Reserve Bank of India imposes penalty of 1.45 Crore on Central Bank of India for non-compliance with directions
RBI imposed penalty on Central Bank of India for failing to comply with directions for Loans and Advances as well as Customer Protection.
Central Bank of India
Calcutta High Court finds no illegality or material irregularity in DRAT’s order; reiterates High Court’s jurisdictional limits under Article 227
Calcutta High Court reasoned that the High Court’s jurisdiction under Article 227 is not appellate in nature and cannot be exercised to correct mere errors of fact.
Banks can forfeit entire earnest money and not just extent of loss suffered by it due to auction purchaser’s default: SC
Any dilution of the forfeiture provided under Rule 9(5) of SARFAESI Rules would result in entire auction process under SARFAESI Act being disregarded by mischievous auction purchasers through sham bids, thereby undermining the overall object of the Act of promoting financial stability, reducing NPAs and fostering a more efficient and streamlined mechanism for recovery of bad debts.
Writ petition under Article 226 of the Constitution cannot be filed for seeking alteration in contract: Delhi High Court
The Delhi High Court held that a borrower cannot ask for alteration of contract by way of a writ petition and a contract can only be altered through mutual consent between the parties.
All HC │ Transfer order of Central Bank of India employee quashed considering 100% disability of wife
Allahabad High Court: Rajesh Singh Chauhan, J. allowed a petition which was filed assailing order dated 16-04-2022 passed by the opposite party