In Keshavlal Khemchand and Sons Pvt Ltd & Ors v Union of India & Ors, the Supreme Court upheld the constitutional validity of an amendment made in 2004 in section 2(1)(o) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The section allows creditors to classify a borrower’s account as a non-performing asset (NPA) in accordance with guidelines and directions of the Reserve Bank of India (RBI).
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
