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Bombay High Court Examines Whether Assignee Bank Can Invoke SARFAESI Act for Debt Assigned by NBFC. The case involves interpretation of 'debt' and 'secured creditor' under SARFAESI Act, 2002 and RDDBFI Act, 1993, and the effect of assignment from a non-banking financial company to a bank.

The petitioner, a banking company, sought to enforce security interest under the SARFAESI Act after acquiring a debt and underlying security from a no...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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Bombay High Court Allows Summary Judgment in Commercial Suit for Recovery of Loan Amount. Plaintiff entitled to decree for Rs.1.65 Crores with interest as defendant failed to raise a triable issue under Order XXXVII CPC.

The plaintiff, Tradelink Exim (India) Pvt Ltd, filed a Commercial Suit under Order XXXVII of the Code of Civil Procedure, 1908, against the defendant,...

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Bombay High Court Adjudicates Writ Petitions Filed by Depositors of PMC Bank Seeking Relief from Withdrawal Restrictions. Court Examines Validity of RBI Directions and Protection of Depositors' Interests under Relevant Banking and Co-operative Laws.

A batch of writ petitions and a public interest litigation were filed before the Bombay High Court by various depositors and account holders of the Pu...

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Bombay High Court Disposes of Four Petitions Under Section 9 of Arbitration Act by Common Order. Interim Measures Sought by Financing Company Against Borrower and Guarantor for Default in Loan Repayments Secured by Hypothecated Equipment.

L&T Finance Limited, a company registered under the Companies Act, 1956, filed four petitions under Section 9 of the Arbitration and Conciliation Act,...

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Karnataka High Court Allows Appeal in Recovery Suit, Reduces Interest Rate from 23% to 6% p.a. for Money Lending Transactions. Court Held That Charging 23% Interest Was Unconscionable and Excessive Under Section 34 CPC, and Reduced It to 6% p.a. Simple Interest.

The plaintiff, G.R. Shet, proprietor of M/s Shet & Co., filed a suit for recovery of money against M/s Bawa Enterprises (a partnership firm) and its p...