PAWNEE CAN NOT SELL THE PLEDGED GOODS TO ONE OWN SELF UNDER THE CONTRACT ACT: Supreme Court

Supreme Court bench comprising Justices MR Shah and Sanjiv Khanna held in a recent judgment1 that under Section 177 of the Contract Act, 1872 (“Contract Act”), in case of default by the pawnor, the pawnee

Section 138 of NI Act: Prima facie materials to show the authority of the representative sufficient for magistrate to take cognizance

Supreme Court in TRL Krosaki Refractories vs SMS Asia Pvt Ltd1 held that in a cheque bounce case when a complainant/ payee is a company then an authorized representative can represent the company. A bench headed

Breach of Main Contract no ground for stopping payment under Bank Guarantee

Recently, the Delhi High Court, in Satish Kansal vs Synergy Tradeco NV and others, reiterated that letter of credits (LC)/bank guarantees are independent of the main contract and a dispute under the main contract cannot

Shiju P. Veetil, Senior Partner, IndiaLaw LLP quoted on Economic Times Today

THE PRINCIPLE OF “AS IS WHERE IS” AND “AS IS WHAT IS BASIS” IN RELATION TO SECURED ASSETS PURCHASED IN PUBLIC AUCTION UNDER SARFAESI ACT,2002

INTRODUCTION As the Legal frame work and mechanism for curtailing and controlling mounting Non- Performing Assets (“NPA”) has become inadequate and outdated which resulted in tardy recovery of defaulting loans by the Financial Institutions arising

Resolution Framework for Covid-19 related Stress

On 7th June 2019 the Reserve Bank of India (“RBI”) notified the Prudential Framework for Resolution of Stressed Assets (“Prudential Norms”), which provided a principle base for addressing a borrower default. A nation-wide lockdown was