The Legal Services Authorities Act, 1987: Lok Adalats and Their Role in Speedy Justice
The Legal Services Authorities Act, 1987 was enacted with the objective of providing free and competent legal services to weaker sections of society, thereby ensuring access to justice for all. One of the most important mechanisms introduced under this Act is the Lok Adalat system, which promotes alternative dispute resolution to reduce the burden on…
Read article
The Law of Limitation in Banking: Definitions, Computation, Fresh Period Triggers, and Key Schedule Provisions
This article provides a precise, action-oriented reading of limitation mechanics for banking disputes and recoveries. For drafting, litigation strategy, and collections operations, building a limitation dashboard keyed to instrument type, default date, and acknowledgment/part-payment events is the most reliable defense against time-barred claims. The Law of Limitation is the procedural backbone that determines when legal…
Read article Unpaid Seller: Rights of an Unpaid Seller
In commercial transactions, sellers often extend credit to buyers. However, when payment defaults occur, the seller faces financial risk. To protect their interest, the law recognizes a category called unpaid seller and grants specific rights to such sellers. Understanding these rights is vital for businesses, financial institutions, and legal professionals, particularly in the banking and…
Read article
CTS: Cheque Truncation System in India
RBI in its Statement on Developmental and Regulatory Policies on Thursday (August 8, 2024) announced the implementation of Continuous Clearing of Cheques under the Cheque Truncation System (CTS). The Cheque Truncation System (CTS) currently processes cheques with a clearing cycle of up to two working days. To improve the efficiency of cheque clearing and reduce…
Read article
Meaning and essentials of a contract of sale
A contract of sale is an agreement whereby a seller transfers or agrees to transfer the ownership (property) in goods to a buyer for a price; when property passes immediately it is a sale, and when transfer is deferred or conditional it is an agreement to sell. This framework underpins trade and inventory finance, receivables…
Contract of Agency: A Banking-Friendly Guide
A contract of agency creates a legal relationship where one person (the agent) is authorized to act on behalf of another (the principal) in dealings with third parties, binding the principal within the agent’s authority. This framework enables distribution partnerships, correspondent banking, syndications, and outsourced service models in finance. Definition Essential characteristics Rules Types of…
Read article