https://www.taxtmi.com/caselaws?id=111402 RBI guidelines governing sale of non-performing assets were treated as binding on banks, but a borrower had no enforceable right to prior notice, to participate as a purchaser, or to demand a one-time settlement. The debt remained the lender's recovery asset, and one-time settlement was a matter of commercial discretion rather than a legal entitlement. Acceptance of the highest bid in such a sale was also treated as a commercial decision not open to judicial substitution unless vitiated by illegality, mala fides or arbitrariness. A later higher offer by the borrower did not create any vested right to reopen the process. The challenge to the bank's sale therefore failed. en-us Tue, 05 Dec 2006 00:00:00 +0530 Mon, 11 Mar 2019 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111402 RBI guidelines governing sale of non-performing assets were treated as binding on banks, but a borrower had no enforceable right to prior notice, to participate as a purchaser, or to demand a one-time settlement. The debt remained the lender's recovery asset, and one-time settlement was a matter of commercial discretion rather than a legal entitlement. Acceptance of the highest bid in such a sale was also treated as a commercial decision not open to judicial substitution unless vitiated by illegality, mala fides or arbitrariness. A later higher offer by the borrower did not create any vested right to reopen the process. The challenge to the bank's sale therefore failed. Case-Laws Indian Laws Tue, 05 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111402