Banking Law

Supreme Court Upholds Compulsory Retirement for Bank Manager in Loan Misconduct Case: Boloram Bordoloi vs. Lakhimi Gaolia Bank & Ors. (2021) INSC 54

/ Ashok Bhushan, Banking Law, Compulsory Retirement, Disciplinary Proceedings, Judges, Lakhimi Gaolia Bank, Loan Disbursement, M.R. Shah, Misconduct in Banking, Proportionality of Punishment, R. Subhash Reddy, Service Law

Supreme Court Upholds Compulsory Retirement for Bank Manager in Loan Misconduct Case Date of the Judgment: February 08, 2021 Citation: (2021) INSC 54 Judges: Ashok Bhushan, J., R. Subhash Reddy, J., M.R. Shah, J. Can a bank employee be compulsorily retired for misconduct related to loan disbursement? The Supreme Court of India addressed this question […]

Supreme Court Upholds Compulsory Retirement for Bank Manager in Loan Misconduct Case: Boloram Bordoloi vs. Lakhimi Gaolia Bank & Ors. (2021) INSC 54 Read Post »

Supreme Court settles the applicability of the SARFAESI Act to Cooperative Banks in Banking Law (2020)

/ Aniruddha Bose, Arun Mishra, Banking Law, Banking Regulation Act, 1949 with Section 5, Constitutional Law, Constitutional Law with Entry 32 of List II, Constitutional Law with Entry 45 of List I, Distribution of Legislative Powers, Indira Banerjee, Judges, M.R. Shah, Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Vineet Saran

Supreme Court Settles Applicability of SARFAESI Act to Cooperative Banks (2020) LEGAL ISSUE: Whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) applies to cooperative banks. CASE TYPE: Banking Law Case Name: Pandurang Ganpati Chaugule v. Vishwasrao Patil Murgud Sahakari Bank Limited Judgment Date: May 05, 2020

Supreme Court settles the applicability of the SARFAESI Act to Cooperative Banks in Banking Law (2020) Read Post »

Supreme Court clarifies bank’s right to deduct processing fees: Bank of India vs. Brindavan Agro Industries (28 February 2020)

/ Bank Charges, Banking Law, Consumer Protection Act, 1986, D.Y. Chandrachud, Hemant Gupta, Judges, Loan Processing Fees, Section 17, Consumer Protection Act, 1986

Supreme Court on Bank Charges: Bank of India vs. Brindavan Agro Industries (2020) Date of the Judgment: 28 February 2020 Citation: Civil Appeal No. 1720 of 2020 (Arising out of SLP (Civil) No. 2007 of 2019) Judges: D.Y. Chandrachud, J. and Hemant Gupta, J. Can a bank deduct processing fees before a loan is sanctioned?

Supreme Court clarifies bank’s right to deduct processing fees: Bank of India vs. Brindavan Agro Industries (28 February 2020) Read Post »

Supreme Court Holds Bank Liable for Unauthorized Net Banking Transfer: DAV Public School vs. Indian Bank (2019)

/ Banking Law, Consumer Protection Act, Consumer Protection Act with, Deficiency of Service, Dhananjaya Y Chandrachud, Hrishikesh Roy, Internet Banking, Judges, Unauthorized Transactions

Supreme Court Holds Bank Liable for Unauthorized Net Banking Transfer: DAV Public School vs. Indian Bank (2019) LEGAL ISSUE: Whether a bank is liable for unauthorized online transfers when it links a customer’s account to internet banking without their request. CASE TYPE: Consumer Case Name: DAV Public School vs. The Senior Manager, Indian Bank, Midnapur

Supreme Court Holds Bank Liable for Unauthorized Net Banking Transfer: DAV Public School vs. Indian Bank (2019) Read Post »

Supreme Court Upholds Bank Guarantee Invocation in Favor of Heavy Engineering Corporation Ltd. in Civil Dispute (18 December 2019)

/ Ajay Rastogi, Bank Guarantee, Banking Law, Banking Law with Injunction, Breach of contract, Contract Law, Contract Law with Bank Guarantee, Judges, L. Nageswara Rao

Supreme Court Upholds Bank Guarantee Invocation in Favor of Heavy Engineering Corporation Ltd. Date of the Judgment: 18 December 2019 Citation: Civil Appeal No(s).9288 of 2019 (Arising out of SLP(Civil) No(s). 23430 of 2019) Judges: L. Nageswara Rao, J., Ajay Rastogi, J. (Concurring Opinion) Can a bank refuse to honor a guarantee if the beneficiary

Supreme Court Upholds Bank Guarantee Invocation in Favor of Heavy Engineering Corporation Ltd. in Civil Dispute (18 December 2019) Read Post »

Supreme Court settles the authority of Chief Judicial Magistrate under Section 14 of the SARFAESI Act in secured asset possession cases (23 September 2019)

/ A.M. Khanwilkar, Banking Law, Chief Judicial Magistrate, Chief Metropolitan Magistrate, Dinesh Maheshwari, Judges, SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 37, Section 14, SARFAESI Act, 2002, Secured Creditor

Supreme Court Clarifies Powers Under Section 14 of SARFAESI Act: CJM Competent in Non-Metropolitan Areas LEGAL ISSUE: Whether the Chief Judicial Magistrate (CJM) is competent to process requests from secured creditors to take possession of secured assets under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Supreme Court settles the authority of Chief Judicial Magistrate under Section 14 of the SARFAESI Act in secured asset possession cases (23 September 2019) Read Post »

