The Supreme Court ruled that Section 35 of the SARFAESI Act cannot override any provision of the Constitution, including special protections under Article 371A for Nagaland. The Court held that SARFAESI action taken before the Act’s adoption in Nagaland was without jurisdiction and legally invalid.
The Supreme Court of India intervened to aid homebuyers affected by Unitech Ltd.’s financial troubles and project delays. The court granted an exemption from RERA registration for Unitech’s housing projects, facilitating stalled loan disbursements and appointing government oversight to address ongoing issues, ensuring faster project completion and accountability for past mismanagement.
The Supreme Court criticized the Real Estate Regulatory Authority (RERA) for failing to meet its objectives, stating it has become a refuge for retired bureaucrats who undermine the Act’s intentions. Established in 2016 to ensure real estate transparency and protect homebuyers, RERA’s effectiveness is now in question amid ongoing legal challenges.
The Bombay High Court’s recent ruling sets strict guidelines for banks labeling borrowers as wilful defaulters under RBI’s directives. The judgment emphasizes transparency and fair process, following the IL&FS Financial Services Ltd case. It mandates banks to provide all necessary documents to accused parties, ensuring principles of natural justice. This landmark decision highlights the importance of fairness and transparency in the banking sector.
