The suicide case of Nitin Desai. Which is more important? Human life or recovery of debt?
Reserve Bank of India issued their circular DOR.STR.REC.20/21.04.048/2023-24 dated June 08, 2023addressed toall Regulated Entities (RE) coming under RBI on Framework for Compromise Settlements and Technical Write-offs.
The judgment raises a pertinent point whether it is time to review of the bank recovery Acts to judge how the principles of natural justice is being implemented and make changes, if necessary, as has been done in the aforesaid judgment.
"Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia's invasion of Ukraine, according to the World Bank's latest Global Economic Prospects report".
Communication is indeed the link that unite us with our fellow human beings. When it comes, it is like a miracle because it happens so rarely. It happened once and that was during our freedom struggle when we fought unitedly and in unison and Mahatma Gandhi harnessed the power of the people to create a "RAM RAJYA".
I happened to scan through the statistics furnished by National Crime Records Bureau (NCRB) in their web site regarding the suicides committed by business people which prompted me to undertake an insight into the debt recovery approach and methods adopted by the banks and financial institutions
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