Insolvency Framework Re-defined - IBC 2016

Check the fault in default: Industrialist — and loan defaulter — Vijay Mallya is in the United Kingdom, happy to have dodged, so far, the Indian judiciary. But back home in India, a holistic law is on the anvil that seeks to sternly deal with insolvency and defaulters. The Rajya Sabha recently passed the Insolvency and Bankruptcy Code, 2016, a reform envisioned to ensure time-bound

Forum hunting despicable

Practice of sending letters asking court to recuse itself is despicable: Bombay HC sentences contemnor for 3 months imprisonment.We deprecate this practice of sending such letters, asking the Court to recuse itself. This practice is not only depreciable but is also despicable and needs to be curtailed, the Bench said.

Read more at: http://www.livelaw.in/forum-hunting-despicable-needs-curtailed-bombay-hc-sentences-party-person-contempt-court/?utm_source=dlvr.it&utm_medium=linkedin





Forum hunting despicable: Bombay High Court has sentenced a person for three months imprisonment for Contempt of Court by abusing, insulting, intimidating and threatening

41 more housing finance firms allowed to use SARFAESI law

Taken together with the 19 HFCs notified earlier for using SARFAESI law, almost the entire housing finance industry regulated by the National Housing Bank can now use this law for recovery of their dues







41 more housing finance firms allowed to use SARFAESI law: Move will facilitate quicker recovery of dues and encourage companies to lend more

Secondary Evidence

Secondary Evidence under Indian Evidence Act.

Situs of the Mortgaged Property is not determinative of Territorial Jurisdiction of the DRT: Bombay HC | Live Law

Mumbai High Court  hold that the DRT whilst deciding whether it has territorial jurisdiction to entertain a Securitisation Application filed under section 17 of the SARFAESI Act would be guided by the principles enshrined in section 19(1) of the RDDB Act and not by section 16 of the Code of Civil Procedure, 1908, the Court said. 

Read more at: http://www.livelaw.in/situs-of-the-mortgaged-property-is-not-determinative-of-the-territorial-jurisdiction-of-the-drt-bombay-hc/







Situs of the Mortgaged Property is not determinative of Territorial Jurisdiction of the DRT: Bombay HC | Live Law

How banks will be impacted in the new lending rate regime

RBI has asked banks to price all new loans sanctioned or renewed from April 2016 based on the Marginal Cost of Funds-based Lending Rate (MCLR). This move sweetens the one proposed in the draft prospectus where the entire loan book of banks was expected to shift to the new mechanism.

What the guidelines mean for a common man is that the change in interest rates made by the central bank will now be based on a scientific method rather than leaving the judgement to the bank management.

How banks will be impacted in the new lending rate regime | Business Standard News

RBI is bound to disclose information under the RTI Act: Supreme Court

“RBI is supposed to uphold public interest and not the interest of individual banks. RBI is clearly not in any fiduciary relationship with any bank. RBI has no legal duty to maximize the benefit of any public sector or private sector bank, and thus there is no relationship of ‘trust’ between them. RBI has a statutory duty to uphold the interest of the public at large, the depositors, the country’s economy and the banking sector. Thus, RBI ought to act with transparency and not hide information that might embarrass individual banks.

Read more at: http://www.livelaw.in/breaking-no-fiduciary-relationship-between-rbi-rbi-is-bound-to-disclose-information-under-the-rti-act-supreme-court/











RBI is bound to disclose information under the RTI Act: SC | Live Law