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LATEST NEWS ON BANKING LAW

Mere Fact of Being a Former Promoter or Director Did Not Make Him Ineligible to Submit a Resolution Plan

Mar 1, 2024

Standard Penalty Provisions and Security Measures in the Agreement Cannot Alter the Fundamental Character of the Transaction

Feb 29, 2024

Supreme Court's Personal Guarantor Insight Empowers Creditors in Insolvency Maze under IBC

Feb 25, 2024

The Mediation Act 2023 receives the assent of the President

Sep 22, 2023

Even though an alternative statutory remedy exists, High Court can still exercise its jurisdiction

Aug 4, 2023

'Audi Alteram Partem' in Banking Law Ensures Fairness in Account Classification as Fraud: SC

Jun 3, 2023

Secured Creditors' Right to Realise Secured Debts have Priority over Other Debts & Government Dues

May 30, 2023

RBI approves the voluntary amalgamation of Maratha Sahakari Bank with The Cosmos Cooperative Bank

May 27, 2023

₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender: RBI

May 26, 2023

MOST VIEWED

Dec 9, 2022

Sole Proprietor can be prosecuted under section 138 NI Act, without arraying the proprietorship firm

The Punjab & Haryana High Court held that non-arraying of the proprietorship firm/concern is not an impediment in proceeding against the...

Oct 13, 2022

Section 138 of NI Act would be applicable only where a legally enforceable debt exists on the date

The Supreme Court Bench comprising Justices Dr Dhananjaya Y Chandrachud and Hima Kohli was hearing an Appeal on Tuesday and held that...

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Individual Insolvency

ARTICLES

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Sep 3, 2021

Role of Banking Ombudsman in India - An Analysis

The best quality of service supplied to a customer is currently the most significant thing to consider in the banking system. If the customer service offered meets the cl...

REEDLAW

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Aug 24, 2021

Cheque dishonour proceedings require expeditious resolution

The large backlog and pending cases/disputes before various judicial venues, Courts, Tribunals, and other bodies have been regularly bemoaned by Indian courts. 'Justice d...

REEDLAW

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Aug 27, 2021

Irretrievable prejudice would be done if bank guarantee is allowed to be encashed

A Bank Guarantee (BG) is a common method of securing payment of money in commercial transactions because the beneficiary is entitled to receive the entire amount under th...

REEDLAW

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Aug 23, 2021

Applicability of Moratorium under IBC on Cheque Dishonour Proceedings

A moratorium as defined in Section 14 of the Insolvency and Bankruptcy Code 2016 (IBC), is a time during which no new suits or continuations of existing ones against a co...

Ruchitha D.

LATEST CASE LAWS

Supreme Court

In the instant case, it is not disputed that three drafts were issued by an NRI from Malaysia for the purchase of three flats. Out of three, one draft was for the sum of Rs. 5 lakhs dated 28.06.1996 and two drafts were for Rs. 3 lakhs & Rs. 6 lakhs dated 18.11.1996. It is also not disputed that the two drafts in question were issued in the name of “D-Cube Construction” and not in the name of “D-Cube Constructions (P) Ltd.” The Current Account No. 3600 was in the name of “D-Cube Constructions (P) Ltd.”, whereas the Current Account No. 4160 was opened on 15.02.1997 in the name of ...

The Chairman & Managing Director, City Union Bank Limited and Another v. R. Chandramohan

March 27, 2023

REED 2023 SC 03003

The civil appeals arise out of a challenge to the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions 2016.1 Issued by the Reserve Bank of India2, these directions were challenged before different High Courts primarily on the ground that no opportunity of being heard is envisaged to borrowers before classifying their accounts as fraudulent. The High Court of Telangana has held in the impugned judgment3 that the principles of natural justice must be read into the provisions of the Master Directions on Frauds. The decision has ...

State Bank of India and Others v. Rajesh Agarwal and Others

March 27, 2023

REED 2023 SC 03002

High Court

The High Court remanded the matter to the Board, finding non-compliance with Regulation 12(5) of IBBI (Inspection and Investigation) Regulations, 2017 in the show-cause notice, directing the Board to provide the petitioner with the Final Inspection Report, allowing a revised reply, and setting aside the impugned order.

The petitioner had approached the Court challenging the Order dated 18.08.2022, passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India, which is referred to as "the Board." The petitioner, an Interim Resolution Professional (IRP), wa...

Savan Godiawala v. Insolvency and Bankruptcy Board of India

January 11, 2024

REED 2024 Del 01544

High Court dismissed the Writ Petition, holding that the IBBI had jurisdiction to issue a show-cause notice based on the prima facie grounds that the petitioner/liquidator was sharing valuation information. Suspension of Authorization for Assignment was lawful during the disciplinary proceedings under the Insolvency and Bankruptcy Code.

The petitioner, a Resolution Professional, filed a Writ Petition under Article 226 of the Constitution of India, seeking a Writ of Certiorarified Mandamus against the decision of the Insolvency and Bankruptcy Board of India (IBBI). The IBBI had ...

Ad. (CA) V. Venkata Siva Kumar v. Insolvency and Bankruptcy Board of India (IBBI) and Others

December 22, 2023

REED 2023 Mad 12589

LATEST CIRCULARS & NOTIFICATIONS

Ministry of Law and Justice (Legislative Department)

Act No. 32 of 2023

September 15, 2023

Gazette of the Act

Reserve Bank of India

Press Release: 2023-2024/292

May 26, 2023

Press Release

Reserve Bank of India

RBI/2023-24/33
DCM(Plg) No.S-239/10.27.00/2023-24

May 22, 2023

Notification

Reserve Bank of India

RBI/2023-24/32
DCM(Plg) No.S-236/10.27.00/2023-24

May 19, 2023

Notification

Bank CLR

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