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ARTICLE · 15 NOVEMBER 2024

Dispute Resolution And Arbitration Update - November 2024

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The case stems from the declaration of loan accounts of several borrowers ("Appellants") registered under the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act") as NonPerforming Assets...

IndiaLitigation, Mediation & Arbitration
Faranaaz Karbhari
Faranaaz Karbhari
Himani Singh Sood
Himani Singh Sood
Akriti Shikha
Akriti Shikha
Shray Mehta
Shray Mehta
Sharan Shetty
Sharan Shetty
Devam Singh
Devam Singh
Aasiya Khan
Aasiya Khan
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M/s. Pro Knits Vs. The Board of Directors of Canara Bank & Ors.

2024 INSC 565

Background facts

  • The case stems from the declaration of loan accounts of several borrowers ("Appellants") registered under the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act") as NonPerforming Assets ("NPA") by banks and Non-Banking Financial Companies ("NBFC's/Respondents") under the provisions of Section 35 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act").
  • The Appellants filed writ petition under Article 226 of the Constitution before the Bombay High Court ("HC") in order to enforce the restructuring procedure laid out in the notification dated May 29, 2015 issued by the Central Government in exercise of the powers conferred under Section 9 of the MSMED Act, notifying instructions for the Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises ("Notifica

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