Bringing you the Best Analytical Legal News
“Such decision should be left to the commercial wisdom of the Bank whose amount is involved,and it is always to be presumed that Bank shall take a prudent decision whether to grant the benefit under the OTS scheme, having regard to the public interest involved.”
“For maintaining an application for default of another Financial Creditor, the essential ingredients to be fulfilled by the Applicant is that the Applicant has to be a Financial Creditor on its own facts.”
Constitution of India — Arts. 14, 12, 266, 136 and 32 — State action in a matter arising from non-statutory contract: Scope
The Delhi High Court held that a borrower cannot ask for alteration of contract by way of a writ petition and a contract can only be altered through mutual consent between the parties.
National Company Law Appellate Tribunal, Delhi: The Bench of Anant Bijay Singh, J., Judicial Member, and Shreesha Merla, Technical Member,
“If it is held that the borrower can still, as a matter of right, pray for benefit under the OTS Scheme, in that case, it would be giving a premium to a dishonest borrower.”
As per instructions of Reserve Bank of India, banks are required to have a loan recover policy, which may cover, inter alia, negotiated settlements