Supreme Court clarifies the right to representation for wilful defaulters in banking cases (08 May 2019)

/ Advocates Act, 1961, Advocates Act, 1961 with Section 30, Banking Law, Banking Law with RBI Circulars, Constitutional Law, Constitutional Law with Article 19(1)(g), Fundamental Rights, Judges, R.F. Nariman, Vineet Saran, Wilful Defaulters

Supreme Court Clarifies Rights of Wilful Defaulters: Representation and Procedure LEGAL ISSUE: Whether a person declared a wilful defaulter by the Reserve Bank of India (RBI) is entitled to legal representation during the process. CASE TYPE: Banking Law, specifically concerning wilful defaulters. Case Name: State Bank of India vs. M/s. Jah Developers Pvt. Ltd. &

Supreme Court clarifies the right to representation for wilful defaulters in banking cases (08 May 2019) Read Post »

Supreme Court Upholds Disqualification Criteria for Bank Employee Directors: Federation of Bank of India Staff Unions vs. Union of India (2019)

/ Abhay Manohar Sapre, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, Banking Law, Constitutional Law, Constitutional Law with Article 14, Fundamental Rights, Indu Malhotra, Judges, Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970

Supreme Court Upholds Disqualification Criteria for Bank Employee Directors: Federation of Bank of India Staff Unions vs. Union of India (2019) LEGAL ISSUE: Whether the differential disqualification criteria for worker/employee directors and officer/employee directors in nationalized banks is discriminatory and violates Article 14 of the Constitution. CASE TYPE: Service Law Case Name: Federation of Bank

Supreme Court Upholds Disqualification Criteria for Bank Employee Directors: Federation of Bank of India Staff Unions vs. Union of India (2019) Read Post »

Supreme Court Upholds Dismissal in Bank Employee Misconduct Case: M.L. Singla vs. Punjab National Bank (20 September 2018)

/ Abhay Manohar Sapre, Dismissal, Employee Misconduct, Industrial Disputes Act, 1947, Industrial Disputes Act, 1947 with Section 10, Industrial Disputes Act, 1947 with Section 11A, Judges, Labour Court, S. Abdul Nazeer, Service Law

Supreme Court Upholds Dismissal in Bank Employee Misconduct Case: M.L. Singla vs. Punjab National Bank (2018) Date of the Judgment: 20 September 2018 Citation: M.L. Singla vs. Punjab National Bank and Anr., Civil Appeal No.1841 of 2010 Judges: Abhay Manohar Sapre, J., S. Abdul Nazeer, J. Can a bank employee be dismissed for consuming alcohol

Supreme Court Upholds Dismissal in Bank Employee Misconduct Case: M.L. Singla vs. Punjab National Bank (20 September 2018) Read Post »

Supreme Court Upholds Differential Dearness Relief for Bank Retirees Based on Retirement Date: United Bank of India vs. United Bank of India Retirees’ Welfare Association (2018)

/ Adarsh Kumar Goel, Bank Employees, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 with Section 19(2)(f), Banking Law, Bipartite Settlement, Constitution of India, Constitution of India with Article 14, Dearness Relief, Judges, Pension, Retirement Benefits, Service Law, Uday Umesh Lalit

Supreme Court Upholds Differential Dearness Relief for Bank Retirees Based on Retirement Date LEGAL ISSUE: Whether a distinction in dearness relief can be made between pre and post-November 2002 retirees. CASE TYPE: Service Law/Pension. Case Name: United Bank of India and others vs. United Bank of India Retirees’ Welfare Association and others. [Judgment Date]: May

Supreme Court Upholds Differential Dearness Relief for Bank Retirees Based on Retirement Date: United Bank of India vs. United Bank of India Retirees’ Welfare Association (2018) Read Post »

Supreme Court Settles Matrimonial Dispute and Loan Settlement: Ramakanth V. Purnima (2018) INSC 171

/ Banking Law, Civil Procedure, Financial Settlement, Judges, Kurian Joseph, Loan Settlement, Matrimonial Law, Mediation, Mohan M. Shantanagoudar, Settlement, Settlement of Disputes

Supreme Court Settles Matrimonial Dispute: Ramakanth V. Purnima (2018) INSC 171 Date of the Judgment: March 19, 2018 Citation: (2018) INSC 171 Judges: Kurian Joseph, J., Mohan M. Shantanagoudar, J. Can a long-standing matrimonial dispute be resolved through mediation, and can a bank’s loan settlement be included in the final resolution? The Supreme Court of

Supreme Court Settles Matrimonial Dispute and Loan Settlement: Ramakanth V. Purnima (2018) INSC 171 Read Post »

Supreme Court Upholds Tax Attachment on Formula One Income: Royal Bank of Scotland PLC vs. Axis Bank Limited (25 August 2017)

/ A.K. Sikri, Ashok Bhushan, Banking Law, Income Tax Act, 1961, Income Tax Act, 1961 with Section 195, Income Tax Act, 1961 with Section 281B, Judges, Letter of Credit (LC), Obligations of Banks, Tax Deducted at Source (TDS)

Can a tax authority attach funds related to a foreign company’s income in India, even when those funds are secured by Letters of Credit (LCs)? The Supreme Court of India tackled this complex issue in a case involving Formula One World Championship Limited (FOWC), an international company, and several banks. This case clarifies the extent

Supreme Court Upholds Tax Attachment on Formula One Income: Royal Bank of Scotland PLC vs. Axis Bank Limited (25 August 2017) Read Post »

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