Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 18 -- Appeal before Appellate Tribunal - Pre-deposit is required for entertaining an appeal before DRAT as mandated by S.18 of the Act - Guarantor or mortgagor who mortgage its property to secure repayment of loan, stands on same footing as a borrower and if he..........
Insolvency and Bankruptcy Code, 2016, Section 43(2), 45, 66 -- `Preferential transactions and relevant time' - Mortgage of property to creditor - JAL (Jaiprakash Associates Limited) owned 71.64% of shares of JIL (Jaypee Infratech Limited) - JIL was declared NPA by LIC and by some of its other lenders - IDBI Bank Limited instituted petition u/S.7 of IBC before NCLT, seeking..........
Transfer of Property Act, 1882, Section 58 -- Re-mortgage - Could only be regarded as a fresh mortgage...........
Insolvency and Bankruptcy Code, 2016, Section 43, 44 -- `Preferential transactions and relevant time' - Look-back period is two years preceding insolvency commencement date - Mortgage deeds entered between December, 2016 to May, 2017 - 09.08.2017 is insolvency commencement date - Contentions of respondents that transactions were not of creation of new mortgage deeds rather..........
Insolvency and Bankruptcy Code, 2016, Section 3(11), 3(30), 3(31), 5(7), 5(8), 21, 60, Transfer of Property Act, 1882, Section 58, Indian Contract Act, 1872, Section 126 -- Debt - Financial creditor - Secured Interest - Whether lenders of Holding Company of Corporate Debtor could be categorised as financial creditors of Corporate Debtor or not - Held, if corporate debtor..........
Tamil Nadu Hindu Religious and Charitable Endowments Act, 1959, Section 6(19) -- Trust - Specific endowment - Deed of settlement states that charity is to be carried for benefit of devotees who visit during certain Hindu Religious festivals - It creates an absolute prohibition on subsequent sale or mortgage of suit property - Devotees as a class of beneficiaries are not..........
Transfer of Property Act, 1882, Section 54, 58(c) -- Sale or mortgage by way of conditional sale - Document in question shows that property was agreed to be sold absolutely for a total consideration of Rs.35,000 - Sale deed and re-conveyance agreement executed on same day - Transaction cannot be mortgage by way of conditional sale in view of S.58(c) of the Act - Intention..........
Transfer of Property Act, 1882, Section 58(c), 54 -- Mortgage with conditional sale or sale - Clause of re-conveyance of properties specifically mentioned in deed in question - Intention of parties was more than clear that it was a conditional sale deed/mortgage deed - Requirement of S.58(c) of the Act are fully incorporated in deed in question - Only because contingency..........
Transfer of Property Act, 1882, Section 58(c) -- Mortgage by conditional sale - Sale deed must contain a stipulation regarding re-purchase of property - If stipulation regarding re-purchase of property on payment of mortgage money is not embodied in sale deed itself, it will not be a mortgage by conditional sale - Even if condition of reconveyance is by way of separate..........
Transfer of Property Act, 1882, Section 53A -- Part performance - Possessor in part performance of property will not get any right of alienation or title or ownership over property - Property will remain outside purview of provisions dealing with transfer of title and ownership either by way of sale, mortgage, gift or settlement - Provision governing devolution of right by..........
