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SARFAESI PROCEEDINGS
Bank auctioned pledged land after borrower defaulted but buyer took 2 years to pay 75% money; borrower cleared the dues, fought and won the case in SC to get his land backThe Supreme Court agreed with the Madras High Court's call to cancel the auction of Mr. Rama's family property. The bank was trying to sell...- Banks take backseat: Bombay High Court upholds PMLA supremacy in asset recoveryBanks in India face a significant ruling from the Bombay High Court. The court declared that anti-money laundering laws take precedence ove...
- Home loan default case: Why acting within 45 days can stop a bank auctionBanks can auction homes for home loan defaults. Borrowers facing this can approach the Debt Recovery Tribunal within 45 days of the bank's ...
- Missed home loan EMIs? Law gives you 105 days before bank can start auction of your houseHomeowners get a 105-day window before banks can auction their property for missed EMIs. This period follows the SARFAESI Act and RBI rules...
- Lenders hope to recover at least 50% of Go First dues by auctioning land parcelGo First Dues: Lenders will hold an auction of a land parcel measuring 94.7 acres at Thane in Mumbai on July 22. Lenders have stated that t...
- High Court ruling plugs personal insolvency loopholeThe ruling clarifies that the interim moratorium begins when the application is duly numbered by the tribunal, the Kerala High Court said. ...
- ARC Body calls for safeguards against filing of criminal casesThe Association of Asset Reconstruction Companies has appealed for the intervention of the finance ministry in order to issue an advisory t...
- Homebuyers, banks on the same sideRera and Sarfaesi must be interpreted consistently to protect the interest of homeowners and ensure banks recover their dues from defaultin...
- Writ petition not maintainable against proceedings by banks, ARCs under SARFAESI Act: SCCourt opined that filing of writ petitions by the borrowers before the high court under Article 226 of the Constitution in the case was an ...
- Delhi HC asks Govt, Finance Ministry and RBI to consider parity between IBC and Sarfaesi ActAccording to the Sarfaesi Act, asset reconstruction companies that take over stressed assets from lenders cannot infuse equity into an inso...
- Change in Sarfaesi Act to give priority to secured creditorsSarfaesi Act was framed to identify and rectify the problem of non-performing assets.
- Money laundering law prevails over Bankruptcy Act, insolvency code: Delhi High CourtThe court also said that by virtue of Section 71, the PMLA has the overriding effect over other existing laws in the matter of dealing with...
- Landmark bankruptcy ruling: Loan defaulters’ personal wealth can now be auctionedA bankruptcy court set a precedent by ruling that a promoter cannot escape liquidation of personal assets by simply filing for bankruptcy o...
- NCLT foils bid by company to stall loan recoveryThe company, which owes about Rs 41 crore to its creditors, had voluntarily filed for insolvency.
- Borrowers hit by Sarfaesi may hide behind IBC lawsBanks are allowed to auction residential or commercial properties of borrowers to recover loans.
- NCLT rejects insolvency proceedings by Leo Duct Engineers & ConsultantsThe move will help lenders Standard Chartered Bank and Canara Bank to recover their dues under the SARFAESI Act which provides for lenders ...
- Sarfaesi provisions can help resolve NPAs of NBFCs faster: Icra"If credit costs were to come down, there could be some moderation in lending rates by NBFCs, which would benefit borrowers, going forward,...
- Can Jammu and Kashmir residents not repay loans: SBISBI raised a critical question concerning the future of banking in J&K before the SC whether residents of the state could decline to repay ...
- Govt clears changes in laws to deal with bad loansAccording to DFS Secretary D K Mittal, 4sections of the RDBF Act, 1993, and 6 sections of the SARFAESI Act, 2002, will be amended.
- Lenders may tighten stand on defaultersBanks will soon be in a better position to recover their dues from defaulters.
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