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111 judgments · newest first · showing 1–111
The plaintiff, owner of two flats, alleged that a sale deed executed in 2020 was obtained through fraud and sought declaration of its nullity, ownership rights, and an injunction against the defendants, including a housing finance company (Defendant No.7). The finance company filed a revision …
The appellants, siblings of private respondents, sought a stay of the Axis Bank's attempt to take possession of a jointly owned family house mortgaged under the SARFAESI Act. They argued that an earlier ad-interim injunction restraining alienation of the property was being violated. The Single Judge …
The petitioner's son, Pratik, was found dead on railway tracks in September 2010, and the petitioner filed a private complaint alleging that the accused, including his classmates, a teacher, the principal and a hostel supervisor, had murdered him and staged a railway accident. After proceedings, the …
The petitioner, Shashi Kant Shekhar, purchased plot No. 2951 in an auction conducted by the Debt Recovery Tribunal, Patna, for Rs. 5.63 crore, a sale that became final. The State of Bihar officials later issued a letter directing demolition of the boundary wall and construction of a Scheduled Caste …
The petitioners filed a Special Civil Application seeking a writ of mandamus to quash a DRT order that denied their request for interim relief and to restrain the bank from taking possession of their secured property. They argued that the appeal against the DRT order was pending and that possession …
The appellants, a real‑estate company and its directors, alleged that the State Bank of India obtained a mortgage over their property without a valid board resolution and colluded with a relative to remove title documents. The bank, having classified the loan as an NPA, invoked the SARFAESI Act, …
The Delhi Development Authority (DDA) had allotted a plot to Sarita Vihar Club under a lease that gave DDA a pre‑emptive right to purchase and required Lieutenant Governor’s consent for any mortgage. The Club mortgaged the plot to Corporation Bank without such consent, defaulted on the loan and the …
The Central Bank of India granted a Rs 10 crore project loan to advertising firm Ad Bureau for post‑production of a movie, which later defaulted and was classified as an NPA. After a one‑time settlement and issuance of a No‑Dues Certificate, the bank erroneously reported the firm as a wilful …
The plaintiff, Smt. Prabha Jain, inherited a one‑third share of a plot that was illegally partitioned and sold by her brother-in‑law; the buyer later mortgaged the plot to Central Bank of India, which took possession under the SARFAESI Act. Jain filed a civil suit seeking declaration that the sale …
The petitioners challenged the constitutional validity of sections 95 to 100 of the Insolvency and Bankruptcy Code, 2016, alleging violations of Articles 14 and 21 and the denial of a hearing before a resolution professional is appointed. They argued that the resolution professional’s powers to seek …
The borrowers defaulted on a loan secured by a mortgage over land in Navi Mumbai, prompting Union Bank of India to initiate SARFAESI proceedings and eventually conduct a public auction. The appellant, CELIR LLP, was the highest bidder, paid the full bid amount, and received a sale confirmation, but …
The Industrial Development Bank of India (IDBI), as a secured creditor, sought to enforce its charge over imported machinery that had been stored in a private bonded warehouse and remained unpaid of customs duty. The company was wound up on 1 December 2003, and the Official Liquidator applied for …
The appellants, South Indian Bank Ltd. and others, appealed against the Kerala High Court’s orders allowing borrowers to defer loan repayment under the SARFAESI Act. The borrowers had filed writ petitions under Article 226 challenging notices issued under Sections 13(2) and 13(4) of the SARFAESI …
The Supreme Court considered a dispute arising out of a corporate insolvency resolution process involving Avani Towers (the corporate debtor), Energy Properties (the ostensible owner of a 10.19‑acre land), and Victory Iron Works (a licensee of a 10,000 sq ft portion). The corporate debtor had …
Bank of Rajasthan Ltd. (now part of ICICI Bank) granted a term loan and overdraft facility to VCK Shares & Stock Broking Services Ltd., which defaulted. The bank sought recovery of the debt before the Debts Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions …
Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Jailaxmi Sugar Products Pvt Ltd, alleging default and seeking initiation of a corporate insolvency resolution process (CIRP). The Debt Recovery Tribunal (DRT) issued a certificate of …
The dispute arose from an auction sale of two immovable properties attached under a recovery certificate issued by IndusInd Bank. The judgment debtor (borrower) filed an application under Rule 60 of the Second Schedule of the Income Tax Act, 1961, depositing the amount specified in the sale …
Kotak Mahindra Bank (the appellant) sought initiation of a Corporate Insolvency Resolution Process (CIRP) against Prasad Properties and Investments Pvt. Ltd. (the corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate debtor had stood as guarantor for …
The Supreme Court examined whether the New Okhla Industrial Development Authority (NOIDA), as the lessor in a 90‑year lease of land for a residential project, could be treated as a financial creditor under the Insolvency and Bankruptcy Code, 2016. The Court held that the lease does not qualify as a …
Kotak Mahindra Bank sought recovery of a loan defaulted since 1986, invoking the SARFAESI Act after the debt had been assigned to it. The borrower, Narendra Jayantilal Trivedi, repeatedly filed various applications and a writ petition to stall the bank's recovery proceedings, which the Debt Recovery …
The Bank of Baroda had granted a loan to the partnership firm Global Packaging, which issued three cheques that were later dishonoured for insufficient funds. A complaint under Section 138 read with Section 141 of the Negotiable Instruments Act was filed against the authorised signatory Simaiya …
The appellant, Asset Reconstruction Company (India) Ltd., challenged the registration of a sale deed executed by S.P. Velayutham in favour of his son, arguing that the Sub‑Registrar had failed to verify that the power of attorney (PoA) presented did not authorize a sale. The High Court’s Division …
The borrowers Vishwa Bharati Vidya Mandir and St. Ann’s Education Society obtained large loans from Saraswat Co‑operative Bank, which were classified as NPA in 2013. The bank issued a notice under Section 13(2) of the SARFAESI Act and later assigned the NPA account to Phoenix ARC Private Ltd. After …
The Oriental Bank of Commerce appealed an order of the Recovery Officer under Section 30 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, but filed the appeal 31 days after the prescribed 30‑day period. The Debts Recovery Tribunal condoned the delay by invoking Section 5 …
The Union Bank of India (financial creditor) granted loans to R.K. Infratel Ltd. (corporate debtor), which defaulted on 30‑09‑2014, leading to the account being classified as an NPA. The bank filed a recovery suit under the 1993 Recovery of Debts Act and, later, an application under Section 7 of the …
The appellant Bank (Dena Bank, now Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) in 2018 to initiate a corporate insolvency resolution process against the corporate debtor, C. Shivakumar Reddy, after the debtor defaulted in 2013. The National Company …
The Asset Reconstruction Company (India) Ltd., a consortium of lenders, filed a Section 7 application before the NCLT seeking initiation of corporate insolvency proceedings against Corporate Power Ltd. after the latter defaulted on its loans. The NCLT admitted the application, relying on entries in …
Union Bank of India extended a term loan to Mahaveer Construction, a proprietorship firm, and obtained a guarantee from Surana Metals Ltd, a corporate entity. After the loan was declared a non‑performing asset on 30‑01‑2010, the bank filed an application under Section 7 of the Insolvency and …
The appellant, Reliance Asset Reconstruction Company Ltd., was assigned the loan of Hotel Poonja International Pvt. Ltd. (the corporate debtor) after the latter defaulted on a Rs.40 lakh term loan and was declared a non‑performing asset in 1993. A settlement was reached in 2001, a recovery …
The Supreme Court of India addressed two interconnected issues: whether landlord-tenant disputes governed by the Transfer of Property Act, 1882 are arbitrable, and the scope of judicial review under Sections 8 and 11 of the Arbitration and Conciliation Act, 1996. The case arose from a tenancy …
The corporate debtor Veer Gurjar Aluminium Industries defaulted on its loans on 08 July 2011. The financial creditor, JM Financial Assets Reconstruction Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in March 2018 to initiate a corporate insolvency …
