Fugitive businessman Nirav Modi faced another legal setback as a London court ordered him to pay over USD 10.7 million to Bank of India in a loan recovery dispute. The Court held him personally liable for dues linked to Firestar Diamond FZE.
The Mumbai Bench of the NCLT admitted SBI’s application seeking personal insolvency proceedings against Reliance Group Chairman Anil Ambani. The Tribunal appointed a Resolution Professional and directed issuance of a public notice inviting creditor claims, marking a major development in the insolvency process.
The Bombay High Court held that merely demanding repayment of a loan or following up with a borrower cannot amount to abetment of suicide. The Court clarified that Section 306 IPC requires clear evidence of intentional instigation, active encouragement, or conduct specifically intended to drive a person to take their own life.
The Kerala High Court ruled against the practice of publicly displaying defaulting borrowers’ photographs and details for loan recovery, citing violations of dignity and privacy under the Kerala Co-operative Societies Act. The court emphasized lawful alternatives for debt recovery exist, reinforcing borrowers’ rights under Article 21 of the Constitution of India.
The Supreme Court of India acknowledged that judges can make mistakes and emphasized the importance of correcting errors in past orders, even after a case is closed. This recognition arose while revisiting a previous decision involving Indiabulls Housing Finance, where the court had granted protection and stayed debt recovery and money laundering proceedings against the company and its officials.
