 |
 HON 7808NT90T 7800 Series High Back Executive Chair $435.49 Time Remaining: 28d 21h 59m Buy It Now for only: $435.49 |
 HON 7808NT10T 7800 Series High Back Executive Chair $435.49 Time Remaining: 28d 22h 20m Buy It Now for only: $435.49 |
 HON VL111 High Back Executive Chair in Black BSXVL111SB11 $158.26 Time Remaining: 4d 22h 7m Buy It Now for only: $158.26 |
 HON Executive Conference Seating $179.99 Time Remaining: 25d 7h 49m Buy It Now for only: $179.99 |
 BASYX BY HON EXECUTIVE MID BACK OFFICE CHAIR SERIES VL171 $74.99 Time Remaining: 4d 3h 42m Buy It Now for only: $74.99 |
 EXECUTIVE METAL DESK by HON in PUTTY METAL w MED OAK LAMINATE TOP 72L $239.00 Time Remaining: 1d 6h 12m Buy It Now for only: $239.00 |
 HON Pillow Soft 2091 Executive High Back Chair $343.20 Time Remaining: 28d 22h 2m Buy It Now for only: $343.20 |
 HON EXECUTIVE MAHOGONY CHAIR WITH SWIVEL TOP OF THE LINE VERY EXPENSIVE $249.99 Time Remaining: 25d 11h 20m Buy It Now for only: $249.99 |
 HON 4001AB10T Executive Chair Office Chair $182.60 Time Remaining: 28d 21h 54m Buy It Now for only: $182.60 |
 Basyx by HON VL151 Leather Executive High Back Chair BSX VL151SB11 Black $159.00 Time Remaining: 26d 12h 35m Buy It Now for only: $159.00 |
 HON Park Avenue 5001 Executive High Back Chair $663.95 Time Remaining: 28d 21h 54m Buy It Now for only: $663.95 |
 NEW HON 24 Hour Executive High Back Swivel Tilt Chair $496.99 Time Remaining: 23d 14h 50m Buy It Now for only: $496.99 |
 HON Pilow Soft 2190 Series High Back Executive Chair $389.75 Time Remaining: 29d 10h 9m Buy It Now for only: $389.75 |
 NEW HON 2090 Pillow Soft Executive High Back Swivel Ti $274.99 Time Remaining: 23d 14h 49m Buy It Now for only: $274.99 |
 HON Solutions Seating 4001 Executive High Back Chair $220.97 Time Remaining: 28d 21h 54m Buy It Now for only: $220.97 |
 HON Solutions Seating 4001 Executive High Back Chair $220.97 Time Remaining: 28d 22h 2m Buy It Now for only: $220.97 |
 HON 5001NSS11 Park Avenue High back Executive Chair $728.63 Time Remaining: 28d 21h 54m Buy It Now for only: $728.63 |
 HON Pillow Soft 2091 Executive High Back Chair $343.20 Time Remaining: 28d 22h 20m Buy It Now for only: $343.20 |
 HON 7602BW69T Unanimous 7602 Executive High Back Chair $333.18 Time Remaining: 28d 21h 55m Buy It Now for only: $333.18 |
 HON 3301BE62T Allure 3301 Executive High back chair $326.02 Time Remaining: 28d 22h Buy It Now for only: $326.02 |
 HON 7808NT69T 7800 Series High Back Executive Chair $435.49 Time Remaining: 28d 22h 4m Buy It Now for only: $435.49 |
 Hon Basyx VL111SB11 High Back Executive Office Chair $139.99 Time Remaining: 25d 10h 38m Buy It Now for only: $139.99 |
 HON Pilow Soft 2190 Series High Back Executive Chair $417.02 Time Remaining: 29d 10h 11m Buy It Now for only: $417.02 |
 HON MH02MST1C Executive Chair Office Chair $334.46 Time Remaining: 29d 10h 10m Buy It Now for only: $334.46 |
 NEW HON Executive Leather Crest Back Chair $421.62 Time Remaining: 28d 21h 58m Buy It Now for only: $421.62 |
 HON 3501NT19T 3500 Pyramid High back Executive Chair $497.12 Time Remaining: 29d 10h 11m Buy It Now for only: $497.12 |
 HON IWM3AHUNT69T Ignition Executive Mid Back Chair $334.65 Time Remaining: 28d 21h 54m Buy It Now for only: $334.65 |
 HON IWM3AHUNT10T Ignition Executive Mid Back Chair $334.65 Time Remaining: 28d 21h 57m Buy It Now for only: $334.65 |
 HON MH01MM10C Executive Chair Office Chair $291.67 Time Remaining: 29d 10h 34m Buy It Now for only: $291.67 |
 HON Unanimous 7604 Executive 24 Hour High Back Chair $464.75 Time Remaining: 29d 10h 9m Buy It Now for only: $464.75 |
