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TMI BlogSmall Industries Development Bank of India versus M/s. Sibco Investment Pvt. Ltd- Legal Position of NBFC in a civil suit.X X X X Extracts X X X X X X X X Extracts X X X X ..... of assets, Section 45 MC - Power of Bank to file winding up petition. Section 35A of the Banking Regulation Act, 1949 vests power in the RBI to give directions to banks and can take action, to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company A conjoint re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the requisite authority to issue the communication dated 09th June, 1997. Now the omission by the RBI to mention any enabling provision, doesn t change the nature and status of the direction. The statutory arrangement and interpretation persuades to hold that actions in furtherance of grounds of public policy by the RBI was justified, for issuing the Notification dated 10.04.1997. The notific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue at hand - the plaintiff cannot be granted parity with its predecessor-in-interest, Shankar Lal Saraf, who was paid interest which accrued in July, 1997 despite the RBI directive of 09.06.1997. The defendant defended this fallacy/aberration by clarifying that the payment to Shankar Lal Saraf was made before the defendant was in receipt of the RBI directive. Hence, the plaintiff cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... winding up, the suspect spell for deemed fraudulent transaction is six months before presentation of the winding up petition. In the present case, the petition for winding-up was submitted by RBI on 22.05.1997 and admittedly, the transfer in Shankar Lal Saraf s favour was executed in February, 1997. The defendant s contention as to the transfer being in the suspect spell, may be deemed fraudul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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