Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(2), Arbitration and Conciliation Act, 1996, Section 37(2)(b) -- SARFAESI and Arbitration proceedings - SARFAESI proceedings are in the nature of enforcement proceedings, while arbitration is an adjudicatory process - Provisions of SARFAESI Act are thus, a remedy..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13 -- Bank loan - Recovery - Provisions of SARFAESI Act, would become applicable qua all debts owing and live when Act became applicable - Similarly, date on which a debt is declared as an Non-Performing Asset (NPA) would again have no impact...........
Criminal Procedure Code, 1973, Section 451, 457 -- Custody and disposal of property - Power u/s 451 Cr.P.C. - Should be exercised expeditiously and judiciously - It will serve the purpose : (i) Owner of article will not suffer because of its remaining unused or by its misappropriation; (ii) Court or police will not be required to keep article in safe custody; (iii) while..........
Government Contracts -- Supply of sub-standard quality material - Order of cancellation of contract - Forfeiture of security amount - Non-speaking order - Any order affecting civil rights of contractor cannot be passed without hearing him and recording reasons - In the instant case, respondents passed no, speaking order without affording opportunity of hearing to..........
National Security Act, 1980, Section 3(2) -- Preventive detention - Extortion of money from Government offices - As per material on record neither detenu is likely to be released on bail nor copy of bail application placed before detaining authority by police to arrive at conclusion that detenue is likely to be released on bail - Moreover, detaining authority is unaware of..........
Constitution of India, 1950, Article 14, 16, 31, 311 -- Dismissal from service - Two under trial jail inmates escaped from jail - Warders were dismissed from service - No reasons has been assigned under which circumstances, integrity or security of STate had been put under threat by escape of two prisoners - Apart from it, there is no cogent evidence to establish if..........
Indian Penal Code, 1860, Section 420, 120B -- Cheating - Criminal conspiracy - Order framing charges - Petitioners allegedly forged and fabricated documents and created bogus security in order to induce Bank to extend credit facilities to them - They played active role in affairs of company including obtaining of loan from bank - Extent of complicity of petitioners is a..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(8)(ii) -- Where borrower pays the amount demanded fro him, secured creditor is barred from proceeding with process of transfer of secured assets...........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(2), 13A -- Auctioning of asset - Default in re-payment of loan - Petitioner is bound to repay loan amount and cannot pass on blame to Bank for being unable to realize a value for security asset, which is considered just and proper - Bank has not maintained..........
Service -- Promotion - Ministerial Cadre of Border Security Force (BSF) - None from ministerial cadre eligible for promotion prior to November, 2003, when cadre review took place - Admittedly, none of appellants was eligible for promotion during this period - In cadre review it was decided that there will be 67 posts of Assistant Commandants earmarked for ministerial cadre..........