 HON Unanimous 7604 Executive 24 Hour High Back Chair $464.75 Time Remaining: 29d 10h 10m Buy It Now for only: $464.75 |
 HON Unanimous 7604 Executive 24 Hour High Back Chair $464.75 Time Remaining: 29d 10h 12m Buy It Now for only: $464.75 |
 HON Caldo Leather Executive High Back Chair 227SP11P Polished Aluminum Black $302.00 Time Remaining: 26d 12h 28m Buy It Now for only: $302.00 |
 HON Pillow Soft 2191 Executive High Back Swivel Chair $496.42 Time Remaining: 28d 21h 57m Buy It Now for only: $496.42 |
 HON Solutions Seating 4001 Executive High Back Chair $182.60 Time Remaining: 28d 21h 57m Buy It Now for only: $182.60 |
 HON Pillow Soft 2091 Executive High Back Leather Chair Black 26 x 30 x 465 $379.99 Time Remaining: 18d 10h 45m Buy It Now for only: $379.99 |
 HON Pilow Soft 2190 Series High Back Executive Chair $417.02 Time Remaining: 29d 10h 11m Buy It Now for only: $417.02 |
 HON Pillow Soft 2190 Series Executive High Back Chair 2191NNT10 Mahogany $455.00 Time Remaining: 26d 11h 31m Buy It Now for only: $455.00 |
 HON Pilow Soft 2090 Series High Back Executive Chair $274.99 Time Remaining: 29d 10h 9m Buy It Now for only: $274.99 |
 HON 2271SP11P Executive Chair Office Chair $281.14 Time Remaining: 29d 10h 11m Buy It Now for only: $281.14 |
 HON Pillow Soft 2093 Executive Sled Based Guest Chair $304.61 Time Remaining: 28d 21h 57m Buy It Now for only: $304.61 |
 HON 2291ST11T 2291 Executive High Back Chair $242.95 Time Remaining: 28d 22h 1m Buy It Now for only: $242.95 |
 HON Pillow Soft 2093 Executive Sled Based Guest Chair $304.61 Time Remaining: 28d 22h 2m Buy It Now for only: $304.61 |
 HON Pillow Soft 2091 Executive High Back Chair Leather Burgundy Office Chair New $379.99 Time Remaining: 19d 13h 26m Buy It Now for only: $379.99 |
 HON 5001NSS11 Park Avenue Collection Executive High Back Swivel Chair Mahogany $695.00 Time Remaining: 26d 10h 30m Buy It Now for only: $695.00 |
 HON 3301SS11T Allure 3301 Executive High back chair $498.23 Time Remaining: 28d 22h 2m Buy It Now for only: $498.23 |
 HON VL121 High Back Executive Chair in Black BSXVL121EN11 $161.41 Time Remaining: 4d 13h 12m Buy It Now for only: $161.41 |
 HON MH01MM10C High Back Mesh Executive Chair 28 x 355 x 44 Black Seat $290.00 Time Remaining: 2d 9h 9m Buy It Now for only: $290.00 |
 Basyx by HON VL111 Leather Executive High Back Chair VL111SB11 Loop Arms $197.00 Time Remaining: 20d 12h 13m Buy It Now for only: $197.00 |
 HON Ignition Series Executive Mid Back Chair Black HON IWM3AHUNT10T $329.99 Time Remaining: 10h 50m Buy It Now for only: $329.99 |
 NEW HON Unanimous High Performance High Back Executive $415.99 Time Remaining: 23d 14h 46m Buy It Now for only: $415.99 |
 HON Ignition Series Executive High Back Chair in Mariner Blue HON IEH1FHUNT90T $365.00 Time Remaining: 26d 12h 48m Buy It Now for only: $365.00 |
 HON 3501NT69T 3500 Pyramid High back Executive Chair $497.12 Time Remaining: 28d 22h 4m Buy It Now for only: $497.12 |
 HON 6571NSL62 Executive Leather Crest Back Chair $421.62 Time Remaining: 28d 22h 4m Buy It Now for only: $421.62 |
 HON 7602BW19T Unanimous 7602 Executive High Back Chair $320.48 Time Remaining: 28d 21h 55m Buy It Now for only: $320.48 |
 HON 2071BW90T Gamut 2071 Executive High Back Chair $259.54 Time Remaining: 28d 21h 59m Buy It Now for only: $259.54 |
 HON 3501NT90T 3500 Pyramid High back Executive Chair $527.77 Time Remaining: 28d 21h 58m Buy It Now for only: $527.77 |
 HON 3501NT10T 3500 Pyramid High back Executive Chair $527.77 Time Remaining: 28d 22h 4m Buy It Now for only: $527.77 |
 HON 2071BW19T Gamut 2071 Executive High Back Chair $270.23 Time Remaining: 28d 22h 20m Buy It Now for only: $270.23 |
