All -in -one Form INC-29 for registration/ Certificate of Incorporation of new company
The Ministry of Corporate Affairs (MCA) has introduced Form INC-29, for registration and obtaining the certificate of incorporation that lessens paperwork to a large extent. This 8 pages new form is used as an alternate process to do away with the earlier process of filling out several forms separately for allotment of DIN, Name of the company…
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
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…
Read article 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…
Contracts of indemnity in banking
A contract of indemnity is an agreement where one party promises to compensate another for loss caused by specified acts or events, typically arising from the promisor’s conduct or that of a third person, and is widely used in banking for letters of indemnity, escrow, agency, custody, and transactional risk allocation. Meaning Rights of indemnity…
Read article