The Court examined whether co‑operative banks, which are societies registered under State legislation, fall within the Union List entry 45 (banking) or the State List entry 32 (co‑operative societies) for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of …
Canara Bank had granted a term loan secured by mortgage of property belonging to a partnership firm and a guarantor. The Debt Recovery Tribunal (DRT) passed an ex‑parte decree against the guarantor and the firm, which the guarantor unsuccessfully tried to set aside. Fifteen years later the …
The Supreme Court examined whether a Chief Judicial Magistrate (CJM) in non‑metropolitan areas could entertain a secured creditor's application under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for taking …
The appellant, who claimed to be a tenant of a flat mortgaged by the borrower to Central Bank of India, sought to stay the bank’s possession of the secured asset under the SARFAESI Act. The bank had issued a notice under Section 13(2) of the SARFAESI Act and obtained an order under Section 14 for …
The Supreme Court considered whether a secured creditor, Kotak Mahindra Bank, could file a winding‑up petition under the Companies Act, 1956 after obtaining a decree and recovery certificate from the Debts Recovery Tribunal. The petitioners argued that Sections 17, 18 and 34 of the Recovery of Debts …
The Supreme Court examined whether a borrower can invoke Section 17(1) of the SARFAESI Act before the bank or financial institution takes actual physical possession of the secured asset. The dispute arose from Hindon Forge Pvt. Ltd. and others challenging a Full Bench of the Allahabad High Court …
State Bank of India (SBI) sought recovery of a loan from a corporate debtor whose managing director, V. Ramakrishnan, had also given a personal guarantee. After the corporate debtor defaulted, SBI invoked SARFAESI provisions and the debtor filed an insolvency petition under the Insolvency and …
Indiabulls Housing Finance Ltd (appellant) sought to enforce loan recovery against Deccan Chronicle Holdings Ltd and others under the SARFAESI Act after the original lender, Indiabulls Financial Services Ltd (IBFSL), merged into Indiabulls Housing Finance. The High Court held that SARFAESI could not …
Bank of India filed a recovery suit under the RDDBFI Act and, after auctioning the mortgaged property, appointed Yadav Consultancy Services as Court Commissioner to safeguard the property. The bank later discharged the commissioner and was directed by the Recovery Officer to continue paying his …
Agarwal Tracom Pvt. Ltd. purchased assets of a defaulting borrower at a public auction conducted by Punjab National Bank (PNB) under the SARFAESI Act. After failing to pay subsequent installments, the bank forfeited Agarwal's deposit pursuant to Rule 9(5) of the Security Interest (Enforcement) …
The appellants borrowed money from the respondent, securing the loan with seven immovable properties. Their loan account was declared a non‑performing asset and the parties’ contract contained an arbitration clause, leading the respondent to initiate arbitration while also issuing notices under …
Maharaji Educational Trust borrowed Rs.75 crore from HUDCO and mortgaged six properties. It later exchanged 21 acres of one mortgaged property with Avas Parishad and entered into a sale agreement for the entire 63.45 acres (including the exchanged land) with SGS Constructions, which was subject to …
The Supreme Court examined a public interest writ petition challenging the effectiveness of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and its 2016 amendment, which aim to ensure speedy recovery of bank and financial institution dues through Debt Recovery Tribunals …
EIH Ltd. entered into a Technical Services Agreement with Balaji Hotels (BHEL) for operating a hotel, and paid Rs 15.21 crore as financial accommodation. BHEL later obtained financial assistance from IFCI and TFCI, which sold the hotel unit to Robust Hotels under SARFAESI proceedings despite an …
The State Bank of Patiala had advanced a term loan of Rs.8 lakh to Mukesh Jain, who defaulted and the bank invoked the SARFAESI Act, issuing a notice under Section 13(2). Jain challenged the SARFAESI proceedings by filing a civil suit, prompting the bank to move an application under Order VII Rule …
