The Legal Services Authorities Act, 1987: Lok Adalats Explained
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,…
Read article The Bankers’ Books Evidence Act, 1891: Practical Guide for Bankers and Litigators
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…
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The Recovery of Debts and Bankruptcy Act, 1993: A Comprehensive Overview
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…
Read article Registration of Security Interest under SARFAESI: filings, rectifications, effects, and priority—made simple
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…
Read article Penalties and Appeals under RBI Directions: Offences, Cognizance, Adjudication, and Appellate Review
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…
Miscellaneous Provisions under SARFAESI: scope limits, protections, and rule-making in one place
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…
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