 HON 6541NEJ65 6541 Executive High Back Chair $592.32 Time Remaining: 28d 21h 57m Buy It Now for only: $592.32 |
 HON Pilow Soft 2090 Series High Back Executive Chair $291.94 Time Remaining: 28d 22h 20m Buy It Now for only: $291.94 |
 HON 5062HTTNT90 Park Avenue High back Executive Chair $313.93 Time Remaining: 28d 21h 56m Buy It Now for only: $313.93 |
 HON 2071BW69T Gamut 2071 Executive High Back Chair $284.18 Time Remaining: 28d 21h 59m Buy It Now for only: $284.18 |
 HON 3301BE11T Allure 3301 Executive High back chair $311.85 Time Remaining: 28d 21h 59m Buy It Now for only: $311.85 |
 HON 3301BE19T Allure 3301 Executive High back chair $311.85 Time Remaining: 28d 21h 59m Buy It Now for only: $311.85 |
 HON IEH1FHUNT90T Ignition Executive High Back Chair $303.39 Time Remaining: 28d 22h 2m Buy It Now for only: $303.39 |
 HON 6211BW69T Resolution 6211 Executive High Back Chair $459.63 Time Remaining: 28d 22h 19m Buy It Now for only: $459.63 |
 HON IEH1FHUNT10T Ignition Executive High Back Chair $303.39 Time Remaining: 28d 22h 20m Buy It Now for only: $303.39 |
 NEW HON Basyx Black Leather Office Chair Executive High Back FREE Freight $182.95 Time Remaining: 23d 12h 11m Buy It Now for only: $182.95 |
 HON Ignition Series Executive High Back Chair in Wine Color HON IEH1FHUNT69T $365.00 Time Remaining: 26d 12h 43m Buy It Now for only: $365.00 |
 HON Ignition Series Executive High Back Chair in Black HON IEH1FHUNT10T $365.00 Time Remaining: 26d 12h 51m Buy It Now for only: $365.00 |
 HON 94251NN 94000 Series Executive Desk $1,094.76 Time Remaining: 28d 22h 42m Buy It Now for only: $1,094.76 |
 HON 7602BW90T Unanimous 7602 Executive High Back Chair $320.48 Time Remaining: 28d 21h 58m Buy It Now for only: $320.48 |
 HON Ampere Executive Black Leather High Back Chair HON2291ST11T Swivel Tilt Lock $245.00 Time Remaining: 20d 12h 3m Buy It Now for only: $245.00 |
 NEW HON Gamut Series Executive High Back Swivel Tilt C $254.99 Time Remaining: 23d 14h 46m Buy It Now for only: $254.99 |
 HON Pillow Soft 2190 Series Executive High Back Chair 2191NSR11 Mahogany $462.00 Time Remaining: 26d 11h 19m Buy It Now for only: $462.00 |
 HON Pillow Soft 2190 Series Executive High Back Chair 2191CNT19 Harvest $455.00 Time Remaining: 26d 11h 26m Buy It Now for only: $455.00 |
 NEW HON Ignition Series Executive High Back Chair Bla $400.99 Time Remaining: 23d 14h 52m Buy It Now for only: $400.99 |
 HON Ignition Series Executive High Back Chair Black Leather HON IEH1FHUSQ11T $429.99 Time Remaining: 27d 7h 42m Buy It Now for only: $429.99 |
 NEW HON Caldo Executive High Back Chair Black Leather $310.99 Time Remaining: 23d 14h 51m Buy It Now for only: $310.99 |
 NEW HON Unanimous High Back Executive Chair Claret Bu $321.99 Time Remaining: 23d 14h 46m Buy It Now for only: $321.99 |
 NEW HON Unanimous High Performance High Back Executive $415.99 Time Remaining: 23d 14h 46m Buy It Now for only: $415.99 |
 NEW HON 6540 Series Executive High Back Swivel Chair $557.99 Time Remaining: 23d 14h 51m Buy It Now for only: $557.99 |
 HON 2071BW69T Gamut Executive High Back Swivel Tilt Chair Claret Burgundy $254.99 Time Remaining: 15d 10h 59m Buy It Now for only: $254.99 |
 NEW HON Allure Executive High Back Swivel Tilt Chair $293.99 Time Remaining: 23d 14h 46m Buy It Now for only: $293.99 |
 NEW HON 5000 Series Executive High Back Swivel Tilt Ch $685.99 Time Remaining: 23d 14h 44m Buy It Now for only: $685.99 |
 NEW HON 5000 Series Executive High Back Swivel Tilt Ch $685.99 Time Remaining: 23d 14h 44m Buy It Now for only: $685.99 |