Deve Sugars Ltd. was ordered to be wound up and its assets were taken over by an Official Liquidator. The State Bank of Mysore sought to recover a debt under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and obtained leave from the Company Court (High Court, Madras) on 10 …
Petitioner Pratibha Ramesh Patel filed a writ petition under Article 32 of the Constitution challenging the constitutionality of sections 2, 12 and 15(a) of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, which incorporated cooperative societies within the …
Madras Petrochem Ltd. and another filed appeals challenging a Delhi High Court order that stayed the winding‑up of the company before the BIFR. The core dispute was whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) …
The Supreme Court examined whether a Company Court or an Official Liquidator can control the sale of secured assets by a secured creditor under the SARFAESI Act when the borrower is a company under winding up. Pegasus Assets Reconstruction Ltd, the secured creditor, sought to enforce its security …
The Supreme Court examined whether the Appellate Tribunal under the SARFAESI Act could condone a delay in filing an appeal under Section 18(1). It held that Section 18(2) incorporates the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, including the proviso to …
The Supreme Court examined a series of criminal complaints filed by borrower Prakash Kumar Bajaj against senior officials of Punjab National Bank Housing Finance Ltd. after the bank invoked the SARFAESI Act to recover a defaulted housing loan. The borrower, having settled the loan through a one‑time …
The Supreme Court examined the constitutional validity of the amendment to Section 2(1)(o) of the SARFAESI Act, which altered the definition of a non‑performing asset (NPA) to allow different regulators to prescribe classification guidelines for their respective creditors. The petitioners argued …
KSL & Industries Ltd. appealed against a Delhi High Court order that set aside a Debt Recovery Tribunal decision allowing the appellant to recover Rs. 25.26 crore from M/s. Arihant Threads Ltd. The dispute centered on whether the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) – …
The Supreme Court considered appeals by Bank of Rajasthan challenging the High Court's order that two civil suits filed by VCK Shares & Stock Broking Services be removed from the High Court's file. The bank had obtained a recovery certificate from the Debt Recovery Tribunal (DRT) under Section 19 of …
The Supreme Court examined a dispute arising from the public auction of Plot No.722, attached in a debt recovery proceeding against a partnership firm. Sadashiv Prasad Singh, the highest bidder, was confirmed as the purchaser, took possession and obtained mutation of the property. Harendar Singh, …
The Bank of India advanced a loan secured by equitable mortgages on several properties, the title deeds of which were deposited with the bank. After the borrowers defaulted, the bank invoked the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 …
The Bank of Maharashtra obtained a recovery certificate against Paper and Pulp Conversions Ltd. and, through the Debt Recovery Tribunal (DRT), sold the company's movable assets, retaining a portion of the proceeds. The company was subsequently ordered to be wound up and an official liquidator was …
The Official Liquidator of a company in liquidation challenged the setting aside of an auction and sale of the company's assets that had been conducted by a Recovery Officer under the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (ROB Act). The Company Judge of the High Court …
Canara Bank filed an original application before a Debt Recovery Tribunal (DRT) for recovery of a large sum. The respondents filed interim applications seeking production of banking documents, which the DRT rejected, deeming them a delay tactic. The respondents approached the High Court under …
The appellants purchased a mortgaged property at a public auction conducted by a Recovery Officer under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB Act). The auction was later set aside by the Debt Recovery Appellate Tribunal on the ground that the appellants were …
The Supreme Court dealt with the sale of immovable property of Jay Electric Wire Corporation Ltd., a company under liquidation, which had been sold to the appellants for Rs. 2.50 crore in 2006. Secured creditors and the workmen's union challenged the sale, alleging procedural irregularities, unfair …
