LATEST NEWS ON BANKRUPTCY LAW

MCA invites applications for the selection of posts of Judicial and Technical Members in the NCLATs

Oct 19, 2021

RBI setting out a uniform credit reporting format for the Credit Information Companies - [See Noti.]

Oct 15, 2021

Government assigns additional charge of Chairperson, IBBI to Wholetime Member - Dr Navrang Saini

Oct 14, 2021

RBI grants licences to Small Finance Bank

Oct 13, 2021

Seven NBFCs surrender their Certificate of Registration to RBI

Oct 13, 2021

Advocates boycott work at Debts Recovery Tribunal

Oct 13, 2021

RBI extends facility of priority sector lending-banks lending to NBFCs for on-lending till 31-3-2021

Oct 8, 2021

The Paytm Payments Bank Ltd. has been included in the Second Schedule of the RBI Act, 1934

Oct 8, 2021

RBI's Statement on Developmental and Regulatory Policies

Oct 8, 2021

MOST VIEWED

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...

Dec 22, 2020

Govt. extends suspension of IBC till March 2021

The suspension of Insolvency and Bankruptcy Code, 2016 (IBC) has been extended for another three months. Finance Minister Nirmala...

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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

It was difficult to comprehend as to why it would have been drawn for Rs.1,50,000/( Rupees one lakh fifty thousand only) only when it is the case of the appellant that the advance amount paid was Rs.3,50,000/( Rupees three lakh fifty thousand only) and had to get back the entire advance paid. The natural conduct would have been to secure for the full amount if that was the situation. Keeping all these aspects in view, the case put forth by the respondent does not satisfy the requirement of rebuttal even if tested on the touchstone of preponderance of probability. Therefore, in t...

Triyambak S. Hegde v. Sripad

September 22, 2021

REED 2021 SC 09008

The Apex Court has recalled the suo motu order of April 27, 2021, which had extended with effect from March 14, 2021 the limitation period for filing of cases in view of the COVID second wave. The Court observed that the suo motu extension of limitation period will stand withdrawn with effect from 2 October 2021. The Supreme Court disposed the M.A. No.665 of 2021 with the following directions:
(I) In computing the period of limitation for any suit, appeal, application or proceeding, the period from 15.03.2020 till 02.10.2021 shall stand excluded. Consequently, the balance perio...

In Re: Cognizance for Extension of Limitation

September 22, 2021

REED 2021 SC 09011

Irretrievable injury, has to be such a circumstance which would make it impossible for the guarantor to reimburse himself, if he ultimately succeeds. This will have to be decisively established and it must be proved to the satisfaction of the court that there would be no possibility whatsoever of the recovery of the amount from the beneficiary, by way of restitution. Commitment of banks must be honoured free from interference by the courts and it is only in exceptional cases, that is to say, in case of fraud or in a case where irretrievable injustice would be done if bank guaran...

SKS Power Generation (Chattisgarh)Limited v. Canara Bank

August 10, 2021

REED 2021 Bom 08560

The impugned order shows that learned DRT has considered violation of Rule 9(3) in correct perspective. It has not considered the effect of 15% of the bid amount by way of a cheque which is not permissible. It has also not considered the effect issuing a confirmation letter dated 31.08.18 confirming payment of 15% when admittedly that cheque was presented for encashment on 4.9.18 and was encashed on 4.9.18 thus confirming the auction without receipt of payment of 25% payment in full on 31.8.18 or even on 1.9.18. DRT did not notice these fundamental defects in payment of 25% whic...

Jagmohan Singh Arora and Others v. India Bulls Commercial Credits Limited and Others

August 30, 2021

REED 2021 DRAT Del 08214

LATEST CIRCULARS & NOTIFICATIONS

Ministry of Corporate Affairs

MoC Circular No. A-12023/4/2019-Ad.lV

October 12, 2021

Circular

Reserve Bank of India

Notification No. RBI/2021-22/111
DoR.FIN.REC.59/20.16.056/2021-22

October 13, 2021

Notification

Insolvency and Bankruptcy Board of India

Press Release No. IBBI/PR/2021/26

October 12, 2021

Press Release

Ministry of Corporate Affairs

Notice File No. 1010312021-NCLT

October 9, 2021

Notice

DRT REPORTER

2021 Subscription

 India's Leading Monthly Journal For Bankruptcy Lawyers 

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