https://www.taxtmi.com/caselaws?id=761721 Asset classification must be assessed borrower-wise rather than facility-wise when determining whether an account has become a non-performing asset. On the facts discussed, the borrower's cash credit account remained irregular and overdrawn, the term loan remained unpaid under the revised schedule, and the borrower did not rebut the material showing default; the account was therefore treated as non-performing. The transfer of the stressed exposure to an asset reconstruction company was also held valid under the SARFAESI framework, since the asset remained stressed or non-performing on the date of sale and no breach of binding regulatory directions was shown. The writ challenge to the sale process accordingly failed. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sat, 16 Nov 2024 08:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761721 Asset classification must be assessed borrower-wise rather than facility-wise when determining whether an account has become a non-performing asset. On the facts discussed, the borrower's cash credit account remained irregular and overdrawn, the term loan remained unpaid under the revised schedule, and the borrower did not rebut the material showing default; the account was therefore treated as non-performing. The transfer of the stressed exposure to an asset reconstruction company was also held valid under the SARFAESI framework, since the asset remained stressed or non-performing on the date of sale and no breach of binding regulatory directions was shown. The writ challenge to the sale process accordingly failed. Case-Laws Indian Laws Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761721