Lok Adalats under the Legal Services Authorities Act, 1987 provide a statutory, conciliatory forum for amicable settlement of disputes at both pre-litigation and pending-case stages, with awards deemed decrees of civil courts and binding on parties without appeal. Lok Adalats are organized by legal services institutions at national, state, district, high court, and taluk levels,…
The Bankers’ Books Evidence Act, 1891 streamlines how banking records are proved in legal proceedings, making certified copies and authenticated printouts/e-records admissible as prima facie evidence without producing original ledgers in court. Applicability and definitions Conditions in the printout Mode of proof of entries When bank officers need not produce books Court‑ordered inspection of books…
The Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) is a landmark legislation enacted to streamline the process of recovering debts due to banks and financial institutions. Against the backdrop of mounting non-performing assets in the early 1990s, this Act was introduced to ensure faster adjudication of claims and reduce the burden on traditional…
The Reserve Bank of India on Tuesday raised the minimum capital requirement for asset reconstruction companies (ARC) and widened the scope of their activities by allowing them to act as resolution applicants under the bankruptcy law. Previously, the Central Bank opposed the proposal allowing ARCs to bid for debt resolution under bankruptcy courts. ARCs are…
Constitution of the partnership In simple words, a partnership is that two or more people jointly carry on a business and share its profit or loss. The person who joined the partnership may be a natural person (individual) or a legal person (corporates). However, an HUF (Hindu Undivided Family) is not treated as a person…
A strong registration discipline turns secured lending rights on paper into enforceable outcomes in practice. This guide explains who must register security interests, how rectifications work in special cases, what legal effects registration creates, and how enforcement rights and priority for secured creditors hinge on timely, accurate filings. Who must register How registration works Rectification…
Penalties for non-compliance with directions issued by the Reserve Bank of India encompass monetary sanctions, adjudication, and appellate remedies under the Banking Regulation Act, 1949, the RBI Act, 1934, and the Foreign Exchange Management Act, 1999, depending on the regulated entity and contravention type. In practice, RBI imposes calibrated penalties for supervisory non-compliance, while contraventions…
The SARFAESI Act contains an essential “miscellaneous” toolkit that clarifies when the Act does not apply, who may be exempted, what protections exist for good-faith actions, how company offences are treated, which forums have jurisdiction, how the Act overrides other laws, applicable limitation norms, and how the Central Government can frame rules and amend related…
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is the nationwide database that records securitisation, reconstruction, and security interest transactions to prevent multiple financing and improve transparency in credit markets. It enables time-stamped filings, public search, and statutory recognition of entries relating to charges on movable and immovable assets, thereby…
The SARFAESI Act provides a clear, time-bound pathway for secured creditors to enforce security interests without initial court intervention, while preserving borrower remedies and safeguards at each step. This guide explains the notice process, possession and management takeover, magistrate assistance, appeals, and borrower rights in a concise, practitioner-friendly format. When enforcement starts Core enforcement measures…
