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HE SARFAESI ACT
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...- Former Yes Bank CEO Rana Kapoor, Sudhir Valia booked in a fraud case by the Mumbai PoliceMumbai Police have filed a fresh FIR against former Yes Bank co-founder Rana Kapoor and investor Sudhir Valia for an alleged ₹1,000-crore f...
- Karnataka HC upholds CID charge sheet against SBI and PNB executives in Rs 78.5 crore fraud caseThe Karnataka High Court has upheld a charge sheet against SBI and PNB executives in a ₹78.5 crore fraud case involving Metal Closures Pvt....
- Banks may get power to auction ships in case of loan defaultsThe government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing speci...
- 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. ...
- Action under SARFAESI Act last resort to recover loans : JK Bank MDJammu and Kashmir Bank's Managing Director and CEO, Baldev Prakash, stated that action under the SARFAESI Act is the last resort for the ba...
- Delhi High Court stays RBI's show cause notice to UVARCLThe Delhi High Court on Friday stayed a Reserve Bank of India notice warning of possible cancellation of UV Asset Reconstruction Company Lt...
- RBI refuses to let asset reconstruction companies bid for insolvent assetsThe immediate impact of the RBI’s decision will be felt by UV Asset Reconstruction Company, which was awaiting approval to take over telco ...
- Decriminalisation of minor offences to improve ease of doing business, say expertsThe finance ministry on Wednesday proposed to decriminalise minor offences, including those relating to cheque bounce and repayment of loan...
- Not many NBFCs may use Sarfaesi Act to recover loanMany NBFCs were unable to dispose of immovable property of defaulter borrowers fast enough even after filing the case under Sarfaesi and re...
- ‘Banks can’t recover money lost in fraud from customer’As per SARFAESI Act, a bank can decide the liability and does not have to approach a court or tribunal to enforce any security interest cre...
- Central database on encumbrances coming soonBanks, financial institutions, asset reconstruction companies and debenture trustees will get priority over any other arrears including tax...
- Changes in recovery law to expedite disposal of 70k NPA casesThe Act also proposes creation of a national database. Currently, security interests created in favour of banks and FIs are registered with...
- Government drafting separate bankruptcy law for financial companies: Jayant SinhaSinha said the new law that is in the process of being drafted will help in quick winding up of stressed banks, NBFCs and microfinance inst...
- Parliament panel clears bankruptcy law; discussion likely in ongoing budget sessionA joint Parliament standing committee has cleared the proposed bankruptcy law and it’s likely to be discussed in the ongoing budget session...
- 'Move to bring NBFCs in Sarfaesi Act for recovery beneficial'Currently, NBFCs can only approach the civil courts to recover loans from the borrowers, which usually use to take longer time.
- RBI’s own guidelines may hamper Raghuram Rajan’s NPA driveChanging errant promoters may be tough, as norms mandate return of cos to them once dues are recovered.
- Jammu and Kashmir to enact SARFAESI legislationThe act is not presently in force in Jammu and Kashmir due to the special status of the state under Article 370 of the constitution.
- Failure of Mallya’s tactic should become the normThe legal system, long blamed for putting a spoke in the wheels of banks, seems to be beginning to play ball with the lenders instead of bo...
- Union Budget 2011: Pranab pitches for financial sector reformsVowing to continue with financial reforms agenda, Finance Minister Pranab Mukherjee on Monday said the Government would push forward variou...
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