The petitioner, Nitin Gunwant Shah, claimed to be a monthly tenant of a flat in Mumbai based on a 1989 "Leave and Licence" agreement and sought a declaration to that effect. The Indian Bank, holding a mortgage over the same property, obtained a decree for recovery of dues and sought to sell the …
Bharat Steel Tubes Ltd. had borrowed money from Punjab National Bank and entered into a one‑time settlement, paying only part of the amount. It later engaged Assets Care Enterprises Ltd. (ACE) to pay the balance, and ACE assigned its rights to IFCI Ltd. IFCI invoked the SARFAESI Act to enforce …
Punjab and Sino Bank had granted cash credit facilities to Allied Beverage Company, which later became a non‑performing asset. The bank recovered the dues through the Debts Recovery Tribunal, which awarded interest at 18% per annum with monthly rests. The High Court modified this order, reducing the …
The society Common Cause filed a public‑interest writ petition under Article 32 seeking directions to the Union Government to adopt its suggestions for curbing non‑performing assets (NPAs) and to convert the Serious Fraud Investigation Office (SFIO) into a statutory body with adequate powers. The …
United Bank of India (the appellant) issued notices under Sections 13(2) and 13(4) of the SARFAESI Act and obtained an order under Section 14 against guarantor Satyawati Tondon, without first taking action against the borrower, Pawan Color Lab. The guarantor filed a writ petition under Article 226 …
Eureka Forbes Ltd. granted a licence to two respondents to use its factory premises. When the licencees failed to pay fees, Eureka sold the stock in the premises, which was hypothecated to Allahabad Bank, without the bank's consent. The bank sued Eureka and the licencees for recovery of the …
The Industrial Investment Bank of India Ltd. (the bank) granted two short‑term working capital loans to Modern Maileables Ltd., with the company's director, Bishwanath Jhunjhunwala, executing a personal guarantee. After the borrower defaulted, the bank initiated attachment proceedings against the …
Nahar Industrial Enterprises Ltd entered into ISDA derivative contracts with Hong Kong & Shanghai Banking Corp. When disputes arose, Nahar filed a civil suit in Ludhiana seeking a declaration that the contracts were void and an injunction, while the bank filed an application before the Debt Recovery …
The Authorized Officer of Indian Overseas Bank (IOB) sought to enforce its security interest over the assets of Mis. Ashok Saw Mill under Section 13(4) of the SARFAESI Act after the borrower defaulted on loans, leading to possession and eventual sale of assets. The borrower challenged the actions …
The appellant, C.K. Sasankan, sought recovery of a loan taken by his father from Dhanalakshmi Bank and challenged the interest awarded by the Debt Recovery Tribunal, which was 25% from filing to judgment and 19.4% thereafter. He argued that such rates were excessive and violated Section 34 of the …
The Supreme Court examined whether the statutory first‑charge provisions in the Bombay Sales Tax Act (s.38C) and the Kerala General Sales Tax Act (s.26B) conflicted with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (ORT Act) and the Securitisation and Reconstruction of …
The Industrial Development Bank of India obtained a recovery order against M/s Arihant Threads Ltd. under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB Act), leading to an auction of the company's assets which was won by KSL & Industries Ltd. The company later invoked …
Bank of India appealed against a decision that the Debts Recovery Tribunal lacked jurisdiction over the property of Ketan Parekh, who had been declared a notified person under the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992. Parekh's movable and immovable …
Bakemans Industries Pvt. Ltd. (the appellant) defaulted on a loan from SICOM Ltd. under the State Financial Corporations Act, 1951. SICOM invoked Section 29 of that Act to take possession of the appellant's factory and sought sale of the assets, while the appellant and other creditors filed …
The appellant, M.V. Janardhan Reddy, purchased a property of a company in liquidation at a public auction. The sale was to be confirmed by the Company Court, but the Recovery Officer of the Debt Recovery Tribunal confirmed it without court approval. The Company Court later set aside the sale, a …