 NEW HON Ampere Leather Executive Seating Black Leathe $236.99 Time Remaining: 8d 4h 44m Buy It Now for only: $236.99 |
 NEW HON Ignition Series Executive High Back Chair Bla $303.99 Time Remaining: 20d 12h 9m Buy It Now for only: $303.99 |
 NEW HON Ignition Series Executive High Back Chair Mar $303.99 Time Remaining: 20d 12h 9m Buy It Now for only: $303.99 |
 HON 2291ST11T Ampere Leather Executive Seating Black Leather Plastic Base $328.99 Time Remaining: 1d 11h 56m Buy It Now for only: $328.99 |
 HON IE102NT69 HON Ignition Series Executive High Back Chair Wine Fabric $390.99 Time Remaining: 18d 18h 22m Buy It Now for only: $390.99 |
 HON 5001JSS11 Executive High Back Swivel Tilt Chair Blk Leather $747.99 Time Remaining: 1d 11h 55m Buy It Now for only: $747.99 |
 HON 2071BW19T Gamut Series Executive High Back Swivel Tilt Chair Iron Gray $254.99 Time Remaining: 15d 10h 59m Buy It Now for only: $254.99 |
 HON 2071BW90T Gamut Series Executive High Back Swivel Tilt Chair Navy Blue $254.99 Time Remaining: 15d 10h 59m Buy It Now for only: $254.99 |
 HON PILLOW SOFT 2090 SERIES EXECUTIVE CHAIR $199.99 Time Remaining: 12d 8h 39m Buy It Now for only: $199.99 |
 HON 5001NEE11 Executive High Back Swivel Tilt Chair Black Vinyl Mahogany $532.99 Time Remaining: 1d 11h 55m Buy It Now for only: $532.99 |
 HON 5001NSS11 Executive High Back Swivel Tilt Chair Black Leather Mahogany $747.99 Time Remaining: 1d 11h 55m Buy It Now for only: $747.99 |
 HON 7808NT90T High Performance High Back Executive Task Chair Tectonic Mariner $490.99 Time Remaining: 1d 11h 55m Buy It Now for only: $490.99 |
 HON 5001JEE11 Executive High Back Swivel Tilt Chair Blk Vinyl Henna $532.99 Time Remaining: 1d 11h 55m Buy It Now for only: $532.99 |
Hon Executive
NPA classification/SARFAESI Act – discretion of Bank/Secured Creditor - Indian Banking Law
The Banks or Secured Creditors do feel comfortable in recovering their dues using the provisions of SARFAESI Act, 2002. The object of the enactment, as everybody knows, is to enable the Banks/Secured Creditors to reduce the level of ‘Non-performing Assets (NPA)'. In the absence of a special legislation like ‘Recovery of Debts due to Banks and Financial Institutions Act, 1993' and "Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002", it is infact very difficult for the Banks to recover debts approaching Civil Courts. The observation of Hon'ble Madras High Court in The Repatriates Co-op Finance & Development Bank Ltd., Chennai & Others, 2010 (4) LW 497, 2010 (5) CTC 449, 2010 (7) MLJ 882, on the plight of Banks in recovering their dues from the borrower through Civil Courts, is as follows:
"3. For getting a decree in usual course before a Civil Court litigant including Banks have to file the suit before a Civil Court. After service of notice, written statement and trial, the suit would be decided by passing a decree. The decree would possibly be challenged by way of appeal upto Supreme Court and it would take about 5 to 15 years to attain finality. There would be possibility of dismissal of suit on various grounds. After the decree is passed by the competent civil court, the same would be put to execution by filing E.P. The Execution Court after service of notice would bring the property of the debtor/guarantor for sale through auction. To reach this stage, lot of money, especially very long time has to be spent. The above process is dispensed with by the Special Act "SARFAESI ACT" which is meant only for the financial institutions. As per the Act, the first step would be to issue notice U/s. 13(2) by the authorised officer who is deemed to be armed with a money decree which attained finality. By the statute the authorised officer, is clothed with powers of trial court and execution court and the code of Civil Procedure which governs the civil proceedings is no more necessary. To put it otherwise, by the Special Act, the authorized officer acts like a Civil Court clothed with powers hitherto exercised by it."
