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Mar 23, 20243 min read
Third-Party Cannot Be Held Liable Under A Contract Unless They Are A Direct Party To It
The NCLAT Held that the third party cannot be held liable under a contract unless they are a direct party to it. The National Company Law...
Mar 22, 20242 min read
Bank is Entitled to Proceed under the SARFAESI Act for the Recovery of Loan, as the Liability of the Guarantor is Joint and Several with the Principal Debtor
The Supreme Court held that the bank is entitled to proceed under the SARFAESI Act for recovery of the loan, as the liability of the...
Mar 21, 20242 min read
MoU and Ledger Statements of the Corporate Debtor are Insufficient Proof to Accept the Claim as a Financial Debt
The National Company Law Appellate Tribunal (NCLAT), Principal Bench comprising Justice Ashok Bhushan (Chairperson) and Arun Baroka...
Mar 21, 20242 min read
Writ Petition before the High Court challenging a sale notice issued by a secured creditor under the SARFAESI Act is not maintainable
The Supreme Court bench comprising Justices Dipankar Datta and Manoj Mishra held that a writ petition challenging a sale notice issued by...
Mar 20, 20242 min read
Government Considering Amendments to SARFAESI and DRT Laws, Proposing Legal Validity for E-Notices
The Finance Ministry conducted thorough discussions with senior bank officials and Debts Recovery Tribunals (DRTs) to improve the...
Mar 19, 20242 min read
An arbitration clause in the contract prevents arbitration until alternative remedies are made by the government
Delhi High Court observed that an arbitration clause in the contract prevents arbitration until alternative remedies are made by the...
Mar 15, 20242 min read
The Auction Purchaser Cannot Prevent the Bank from Entering into a One Time Settlement as the Sale was not Confirmed
The Bench of Justice N. Nagesh of Kerala High Court observed that the right of redemption for borrowers ends upon the publication of the...
Mar 14, 20243 min read
Failure to duly register security interest, as mandated, renders the claimant ineligible for secured creditor status
The Company Law Appellate Tribunal (NCLAT), Chennai Bench comprising Justices M. Venugopal & Sharad Kumar Sharma (Judicial Members) and...
Mar 13, 20242 min read
Principles of Natural Justice, Including the Right to a Fair Hearing, is Essential in Adjudicatory Proceedings
The National Company Law Appellate Tribunal (NCLAT), Principal Bench comprising Justices Ashok Bhushan (Chairperson) & Yogesh Khanna...
Mar 12, 20242 min read
Sections 73 and 74 of the Indian Contract Act Do Not Apply to the Forfeiture of Earnest Money under Rule 9(5) of the SARFAESI Rules
A three-judge bench of the Supreme Court comprising Dr. Dhananjaya Y. Chandrachud, CJI and Justices J.B. Pardiwala and Manoj Misra, held...
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