Civil Procedure Code, 1908, Order 21, Rule 43, 64, 66 -- Execution - DH can proceed against any one of JDs and he is not required to proceed against principal borrower at first instance...........
Criminal Procedure Code, 1973, Section 482 -- Permission to travel abroad - Default by borrower - Issuance of Look Out Circular - Merely looking at quantum of loss caused to a banker, it cannot be presumed that there was a fraud committed by borrower/guarantor - More so when no criminal case alleging fraud has even been filed against borrower/guarantor - Suspicion cannot..........
Real Estate (Regulation and Development) Act, 2016 -- Scope - (i) Regulation 9 of the Regulations of 2017 is not ultra vires the Act or is otherwise not invalid; (ii) The delegation of powers in the single member of RERA to decide complaints filed under the Act even otherwise flows from Section 81 of the Act and such delegation can be made in absence of Regulation 9 also;..........
Constitution of India, 1950, Article 226, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(4) -- Writ petition - Maintainability - Proceedings under SARFAESI Act - If proceedings are initiated under SARFEASI Act and any proposed action is to be taken and borrower is aggrieved by any of actions of private bank,..........
Banking law -- Borrower - One Time Settlement (OTS) - Grant of benefit of OTS Scheme cannot be prayed as a matter of right and same is subject to fulfilling the eligibility criteria mentioned in the scheme...........
Constitution of India, 1950, Article 226 -- Writ of mandamus - Grant of benefit of One Time Settlement (OTS) to borrower - No writ of mandamus can be issued by High Court in exercise of powers u/art 226 of Constitution, directing a financial institution/bank to positively grant benefit of OTS to a borrower...........
Insolvency and Bankruptcy Code, 2016, Section 7 -- Financial creditors petition u/s 7 of the Act - Action u/s 7 of the Act could be invoked even against a Corporate guarantor being a corporate debtor even if Principal borrower person is not a Corporate person...........
Insolvency and Bankruptcy Code, 2016, Section 7 -- Financial creditor's petition u/s 7 of the Act - Loan was not offered to a proprietary firm (not a corporate person) - Action u/s 7 of the Act thus, cannot be initiated against corporate person even though it had offered guarantee in respect of that transaction - Whereas, upon default committed by principal borrower,..........
Insolvency and Bankruptcy Code, 2016, Section 7 -- Application u/s 7 of the Act - Limitation - When principal borrower and/or guarantor admit and acknowledge their liability after declaration of Non-performing asset (NPA) but before expiration of three years therefrom including fresh period of limitation due to successive acknowledgements, it is not possible to extricate..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13, Insolvency and Bankruptcy Code, 2016, Section 14, 31, Indian Contract Act, 1872, Section 128 -- Proceedings against guarantor - Under SARFAESI Act when proceedings under IBC have been initiated against principal borrower and same pending adjudication -..........
