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LATEST NEWS ON BANKRUPTCY LAW

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

Amount Claimed in the Demand Notice Under SARFAESI Act is relevant for determining the pre-deposit

Jul 21, 2023

If the SARFAESI Auction Sale is Not Confirmed, the Forfeiture of the Advance Amount is Not Valid

Jun 11, 2023

High Court Prohibits Banks & FIs From Forcefully Seizing Vehicles Without Following Legal Procedures

Jun 6, 2023

The auction purchaser is responsible for settling the electricity dues of the previous owner: All HC

Jun 6, 2023

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

Jun 3, 2023

DRT Order Is Set Aside As No violation of Rule 8(6) & 9(1) Security Interest (E) Rules is discovered

Jun 3, 2023

Secured Creditor fails to produce evidence of compliance with Security Interest (E) Rules 8(6), 9(1)

Jun 2, 2023

MOST VIEWED

Feb 3, 2021

Privatisation of public sector banks starts, PNB and BOB first ones to be sold

Finance Minister Nirmala Sitharaman announced on Monday that the government will divest its stake in two PSBs, apart from one general...

Sep 4, 2021

Supreme Court to Canara Bank: Go after big fish if concerned about NPAs

The Supreme Court remarked on Tuesday that instead of pursuing tiny loans of a few thousand rupees, public sector banks should...

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ARTICLES

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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 17, 2021

Strengthening rights of banks as secured creditors

A secured creditor is defined as a creditor in whose favour a security interest is created under section 3(30) of the IBC. Under section 3(31) of the Code, the phrase "Se...

REEDLAW

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Aug 22, 2021

Can the bank take borrower’s assets if it has defaulted on a personal loan?

What happens if a borrower fails to repay a personal loan? In the case of a secured loan, such as a home or vehicle loan, the lender has the right to seize the collateral...

REEDLAW

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Jul 29, 2021

Comprehensive understanding of 'shell companies'

Shell corporations or Shell companies are entities that do not have active business operations but are set up to achieve specific business goals such as lowering tax liab...

REEDLAW

LATEST CASE LAWS

Supreme Court

High Court

DRAT

The jurisdiction of Civil Court is excluded in matters that can be determined by the Debts Recovery Tribunal (DRT) or the Debts Recovery Appellate Tribunal (DRAT) under the SARFAESI Act, except in limited cases of alleged fraud or absurd and untenable claims by the secured creditor.

In the present case, an appeal was filed against the order of the Calcutta High Court. The dispute involves Punjab & Sind Bank (the appellant) and Frontline Corporation Ltd. (the respondent) over a property in Kolkata. The bank was a tenant in the property and had mortgaged it to the respondent. Due...

Punjab and Sind Bank v. Frontline Corporation Limited

April 18, 2023

REED 2023 SC 04202

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 complaint failed to establish "entrustment" and "dishonest misappropriation", essential elements for an offense under Section 406 IPC, and thus the proceedings were quashed.

In this high court judgment, a revision was filed to quash proceedings related to a complaint filed under Section 406 of the Indian Penal Code, 1860. The complaint alleged that a company, petitioner no.1, had cheated the complainant by not repaying a sum of Rs. 4,13,182 after a business agreement.

The petitioner argued that they had a long-standing business relationship with the complainant and had alr...

Medica Hospitals Private Limited v. The State of West Bengal and Others

June 22, 2023

REED 2023 Cal 06021

The appellant's claim for protection against possession by the respondent-Financial Institution was dismissed as the sale deed clearly transferred ownership to respondents 2 and 3, and the appellant's remedies for redressal were available through civil and criminal actions.

In the present case, the Debts Recovery Appellate Tribunal (DRAT) issued an order in response to Appeal No. 120/2023. The appeal arose from an impugned order dated 28.03.5023 passed by the Presiding Officer, DRT-I, Delhi. The impugned order dealt with a securitization application filed by the appellant, chal...

Sameer Khullar v. Cholamandalam Investment and Finance Company Limited

June 30, 2023

REED 2023 DRAT Del 06251

LATEST CIRCULARS & NOTIFICATIONS

Ministry of Law and Justice (Legislative Department)

Act No. 32 of 2023

September 15, 2023

Gazette of the Act

Ministry of Corporate Affairs

File No. 09/01/2023-NCLT/85605/Secy

August 17, 2023

Notification

Insolvency and Bankruptcy Board of India

IBBI Guidelines 2023 Dt. 12-6-2023

June 12, 2023

Guidelines

Ministry of Corporate Affairs

Notification No. S.O. 2660(E).

June 14, 2023

Notification

DRT REPORTER

2021 Subscription

India's Leading Monthly Journal For Bankruptcy Lawyers

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