The Oriental Bank of Commerce granted a Rs 20 lakh loan to Sunder Lal Jain and another respondent, which later defaulted and was declared a non‑performing asset (NPA) on 31 March 2001. The bank obtained a decree for recovery from the Debt Recovery Tribunal (DRT), which became final as the …
The appellants, former directors and guarantors of Adhunik Detergent Ltd., were joined as defendants in a civil suit filed by Union Bank of India for recovery of a loan. They appeared in the civil court, filed a written statement and raised preliminary objections, but the suit was later transferred …
The appellant, a cooperative society, repeatedly filed several writ petitions and a public interest litigation challenging recovery proceedings and the constitutionality of Section 35A of the Uttar Pradesh Khadi and Village Industries Board Act, 1960. The High Court dismissed the latest writ …
Syndicate Bank advanced a loan to United Auto Tractor Ltd. secured by a mortgage on 51 acres of land allotted by the Andhra Pradesh Government, relying on an allotment letter and a consent letter from the Director of Industries. The land was later partially cancelled and the allotment rescinded by …
The Greater Bombay Co‑operative Bank Ltd. advanced loans to its member company United Yarn Tex Pvt. Ltd. and sought recovery of the dues under the Maharashtra Co‑operative Societies Act, 1960. The High Courts held that, after the establishment of the Debt Recovery Tribunal under the Recovery of …
M/s. Durga Hotel Complex obtained a loan of Rs.15 lakh from a bank, which later recalled part of the amount and denied an additional advance. The hotel filed a complaint with the Banking Ombudsman under Clause 16 of the Banking Ombudsman Scheme, 1995, alleging unauthorized withdrawals and non‑credit …
Southern Petrochemicals Industries Corp. Ltd. defaulted on a loan of Rs. 101 crore advanced by a consortium that included the Unit Trust of India (UTI). After the UTI was restructured under the UTI (Transfer of Undertaking and Repeal) Act, 2002, the Administrator of the Specified Undertaking of UTI …
The appellant, a guarantor and director of a liquidated company, challenged the Punjab National Bank's attempt to recover a debt by filing execution petitions. The High Court transferred the third execution petition, filed in 1999, to the Debt Recovery Tribunal (DRT) invoking inherent powers. The …
The Supreme Court examined whether a bank, having filed an original application before the Debt Recovery Tribunal (DRT) for recovery of dues, must withdraw that application before invoking the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (NPA …
The State Bank of India (bank) had granted a term loan and a cash‑credit facility to M/s. Ranjan Chemicals Ltd. (company). The company defaulted, prompting the bank to file an application before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, …
Kerala State Financial Enterprises Ltd., a government company, advanced a loan to Mis Concert Capital Ltd. and its sister concern, which defaulted. The appellant initiated recovery proceedings under the Kerala Revenue Recovery Act, 1968, resulting in attachment of the debtor's assets. While the …
ICICI Bank and two other banks (first charge holders) and Punjab National Bank (second charge holder) had secured loans to Sidco Leathers Ltd., which was wound up and an Official Liquidator appointed. The first charge holders filed a suit in the Debt Recovery Tribunal and lodged a claim with the …
Indian Bank filed an application before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 to recover a loan amount. While the application was pending, the borrower, ABS Marine Products, sued the bank in the Calcutta High Court for damages …
The Rajasthan Financial Corporation and the Rajasthan State Industrial Development and Investment Corporation, as secured creditors of Vikas Woolen Mills Ltd., sought to sell the company's assets outside the winding‑up proceeding under Section 29 of the State Financial Corporations Act and to …
Andhra Bank, a secured creditor, appealed against a Calcutta High Court order that directed it to pay Rs 38 lakhs on an ad‑hoc basis to the official liquidator for disbursing workmen’s salaries. The Supreme Court examined whether the High Court had jurisdiction to issue such an order, the priority …
The State Industrial & Investment Corporation of U.P. Ltd. issued a recovery notice under the Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972 against Pawan Kumar Jain, who was a guarantor of a loan advanced to a fourth respondent company. Jain challenged the notice, arguing that after a …
