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Supreme Court of India Ruled on the Definition of ‘Consumer’ Under the Consumer Protection Act, 1986 in Loan Transactions

The Apex Court Held That a Borrower of a Project Loan Does Not Qualify as a ‘Consumer’ When the Loan is Availed for Commercial Purposes The Supre...

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Executionary Powers of District Magistrate Under Maharashtra Cooperative Societies Act, 1960 — No Obligation for Independent Inquiry or Borrower's Hearing.

The Court held that: (a) The Special Recovery Officer was duly notified via the gazette notification. (b) The District Magistrate’s function under R...

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Bombay High Court Dismisses Royal Traders' Plea for Waiver in SARFAESI Act Appeal. The court reinforces the necessity of pre-deposit compliance under Section 18(1) of the SARFAESI Act and dismisses petitions seeking waiver.

The judgment clarifies the scope of Section 18(1) of the SARFAESI Act, 2002, particularly the conditions for pre-deposit waivers by borrowers appealin...

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Supreme Court Upholds Auction Validity: Battle Over Mortgage Redemption and Property Title. A landmark ruling interpreting the SARFAESI Act clarifies borrower and auction purchaser rights amidst contested mortgage and property transfer cases.

The Supreme Court adjudicated a dispute arising from a public auction under the SARFAESI Act involving Celir LLP (auction purchaser), Sumati Prasad Ba...

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Upholding Procedural Validity in SARFAESI Proceedings. "Reaffirming the ministerial role of courts under Section 14 of the SARFAESI Act."

The Bombay High Court, examined procedural aspects under the SARFAESI Act concerning the non-compliance with the requirements of Section 13(2) and Sec...

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Supreme Court Quashes Criminal Proceedings Against Accused Nos. 4 and 5 in Loan Fraud Case Due to Settlement with Bank. Commercial loan fraud case compromised between Bank and borrowers—Criminal proceedings quashed due to bleak chance of conviction.

The Supreme Court, in Criminal Appeals arising out of Special Leave Petition (Criminal) Nos. 1415 and 1416 of 2024, quashed the criminal proceedings a...

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"Criminal Proceedings Quashed After Bank Settlement in Fraud Case Involving Loan Defaulters" "Supreme Court quashes proceedings under Section 482 CrPC where a One Time Settlement (OTS) between the Bank and Borrowers resolves the dispute"

The Supreme Court addressed an appeal challenging the dismissal of a criminal petition seeking to quash a chargesheet related to loan defaults, forger...

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Financial Institutions Protected Against Coercive Action in FIRs Across Multiple States. Protection Against Criminal Proceedings for Financial Institutions - Interim Relief Modified and Clarified by Supreme Court

Acts Discussed: Constitution of India, 1950 Article 14 – Equality before the law Article 19 – Right to freedom Article 21 – Right to lif...

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High Court Quashes Order Setting Aside Sale Certificate in Property Auction: Petitioner’s Knowledge of Borrower’s Death Unsubstantiated. Legal heirs’ objection to auction sale dismissed; no evidence of fraud or irregularity found in sale proceedings.

The Petitioner, a Co-operative Credit Society, challenged the order passed by the Divisional Joint Registrar, Kolhapur, which had set aside the Sale C...

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Supreme Court Rules on MSME Loan Classification and SARFAESI Proceedings. High Court Order Overturned; Banks Must Follow MSME Revival Framework Before Declaring NPAs, MSMEs Granted Alternative Remedies

The appellants, MSMEs registered under the MSMED Act, 2006, challenged the Bombay High Court's order dismissing their writ petitions. The High Court h...