https://www.taxtmi.com/caselaws?id=283694 Assignment of a borrower's debt by one bank to another bank was treated as legally permissible under Section 130 of the Transfer of Property Act, 1882, absent any contractual prohibition. The court noted that inter se transfer of NPAs between banks forms part of banking business and is not barred by the Banking Regulation Act, 1949, so the possession notice was not vitiated by the assignment. It further held that the assignee bank stood in the shoes of the original creditor and could invoke recovery and enforcement powers against the borrower. The challenge to the assignee's competence therefore failed. en-us Mon, 08 Apr 2013 00:00:00 +0530 Mon, 07 Oct 2019 18:08:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283694 Assignment of a borrower's debt by one bank to another bank was treated as legally permissible under Section 130 of the Transfer of Property Act, 1882, absent any contractual prohibition. The court noted that inter se transfer of NPAs between banks forms part of banking business and is not barred by the Banking Regulation Act, 1949, so the possession notice was not vitiated by the assignment. It further held that the assignee bank stood in the shoes of the original creditor and could invoke recovery and enforcement powers against the borrower. The challenge to the assignee's competence therefore failed. Case-Laws Indian Laws Mon, 08 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283694