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Guidelines for Borrowers, NPAs under the SARFAESI Act, 2002

The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act of 2002 is quite a convenient tool for banks and other financial institutions which includes Non-Banking Financial Company (NBFC) to recover the debts from their borrowers as financial creditors. But the borrowers are also entitled to certain rights under this SARFAESI Act of 2002 to claim damages if there is default on the part of these financial institutions. The term ‘borrower’, according to Section 2 of the SARFAESI Act, 2002 refers to “any person who; has been granted financial assistance by any bank or a financial...

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V.J. Dhanapal v. Union Bank of India and Ors. C.R.P. (PD) No. 3697 of 2017

The present case was a revision petition filed by the petitioner borrower, V.J. Dhanapal, who was one of the partners of M/s. Haris Chicken which had been receiving financial assistance from the Union Bank of India, Bangalore. There was a default on his part, due to which the account of the borrower was classified as a Non-Performing Asset (NPA). Thereafter, the respondent bank issued an auction sale notice, fixing the date for sale on 27/9/2013. The petitioner challenged the notice due to non-compliance of the requirements under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of...

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Laws on Specific Performance of Contract

Specific Performance of contract refers to the obligation to perform the contract as per the terms and conditions. In case, a party fails to perform his part of the contract, the aggrieved can approach the court and seek the remedy of specific performance. Under the current Indian Legal System, the courts are inclined towards granting relief of specific performance mainly in cases where compensation in the form of monetary damages would be an inadequate remedy for the aggrieved party. The law relating to specific performance has been comprehensively dealt with under the Specific Relief Act, 1963. However, due to the outdated...

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Dipankar Chakraborty v. Allahabad Bank and Ors. AIR 2017 Cal 289

The petitioner borrower in the present case had submitted that, he had enjoyed credit facilities from the bank. Since the bank had not acted in terms of its obligations, the petitioner was obliged to file a suit for damages being Money Suit No. 120 of 2000 before the learned City Civil Court at Calcutta against the bank. Furthermore, in the present scenario, the bank had not filed its claims within the time period of 30 days before the court due to which the veracity of their case got affected immensely. This was one ground on which the petitioner had approached...

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Internet of Things (IoT): Data Protection & Privacy Laws

Internet of Things (IoT) is nothing but a connected web of devices that performs specific task with almost no human intervention. Each device in this web has a specific task to perform and pass the data processed by it to the device next to it in the series. In this way the task under Internet of Things (IoT) is performed by a number of connected devices sharing information (data) with other devices in the web. Each device has some basic set of programming and coding upon which the entire performance of that device depends. In today’s competitive era there is...

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Internet of Things (IoT) & Indian IP Laws

Humans always want a comfortable journey of life. The more helping hand a person has to fulfill his responsibilities, the more comfortably he will live. With the advancement in technologies and increased internet connectivity, in today’s technological world, one such hand is “Internet of Things (IoT)”. Cisco systems, an American multinational technology company, defines Internet of Things (IoT) as “simply the point in time when more ‘things or objects’ were connected to the internet than people”. In other words, Internet of Things (IoT) is a web of connected devices that is inserted as an integral part of any physical object...

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Indian Defense-Tech Startups & their Intellectual Property (IP)

With the advent of the Make in India by the Modi Government in India and especially in the defense sector the country is going towards the process of complete indigenization of all it’s products which can suffice for all the forces i.e. the ground force, water force and the air force respectively. The entire objective of complete indigenization can be achieved only by the following means i.e. Developing the sophisticated technologies in IndiaBorrowing technology from a Foreign Defense CorporationCp-Developing technologies with a Foreign Defense Corporation Having said that, the core #legal question behind all of this is that, who shall have the...

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Indian Defense-Tech Startups & their Investment Term Sheet

The #defense sector has seen a high degree of priority from the Modi government which includes the adoption of a Public Private Partnership (PPP) Model vis a vis setting up of several “Startup Incubation Centers” at different State owned research facilities wherein prima facie importance is given towards innovation, development of new technologies and indigenization of defense products. Having said that, the Research & Development (R&D) of technologies involves huge amount of infusion of funds which the Defense-Tech startup finds difficult to arrange for. Thus, the need arises for the involvement of an “Angel Investor” who is willing to infuse...

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Legality of Online Medical Prescription & E-Pharmacies in India

The easy availability of medicines without proper prescriptions and convenience factors associated with #e-pharmacies has also increased the risk of drug abuse, self- medication by patients, sale of counterfeit medicines and poor storage conditions. The requirement of a valid prescription for selling the medicines online is the most important and major challenge faced by e-pharmacies. The Pharmacy Practice Regulations 2015 mentions electronic prescription and defines a ‘prescription’ as a written or electronic direction from a registered medical practitioner or other properly licensed practitioners to a pharmacist to compound and dispense a specific type and quantity of preparation or prefabricated drug...

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Indian Defense-Tech Startups & Transfer of Technology (ToT)

The Make in India initiative by the Modi Government in India and especially in the defense sector has laid down the process of complete homogenisation of all the #defense products which includes the Transfer of Technology (ToT) not only from the Foreign Corporations but also from the Indian Defense Research Organisations like the DRDO and other allied organisations and research facilities respectively. The focus has know shifted from “know how” to “know why” whereby endeavours are being made to either develop critical technologies and/or get the critical technologies under direct Transfer of Technology (ToT) from the Foreign Corporation to their...

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