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        Case ID :
        Indian Laws

        The HC dismissed the appeal regarding loan assignment to...

        Bank loan assignment valid despite no prior notice as law requires only intimation to borrowers

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The HC dismissed the appeal regarding loan assignment to respondent No.7 without prior notice to appellants. The court held that assignment dated 27.12.2022 was valid as law requires only intimation, not prior notice, which was provided. Appellants' account was classified as SMA on 14.11.2022 for amounts overdue 1-30 days, constituting default under RBI circulars governing 2019-2023 assignments. The court determined that RBI circular operation itself serves as constructive notice to borrowers regarding timely payment obligations to avoid SMA classification. Under master circular dated 24.09.2021 updated 05.12.2022, lenders may transfer stressed loans including NPAs or SMAs. The assignment complied with regulatory framework as the account qualified as stressed asset eligible for transfer to asset reconstruction company.
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