https://www.taxtmi.com/caselaws?id=256686 Parliament may define non-performing asset status by reference to objective norms issued by competent regulators, because prescribing the classification standards is subordinate detail and not an abdication of the legislative function. The amended definition was also upheld against Article 14 challenge: secured creditors were not a homogeneous class, and applying different regulatory norms to different categories of creditors had a rational nexus with the Act's object of speedy recovery of secured debts. The amendment was further found not arbitrary, as the scheme retained objective safeguards through default-based classification and consideration of the borrower's representation under the notice mechanism. The amended definition under the Act was therefore held constitutionally valid. en-us Wed, 28 Jan 2015 00:00:00 +0530 Wed, 10 Aug 2016 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256686 Parliament may define non-performing asset status by reference to objective norms issued by competent regulators, because prescribing the classification standards is subordinate detail and not an abdication of the legislative function. The amended definition was also upheld against Article 14 challenge: secured creditors were not a homogeneous class, and applying different regulatory norms to different categories of creditors had a rational nexus with the Act's object of speedy recovery of secured debts. The amendment was further found not arbitrary, as the scheme retained objective safeguards through default-based classification and consideration of the borrower's representation under the notice mechanism. The amended definition under the Act was therefore held constitutionally valid. Case-Laws Companies Law Wed, 28 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256686