Section 47-A undervaluation threshold: fraudulent intent requirement faces reconsideration after referral to a larger Bench for authoritative resoluti...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensi...
Charitable sports promotion: sponsorship receipts alone did not defeat registration where funds supported tournaments and player development activitie...
Overdue associated-enterprise receivables: debt-free status defeated notional-interest adjustment, while employee stock-option costs qualified as busi...
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SARFAESI Act applies to live, outstanding secured loan accounts assigned by a non-notified non-banking financial company to a bank already covered by the Act. The original lender's status when the loan was granted does not prevent the assignee bank from enforcing the acquired non-performing secured debt; on assignment, the account acquires the attributes of secured debt under the Act. The bank may therefore invoke SARFAESI measures, including seeking physical possession. Where a threshold challenge to such recourse succeeds without examination of other factual and legal objections, the securitisation application should be restored to the Tribunal for merits adjudication, subject to any directed deposit without prejudice to rights.
SARFAESI Act applies to live, outstanding secured loan accounts assigned by a non-notified non-banking financial company to a bank already covered by the Act. The original lender's status when the loan was granted does not prevent the assignee bank from enforcing the acquired non-performing secured debt; on assignment, the account acquires the attributes of secured debt under the Act. The bank may therefore invoke SARFAESI measures, including seeking physical possession. Where a threshold challenge to such recourse succeeds without examination of other factual and legal objections, the securitisation application should be restored to the Tribunal for merits adjudication, subject to any directed deposit without prejudice to rights.
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