TaxTMI 
TaxTMI 
2006 (2) TMI 673
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....allabh Bhawan, Jat Ke Kuwe Ka Rasta was mortgaged. 3. During the period March 2003, some Export Bills were pending with the Bank for remittance. Since these bills were not credited within time by the Foreign Bank and the amount was not realized in the account of the petitioner hence non-petitioner No. 1 declared the account of the petitioner as Non-Performing Account (NPA). 4. Learned Counsel for the petitioner further submits that it was the duty of the Bank to claim the amount from ECGC and get realization of Foreign Bills. There was no role and liability of the petitioner nor petitioner could pursue the bills for realization. Therefore, the present petition is preferred by the petitioner seeking writ order or direction directing th....
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....arkets or by taking up new products. In the policy it was also provided that the Corporation normally pays 90% of the loss, whether it is arises due to commercial risks or political risks. The remaining 10% has to be borne by the exporter himself. 10. And after referring the standard policy of ECGC, learned Counsel for the petitioner submits that this is only the bank to pursue the matter and realized the amount which has been paid towards this scheme by the petitioner. 11. The Committee further suggested that the same should be followed by the banks and financial institutions in India and an advance is to be shown as non-performing assets where the interest remains due for more than 180 days and placed reliance on the judgment of Hon....
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....is authorized officers. Section 13(4) of the Act of 2002 prescribes following measures namely: (a) take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realizing the secured asset; (b) take over the management of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale and realize the secured asset; (c) appoint any person to manage the secured assets the possession of which has been taken over by the secured creditor. (d) require at any time by notice in writing, any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the....
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....far declaring the account of the petitioner as NPA is concerned, learned Counsel for the respondents submits that the petitioner was well aware that since in the case of the petitioner as many as four export bills remained outstanding for more than a year the bank had to classify all the accounts of N.P.A. on 31st March, 2003 and it was emphatically denied that any Foreign Bill was credited to the account on 31st March, 2003, And the respondent Bank had informed the petitioner and demanded payment on various occasions i.e. on 10.2.2003, 10.2.2003 and 20.2.2003 which are placed on record and all these bills are of the month of August 2002 and their due dates had also expired in the months of October/November, 2002. Since the Bills were raise....
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....o. and Ors. has held as under : The contract of insurance/guarantee is between the Export Credit and Guarantee Corporation of. India Ltd. and the appellant Bank and prima facie the term/condition in the said insurance cover/guarantee referred to above is for the benefit of the insurer and not for the benefit of the export i.e. the respondents. It does not absolve the respondents of the liability to repay the amounts borrowed for the purpose of making exports if the foreign buyer of those goods does not make payment to the Bank of the amount payable in respect of those goods, though the insurer/guarantor under the insurance/guarantee possibly would stand discharged from its liability to the insured on the exporters delivering the do....
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....5. Now with regard to direction to regularize/upgrade the account of the petitioner as the petitioner himself admit that the account of the petitioner is already declared NPA and recovery proceedings already initiated, the question of regularizing and upgrading of account does not arise as the petitioner also failed to take advantage of one time settlement as stated by the respondent that he only deposited Rs. 2 lacs and failed to deposit the balance amount as demanded therefore his case was not considered for one time settlement and further more he is not serious to the regularization of the account. Even considering the ratio declared by Hon'ble the Supreme Court in the case of Maradia Chemicals, Hon'ble the Supreme Court has clea....