https://www.taxtmi.com/caselaws?id=306053 Where a restructuring sanction is issued within the RBI-prescribed implementation period, it is not treated as unimplemented merely because post-sanction formalities remain pending. The bank's reading that every formality had to be completed by the cut-off date was held to be incorrect, and the cancellation of the sanctioned restructuring letter was therefore unsustainable. As the cancellation letter identified no specific breach of the sanctioned conditions, the consequent classification of the account as NPA and SARFAESI action founded on that premise also could not stand. The restructuring sanction was held to remain operative and the parties were directed to act on it. en-us Tue, 14 Sep 2021 00:00:00 +0530 Sat, 07 Jan 2023 08:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306053 Where a restructuring sanction is issued within the RBI-prescribed implementation period, it is not treated as unimplemented merely because post-sanction formalities remain pending. The bank's reading that every formality had to be completed by the cut-off date was held to be incorrect, and the cancellation of the sanctioned restructuring letter was therefore unsustainable. As the cancellation letter identified no specific breach of the sanctioned conditions, the consequent classification of the account as NPA and SARFAESI action founded on that premise also could not stand. The restructuring sanction was held to remain operative and the parties were directed to act on it. Case-Laws Indian Laws Tue, 14 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306053