The primary objective of the Banks/Secured Creditor should be to deal with the defaulters and not to harass the borrowers using the provisions of SARFAESI Act, 2002. The borrower very often raises a grievance that they are not willful defaulters and the Bank or Bank Officials are harassing them. But, the Bank says that they follow the guidelines issued by the Reserve Bank of India and in many cases, they follow the guidelines very strictly and mechanically. The borrower, in many cases now, may not be able to convince the Bank that he can not be construed as a defaulter and he will pay the loan amount if the Bank is liberal. It is true that the borrower gets a right to question the action initiated by the Bank if the Bank is incorrect in classifying an account as ‘NPA". The borrower can certainly insist the Bank to follow the guidelines issued by the Reserve Bank of India and the courts have held that the guidelines are mandatory from the borrower point of view. The Bank or the Secured Creditor, though is entitled to classify an account as ‘NPA" based on the guidelines issued by the Reserve Bank of India, the borrower can certainly question the issue of classification if he can establish that the Bank has acted unreasonably or the classification is perverse on the face of it. It may be really difficult for the borrower to question the classification of Account by the Bank, but, in some cases, the borrower may have a case to show that the Bank has acted unreasonably. On the issue of classification of Account by the bank as "NPA", the Hon'ble Madras High Court in
M/s. Signal Apparels Pvt. Ltd. & Another Vs. Canara Bank P.N. Road Branch, Tirupur & Another, 2010 (5) CTC 337, 2010 (8) MLJ 967, was pleased to observe as follows:
"16. To put it precisely, for invocation of provision of Section 13(2) of the Act, the declaration of an asset or account to be a non-performing asset is a condition precedent. In the event such declaration is not in accordance with the R.B.I. guidelines and the account of a borrower is a performing account, Section 13(2) may not be pressed into service; as such account cannot be brought under Section 2(o) of the Act. Equally, going by the scheme of the Act, the discretion conferred on the bank to declare an asset to be a non-performing asset is in order to tackle the issue of increase of non-performing asset to high level. That is why; the legislature had left the discretion to the bank while declaring a debt as a non-performing asset, qualifying such bank to follow the directions or guidelines issued by the Reserve Bank of India while classifying the assets to be sub-standard, doubtful or loss assets to be known as non-performing assets. This discretion is on national policy and all that requires for the secured creditor is to exercise the discretion judicially. In the wake of the right of the secured creditor to declare a debt as a non-performing asset, to show the application of mind for such declaration, it may indicate the reasons thereof in the notice under Section 13(2) and the Section does not contemplate that in all cases such reasons should be indicated in the notice. The application of mind could be culled out from the materials that were existed on the date of such declaration."
