rupesh mirajkar
11 December 2013 at 20:35
Dear sir,
i am purchasing 12.5% GES plot constructed flat. the conyeance is yet not done and society is also not formed due to less tentent No ( only 5 ).
kindly suggest builder NOC is require for registration and Bank loan.
Rupesh
Anonymous
04 December 2013 at 01:28
Can an individual pursue L.L.B. if he / she has a criminal case u/s 420 pending in court. Also what is the maximum age limit to pursue L.L.B.
sakshi
17 October 2013 at 11:34
Dear All,
I have recently purchased a property and the owner has provided me with a Relinquishment Deed. The owner's parents has expired and there was no will available, but it is mentioned in the deed provided, that the owner by default is the owner of the property.
Now my question is that in MCD etc the registry is still in the name of owners father. Hence can i register that property directly on my name by showing our sale agreement ,reliquishment deed & the power of attorney of this property, which is now on my name.
Ksreddyacs
03 October 2013 at 11:11
Dear sir's
I am willing to purchase dkt land in Andhra pradesh for agriculture purpose. Pls let me know the procedure in terms of law in this matter.
pranav samant
01 October 2013 at 12:38
Q1)X ltd. Entered into a contract with Y ltd. To dispatch goods valuing Rs 1 lakh every month for six months upon receipt of entire payment. Y ltd accordingly made the payment.In the third month due to a natural calamity,Y ltd. Requested X ltd not to dispatch until further notice.
In the the above context:
Q1) Whether seller has transferred property in goods to Buyer?
Q2) Whether Seller has also transferred risks and rewards of ownership to buyer?
I will be very much thankful to you.
Umesh Joshi
26 September 2013 at 16:46
can any send me e-mail id of mumbai TM office to mail reply to Examination report
Shashank
22 September 2013 at 19:32
Quite often we come across notifications published in the Gazette of India. They are named for example as, S.O 123 (E) and some times rules made under any act are named as for instance, G.S.R 444 (E). What is the full form of S.O, (E), and G.S.R.in these titles?
N.J. MISHRA
19 September 2013 at 16:31
Dear Member kindly advice me;
One of my friend working in same organization wants to adopt a child from his relatives in Dehradun. I have consulted number of my freinds for legal procedure but they were unable to provide me the same. But one of my friend who too had adopted his younger brother's daughter told me that an advocate made them to fill some form which was executed by him and his brother which they later got it registered. Now that advocate contact details has been misplaced; hence i approached this forum.
will be thanful to the members to provide me the legal procedure for adopting child.
tarunexports
18 September 2013 at 21:45
Dear Experts,
I want to know whether the Enforcement Directorate is legaaly authorized to issue Summons under Section 37(1) & (3) of FEMA Act 1999 read with Section 131(1) OF Income Tax Act 1961 after the alleged contravention(it is only 5% less foreign remittance which is not been received) of Section 13 of FEMA Act 1999 AFTER NINE YEARS of EXPORT.
2) In the same case the remittance received is only 5% short and even that is allowed under RBI circular dated 01st July 2013.
Kindly quote any citation/authority on the above.
harinder dhingra
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Legal action for recovery before filing claims with ecgc
Bank had whole turnover ECGC cover on Pre shipment Packing Credit and Post shipment FBD advances. Exporter also had ECGC policy covering his buyers for default in export payments. One buyer defaulted for 50% payment. Exporter filed claim with ECGC through the bank under his policy with instructions to pay claim amount to bank since the bills were discounted.
Next week bank classified the accounts as NPA and one week thereafter issued Sarfaesi act 13(2) demand notice and 80 days thereafter issued 13(4) notice for possession of secured flats.
After NPA and Sarfaesi act notices, the exporter regularly kept on paying the interest and principal dues and requested revival of accounts. However, the bank adjusted all payments towards principal and interest was not adjusted.
1. RBI directives state that 'The credit facilities backed by guarantee of the Central Government though overdue may be treated as NPA only when the Government repudiates its guarantee when invoked.'
'Credit protection given by the following entities will be recognised:
Sovereigns, sovereign entities (including BIS, IMF, European Central Bank and European Community as well as those MDBs referred to in paragraph 5.5, ECGC and CGTSI), banks and primary dealers with a lower risk weight than the counterparty;'
Can the bank classify account as NPA till ECGC claims are settled or declined. Our claim was paid in full after one year by ECGC - to the bank.
2. RBI circular states 'In respect of post-shipment credit extended by the banks covering export of goods to countries for which the ECGC’s cover is available, EXIM Bank has introduced a guarantee-cum-refinance programme whereby, in the event of default, EXIM Bank will pay the guaranteed amount to the bank within a period of 30 days from the day the bank invokes the guarantee after the exporter has filed claim with ECGC.
ii. Accordingly, to the extent payment has been received from the EXIM Bank, the advance may not be treated as a nonperforming asset for asset classification and provisioning purposes.
Can the account remain classified as NPA after claims are received from ECGC???
3. After issuing Sarfaesi act 13(2) and 13(4) notice, bank filed claims with ECGC on both - pre and post shipment advances. ECGC paid both the bank's claim at a reckless speed of 10 days.
4. Bank sold the mortgaged flat under Sarfaesi act and adjusted the proceeds to wipe out the outstanding in Cash Credit & Mach Term Loan accounts. It lodged OA with DRT for recovery of outstanding in Packing Credit a/c for which ECGC claim was received and parked in Suspense a/c at branch.
5. Concerning ECGC's cover to banks, there various circulars in public domain which state:
ECGC gives cover to bank's for reducing their NPA's.
Claim shall be paid in case of protracted default by exporter
legal action for recovery after claims are paid
rehabilitation measures can be taken by bank for viable / potentially viable units after claims are paid with permission from ECGC.
ECGC's claim paid NPA accounts cannot be sold to ARC's.
In view of these,
a. was the bank legally correct in classifying the accounts as NPA before filing claims with ECGC.
b. Was the bank legally correct when it issued Sarfaesi act 13(2) & 13(4) notices before filing claims with ECGC.
c. Was the bank legally correct in maintaining the accounts as NPA after ECGC paid the banks claim - even though it had issued Sarfaesi act demand & possession notices.
d. Was the bank legally correct in pursuing recoevry action under sarfaesi act after ECGC paid claims for Pre & post shipment cover to Bank.
e. If ECGC claim paid accounts cannot be sold to ARC's, can the bank take legal action under Sarfaesi act at all.
f. Can the bank recover the ECGC claim paid amounts from Personal guarantors and continuous security given by directors by filing OA at DRT.
Please guide. Thanking all in advance.