The Supreme Court examined the constitutionality of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, enacted to facilitate speedy recovery of non‑performing assets. The Court held that the Act is valid and serves a public‑interest goal of …
Bank of Baroda obtained a consent decree from the Supreme Court ordering the respondents, Sadruddin Hasan Daya and Shohin S. Daya, to pay a sum in instalments and to refrain from alienating three properties until the decree was satisfied. The respondents defaulted on payment and entered into a …
Punjab National Bank (PNB) sued Indian Bank and Indo‑Europe Foods Ltd for recovery of a US‑dollar bank guarantee amounting to USD 5,237,284.54. The plaint sought a decree in US dollars with rupee equivalents for court‑fee and jurisdiction purposes. PNB later applied to amend the pleading to delete …
The petitioners, importers, had obtained a Letter of Credit from the respondent bank for a consignment that later sank at sea. The bank, after rejecting the petitioners' documents as discrepant, sued them for recovery of the amount, and the suit was transferred to a Debt Recovery Tribunal under the …
Punjab National Bank filed a suit for recovery of money against a principal debtor and guarantors, which was transferred to the Debt Recovery Tribunal (DRT). The DRT decreed that the bank could recover the debt by selling the guarantors' mortgaged plant, machinery and property and directed the …
Solidaire India Ltd. had taken three loans from Fairgrowth Financial Services Ltd. and claimed that the agreed interest rate was 18% per annum. The Special Court (Trial of Offences Relating to Transactions and Securities) Act, 1992, awarded interest at 21.5% and 23% respectively, which the appellant …
Bhanu Construction Co. Pvt. Ltd. entered into contracts with NTPC and later sought arbitration for a claim of Rs. 23 crore. The banks filed a suit in the Hyderabad Civil Court for recovery of Rs. 19 crore and obtained an interim order on 20 September 1994 directing NTPC not to pay the company. The …
The United Bank of India filed suit No. 410/85 against Abhijit Tea Co. in 1985. The suit was disposed by a compromise decree on 29‑Mar‑1994, but the decree was set aside on appeal and the suit was remanded to the trial judge on 11‑Aug‑1998. The Recovery of Debts Due to Banks and Financial …
Punjab National Bank sued Chajju Ram and others for a principal sum of Rs 6,19,250. The trial court decreed the amount with interest, totalling Rs 12,91,398, and the bank filed an execution application. After the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 came into force and …
Allahabad Bank obtained a decree against M.S.Shoes (East) Co. Ltd. before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and the Recovery Officer sold the company's assets. Canara Bank, whose claim was pending before the same DRT, …
The State Bank of Bikaner and Jaipur had advanced funds to M/s. Ballabh Das & Co. for export transactions and was insured against non‑payment by foreign buyers. When the buyers defaulted, the bank sued the exporters for the outstanding amounts. While the suits were pending, the Recovery of Debts Due …
Allahabad Bank filed a suit under the Recovery of Debts due to Banks and Financial Institutions Act, 1993, seeking recovery of Rs 46.54 lakhs from three respondents and applied for a temporary injunction restraining them from drawing money from Mis. Braitewaite & Co. The respondents refused to …
ICICI filed an application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 seeking recovery of about Rs 36.5 crore from Grapco Industries Ltd. and others. The Debts Recovery Tribunal, on the same day, issued an ex‑parte injunction restraining the …
The petitioner, Sita Ram Singhania, challenged a stay order granted by the Allahabad High Court in a suit filed by banks before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The suit was instituted in the State of Madhya Pradesh, but …
United Bank of India filed a suit in the Calcutta High Court for recovery of a debt from one defendant and ancillary relief against two others. While the suit was pending, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 came into force and, under Section 31, the suit was …
The Industrial Credit and Investment Corporation of India Ltd. (the petitioner) challenged the actions of secured creditors who had approached civil courts to realise their debts against a company undergoing winding‑up. The Supreme Court examined the extent of a secured creditor's right to enforce …
