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Supreme Court

Supreme Court Interprets Pre-Deposit Requirement Under Section 18 of SARFAESI Act in Appeals by Borrowers and Secured Creditors. The court held that pre-deposit is mandatory, computed based on the amount claimed in the notice under Section 13(2), excluding future interest, with adjustments for recoveries after filing the petition under Section 17.

23 Apr 2025

The Supreme Court of India, in a group of appeals, addressed the interpretation of Section 18 of the Securitisation and Reconstruction of Financial As...

Supreme Court

Supreme Court Quashes Criminal Proceedings Against Borrowers in Bank Fraud Case After Settlement of Civil Liability. The Court held that the dispute was essentially civil/commercial, with no wrongful loss to the bank after full payment, making continuation of proceedings under Sections 419, 420, 467, 468, 471, 120B IPC and Section 13 PC Act an abuse of process under Section 482 CrPC and Article 226 of the Constitution.

16 Apr 2025

The appeal arose from a challenge to the High Court's order dismissing a petition to quash an FIR and charge sheet filed by the Central Bureau of Inve...

High Court

Deemed Dealer under MVAT Act and Prospective Effect of Tax Liability. High Court of Bombay Decides on Tax Liability of Government-Constituted Trust under Maharashtra Value Added Tax Act, 2002

3 Mar 2025

On the Issue of Deemed Dealer: The Court held that SASF was a “deemed dealer” under Section 2(8) of the MVAT Act. The Court found that SASF fel...

High Court

Dispute Over Success-Based Fees for Financial Advisory Services. Interpretation of Mandate Letter and Discretion in Fee Payment for NPA Sales – Bombay High Court Decides in Favor of Defendant

25 Feb 2025

The Bombay High Court held that the Defendant had the discretion to choose between the two fee options (0.50% or 0.0749%) after the sale was completed...

Supreme Court

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

1 Aug 2024

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

Supreme Court

Supreme Court Upholds Bank's Reauction and Deposit Forfeiture Under SARFAESI Act, 2002. Auction purchaser's failure to pay balance within stipulated time justified forfeiture, with liberty to pursue recovery through independent proceedings.

11 Apr 2023

The appeal arose from a dispute involving auction proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Secur...

Supreme Court

Supreme Court Upholds Borrowers' Right to Hearing in RBI Fraud Classification Directions. The Court held that principles of natural justice, specifically audi alteram partem, must be read into the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions 2016 to prevent arbitrariness, as classification entails serious civil consequences under Clauses 8.9.4 and 8.9.5.

27 Mar 2023

The civil appeals arose from challenges to the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directio...

Supreme Court

Supreme Court Allows Appeal in Pay Revision Discrimination Case Against Maharashtra State Financial Corporation - Fixation of Cut-off Date for Fifth Pay Commission Benefits to Retired Employees Held Arbitrary Under Article 14 of the Constitution. The court ruled that denying benefits to employees who retired between 01.01.2006 and 29.03.2010, while granting retrospective benefits from 01.01.2006 to those in service on 29.03.2010, constitutes hostile discrimination as all formed a homogenous class during the revision period.

2 Feb 2023

The Supreme Court heard an appeal concerning the fixation of a cut-off date for implementing Fifth Pay Commission recommendations for employees of the...

Supreme Court

Supreme Court Quashes High Court's Interim Order in SARFAESI Act Case as Writ Petition Against Private Asset Reconstruction Company Not Maintainable. The Court held that writ jurisdiction under Article 226 of the Constitution of India does not lie against a private ARC, and the proper remedy is an appeal under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002.

12 Jan 2022

The dispute arose from writ petitions filed by borrowers, Vishwa Bharati Vidya Mandir and St. Ann's Education Society, against Phoenix ARC Private Lim...

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