On the same issue of classification of Account as ‘NPA' by the Bank before proceeding against the borrower under the provisions of SARFAESI Act, 2002, the Hon'ble Andhra Pradesh High Court, in M/s. Sri Srinivasa Rice and Floor Mill Vs. The Authorised Officer, State Bank of India (2007 (4) ALT 317, 2007 (4) ALD 649, 2007 AIR (AP) 252), was pleased to observe as follows:
"There is, as considered earlier in the judgment no statutory format, express or by necessary implication, that requires the respondent bank to follow a particular or formal procedure or requires a formal declaration as a condition precedent to classification of debt as NPA. From the scheme of the Act in general and the provisions of Sec.13 (2) in particular, the conclusion is compelling that the legislature has consecrated the power, authority and discretion (to classify a debt as a NPA) to the secured creditor within the generic guidelines to be ascertained from the definition of a non performing asset [Sec.2 (o)]. A wide margin of discretion is available to the respondent bank as the secured creditor, within the legislative presents of the Act, to assess and classify a debt but within the legislative framework. This Court is not constituted an appellate authority over the bank's exercise of discretion in this area. The respondent bank, as legislatively recognized is an institution having the requisite expertise to form a commercial judgment on known principles of banking practices and procedures fertilized by R.B.I directions and guidelines to assess and classify a debt as NPA. From the wealth of material pleaded in the counter-affidavit the bank had assessed the debt as non-performing asset. On facts, the petitioners have miserably failed to establish that such assessment by the bank is perverse or irrational to a degree warranting oversight and correction in judicial review."
Conclusion: The issue is really complicated. If it is a case where the Bank has ignored the guidelines issued by the Reserve Bank of India, then, the borrower can question the illegal action of the Bank and can definitely succeed. However, if the issue is about reasonableness in classifying an Account as "NPA" though the Bank has followed the guidelines issued by the Reserve Bank of India strictly, then, the borrower has to establish a strong case about his track-record and intention when it comes to repayment of the outstanding-due; and also as how the Bank acts unreasonably.
Note: the views expressed are my personal and a view point only.
About the Author
V.DURGA RAO, Advocate, Madras High Court.
Email: vdrao_attorney@yahoo.co.in
http://drtsarfaesi.blogspot.com
Senior year schedule?
I'm college bound for University of Florida which accepts kids like its an ivy league. This year (junior) I took 3 Ap's and 2 DE's next year here's my schedule
AP Lit
AP Calc
Industrial Communications (Journalism 2)
Econ Hon/ DE gov
Life man/ PE
Psyc/ Soc
Executive Internship at newspaper
Is this rigorous enough? Any tipsssss? thanks. tell about personal experience if u can! 10 points for best answer!
Try the usual Senior schedule:
Sex
More Sex
Partying
Drinking
Lunch
Trying to get into a college you won't get accepted to
Calculus
Cozy Executive Office Chair - High End Modern HON Leather