on the fact that the…

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DRT has no jurisdiction to impose the terms and conditions of the settlement upon the Secured Creditor and the Borrower: DRAT Kolkata

After hearing three appeals filed by Bank of Baroda against the impugned order of DRT-III Kolkata, Hon’ble DRAT Kolkata has passed a common order and held that DRT has no jurisdiction to impose the terms and conditions of the settlement upon the secured creditor and the borrower. Respondents in all the appeals are Borrowers of the Appellant Bank who expressed their willingness to settle the…

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Unsecured financial creditor, though dissentient to the plan cannot be paid NIL: NCLT Kolkata

An Unsecured Financial Creditor having 1.73% voting share in the COC, approached before NCLT Kolkata against the decision of COC wherein the unsecured Financial Creditor was allotted NIL amount as against its admitted claim of Rs. 15,69,13,000/-. It is claimed that the Resolution Plan submitted by the SRA violates the provisions of the I&B Code, 2016. The Resolution Plan provides payment to the…

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Lien on the fixed deposit does not create security interest: Madras High Court

Court cannot treat the Bank as secured creditor having right over the lien on the fixed deposit.

In a writ petition filed before Madras High Court by Axis Bank, It was contended that Axis Bank had issued Bank guarantee against a fixed deposit. Bank had marked lien on the fixed deposit and therefore they are secured creditors, in view of the lien created on the fixed deposit and thus they are entitled to exercise the right to recover the dues. While deciding the above writ petition, Madras…

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DRT is not empowered to restore possession of the secured asset to the tenant: Allahabad HC

While hearing a Writ petition, Allahabad High Court held that monthly tenancy, cannot entitle a lessee to claim possession of a secured asset after proceedings have been initiated under Section 14 of the SARFAESI Act. If a tenant intends to claim the possession of a secured asset when proceedings have been initiated under Section 14 of the SARFAESI Act it must necessarily be done by way of a…

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Banks should provide a copy of Audit Reports and allow the borrower a reasonable opportunity to submit a representation before classifying the account as fraud: Gujarat High Court

High Court of Gujarat recently in the case of Amit Dineshchandra Patel Vs. Reserve Bank of India, held that the lender banks should provide an opportunity to a borrower by furnishing a copy of the audit reports and allow the borrower a reasonable opportunity to submit a representation before classifying the account as fraud coupled with passing of a reasoned order on the objections addressed by…

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#Banks #fraud #High Court #lenders #RBI

Bank can forfeit entire 25% deposited amount, if there is a default in payment by auction purchaser: Supreme Court

While hearing an appeal filed by the authorized officer of the Central Bank of India, Hon’ble Supreme Court held that the Bank being a secured creditor can forfeit the earnest money of a successful auction-purchaser if the purchaser fails in depositing the balance amount within the timeline specified under the SARFAESI Rules. Facts of the Case: Applicant Bank had issued an e-auction notice on…

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#auction #emd #forfeit #sarfaesi #supreme court

Certified copy of the specimen signature from bank can be procured if accused disputes signature on cheque: Supreme Court

While hearing an appeal filed under Section 482 read with Section 391 of the CrPC, a two judge bench of Supreme Court of India held that if the accused is arguing that the signature on the cheque is forged, then the certified copy of the signature from the bank could be summoned to compare the same with the signature appearing on the cheque. The bench observed that Section 118, sub-clause (e) of…

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#138 NIA #banking law #supreme court

The protection of the moratorium under Sec 14 of IBC will not be available to the directors/officers of the company: Supreme Court

Hon’ble Supreme Court in a landmark judgement held that only because there is a moratorium under Section 14 of the IBC against the company, it cannot be said that no proceedings can be initiated against the directors/officers of the company (Corporate Debtor) for execution, provided that they are otherwise liable to abide by and comply with the order, which is passed against the company. The…

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Call for Papers: Lexkhoj Research Journal of Law & Socio-Economic Issues, ISSN: 2456-4524 (Volume IV Issue I)

Lexkhoj publication is an ideal house of publications that accepts and promotes quality research across the globe without any reservations over religion, nationality and boundaries. It serves as a vehicle of research and education between the modern youth and the experienced, competent and qualified professionals through their knowledge, experience and skills. Lexkhoj Publication is committed to…

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Call for papers: Lexkhoj International Journal of Criminal Law, ISSN 2456-2297 (Volume V, Issue I)

Lexkhoj publication is an ideal house of publications that accepts and promotes quality research across the globe without any reservations over religion, nationality and boundaries. It serves as a vehicle of research and education between the modern youth and the experienced, competent and qualified professionals through their knowledge, experience and skills. Lexkhoj Publication is committed to…

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CFP: International Journal of Criminal Law, (Volume IV Issue 2) (ISSN: 2456-2297)

ABOUT LEXKHOJ PUBLICATIONS Lexkhoj publication is an ideal house of publications that accepts and promotes quality research across the globe without any reservations over religion, nationality and boundaries. It serves as a vehicle of research and education between the modern youth and the experienced, competent and qualified professionals through their knowledge, experience and skills. Lexkhoj…

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CFP: Lexkhoj Research Journal of Law & Socio-Economic Issues, (Volume III Issue 2) (ISSN: 2456-4524)

ABOUT LEXKHOJ PUBLICATIONS Lexkhoj publication is an ideal house of publications that accepts and promotes quality research across the globe without any reservations over religion, nationality and boundaries. It serves as a vehicle of research and education between the modern youth and the experienced, competent and qualified professionals through their knowledge, experience and skills. Lexkhoj…

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CFP: Lexkhoj Research Journal of Law & Socio-Economic Issues, (Volume III Issue 1) (ISSN: 2456-4524)

ABOUT LEXKHOJ PUBLICATIONS

Lexkhoj publication is an ideal house of publications that accepts and promotes quality research across the globe without any reservations over religion, nationality and boundaries. It serves as a vehicle of research and education between the modern youth and the experienced, competent and qualified professionals through their knowledge, experience and skills.

Lex…

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CFP: International Journal of Criminal Law, (Volume VI Issue 1): 2456-2297:

ABOUT LEXKHOJ PUBLICATIONS

Lexkhoj publication is an ideal house of publications that accepts and promotes quality research across the globe without any reservations over religion, nationality and boundaries. It serves as a vehicle of research and education between the modern youth and the experienced, competent and qualified professionals through their knowledge, experience and skills.

Lex…

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#Call for Papers #Lexkhoj International Journal of criminal Law #Lexkhoj Journal

2nd National Conference On “New Destiny For Two Union Territories of India” 10th- November- 2019, LEXKHOJ as Official Media Partner

2nd National Conference On “New Destiny For Two Union Territories of India” At Dehradun Uttarakhand By Legal Aawaz in Collaboration with Aadi Shakti Mision & IFIM Law School, Bangalore On 10th- November- 2019 (more…)

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One Day Symposium on Public Policy: Urbanisation and Environmental Policies (28 th Sept’19, New Delhi) LexQuest Foundation, in collaboration with Legal Desire Insights, is organizing an immersive one-day public policy symposium, for students and young professionals.

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