Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(3A) -- Corporate loan - Recovery - Non-acceptance of borrower's representation - Failure to reply and give reasons to representation by creditor is not of much significance, particularly when creditor undoubtedly considered representation and proposal for..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 31 -- Secured loan - Recovery - Agricultural land - No security interest can be created in respect of agricultural lands - However, since security interest created, it goes to show that parties did not treat the land as agricultural land and debtor offered land as..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13 -- Corporate loan - Recovery - Auction sale - Fraud and collusion between creditor and auction purchaser - Property was purchased by auction purchaser in pursuance of a public auction - Entire amount of sale consideration deposited by auction purchaser -..........
Kerala Co-operative Societies Act, 1969, Section 32(1), 109, Kerala Co-operative Societies Rules, 1969, Rule 47(a), (b), (d) -- Order of supersession - Allegations of serious irregularities and malpractices in sanctioning of loan against committee - Inquiry report reveals misappropriation of cash, fixed deposit, repayment of amount by borrowers and sanction of bogus loans..........
Negotiable Instruments Act, 1881, Section 138, Criminal Procedure Code, 1973, Section 427 -- Dishonour of cheque - Concurrent running of sentences - Three complaints u/s 138 of N.I Act - Single loan transaction - All the three transactions took place within a span of one year and came to be dealt with finally by trial Court as well as Apex Court on a single date - Benefit..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 2(1)(zd) -- Secured creditor - Loan was initially granted by no, financial institution to respondent - However, said entity was merged with appellant company which is covered under SARFAESI Act - Loan/debts/financial assets thus, stood vested in appellant as a..........
Agreement to sell -- Specific performance - Agreement executed only as security for loan taken by defendant - It was never intended to be acted upon and there was no intention to sell property - Even plaintiff was aware of the fact that more than one person was owner of property and he had entered into an agreement only with defendant, who would have only half share -..........
Consumer Protection Act, 1986, Section 2(1)(d) -- Consumer - Commercial purpose or self employment - Purchase of machine to run photography business for self employment - Pleading that machine is run by `operators and helpers' - One such stray sentence will not tilt the balance against the appellants - Material needs to be seen in entirety and not in isolation - There is..........
Agreement to sell -- Specific performance - Plea that defendants attended the office of Sub Registrar and got attested their affidavits - As per agreement defendants were to repay bank loan and to get No Objection Certificate from District Town Planner - No evidence led by defendant to prove the same - Held, attendance got marked by defendant was only to create evidence...........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(4) -- Bank loan - Recovery - Writ petition thereagainst - Maintainability - Remedy against action of Bank u/s 13(4) of the Act is available to challenge by aggrieved u/s 17 of SARFAESI Act - Institution of writ petition directly u/art 226 of Constitution is..........
