Banking and Finance litigation Service

Finance law and Banking law-

Financial law is the law and guidance of the insurance, derivatives, commercial banking, capital markets, and investment management sectors. Understanding Financial law is essential to understanding the creation and formation of banking and financial management, as well as the legal structure for finance usually. Financial law forms a large part of commercial law, and distinctly, a large proportion of the global economy and legal billable are reliant on sound and clear legal policy concerning financial activities

Banking law is the broad term for laws that direct how banks and other financial institutions manage the business. Banks must comply with a myriad of central, state and even regional regulations. Lawyers perform a wide variety of functions that link to creating, following and implementing regulations.

Banking and finance litigation

Banking and finance litigation typically occurs over specific loans, trades, transactions or financial products, or debates and investigations concerning stock and commodities exchanges, pricing, exposure, management, and servicing issues. However, because consumers and/or public shareholders are often required, these industries are among the most extremely controlled and scrutinized. Banks and financial services institutions, many of which are public, must comply with — and can also easily be accused of breaking — any number of laws, including national and state protection laws, Dodd-Frank, the Bank Secrecy Act, the Patriot Act, Credit Card, and Consumer Protection laws, Truth in Lending, Equal Credit Opportunity, Fair Credit Reporting Act, and Fair Debt Assortment Practices Acts.

The procedure of any civil suit filing-

The Procedure is as follows:

• Filing Of Suit/Plaint
• Vakalatnama
• Court Fees
• How Proceedings Are Conducted
• Written Statement
• Replication by Plaintiff
• Filing of Other Documents
• Framing Of Issues/List of Witness
• Final Hearing
• Appeal, Reference, and Review
• Limitation

Filing of Suit/Plaint - 

Plaint is a written complaint or information. One who files it is known as "Plaintiff" and opposite whom it is filed is known as "Defendant".

 It includes Name of the Court, Nature of Complaint, Names, and Address of parties to be suit, it also contains verification from the plaintiff, stating that, contents of the plaint are true and correct.

 The plaint has to be filed in the time limit directed in the Limitation Act and should be typed copy, in dual-line space. 

Vakalatnama- Vakalatnama is a written document, by which the person/party filing the case authorizes the Advocate/Lawyer to represent on their behalf. However a person/party filing a case, May also represent their own case personally in any court and in this case he does not need Vakalatnama"

On General conditions, a Vakalatnama may contain below terms:

• The client will not use the Advocate liable for any judgment
• The client will have all the costs and/expenses acquired during the processes.
• The advocate will have the right to hold the documents except full fees are paid
• The client is free to release the Advocate at any degree of the Proceedings
• The Advocate shall have all the right to make decisions on his own in the court of law, during the hearing, to the best interest of the client.

Filing -Filing of plaint before Chief Ministerial Officer [Sherestedar)–paying appropriate court fee & process fees, different amount of court fees is paid for a different type of documents.

Court Fees-

Different amount of court fees is paid for a different type of documents.

In case of plaint/written statement == 10 RS. == If the value of the suit exceed Rs.5,000/- up to 10,000/-

Plain, in a suit for possession == Fee of one half of the amount above.

On a copy of a Decree or order == ( 50 paise ) == if the amount or value of Having the force of a decree the subject matter of the suit wherein such decree or order is made is fifty or less than 50 rupees.

Value of Suit

Value of suit exceeds Rs. 1,50,000-1,55,000 == Rs. 1700/-

Value of suit exceeds Rs. 3,00,000-3,05,000 == Rs. 2450/-

Value of suit exceeds Rs. 4,00,000-4,05,000 == Rs. 2950/-

Hearing:

How Proceedings are conducted - On the first day of the hearing, if the court thinks there are characters in the case, it will issue a notice to the opposite person, to submit their discussions, and fix a date. When the notice is issued to the counterparty, the plaintiff is needed to do the following:

• File necessary amount of procedure - fee in the court.
• File 2 copies of plaint for each respondent in the court.
• Of, the 2 copies for each defendant, one shall be sent by Register/post/courier, and one by Regular post.
• Such filing should be done within 7 days, from the date of order/notice.

Written Statement -

• When the notice has been issued to the respondent, he is expected to appear on the date stipulated in the notice
• Before such date, the respondent is asked to record his written statement i.e. his barrier toward the claim raised by the offended party, inside 30 days from date of administration of notice, or inside such time as given by a court
• The written statement should specifically deny the assertions, which the defendant thinks are wrong. Any allegation not specifically rejected is deemed to be accepted
• The written statement should also contain verification from the Defendant, saying that, the contents of the written statement are true and accurate
• The time period of 30 days, for filing a Written Statement, but after seeking permission of the court it can be increased to 90 days

Replication by Plaintiff - Replication is a reply, filed by the plaintiff, toward the "written statement" of Defendant and it should also explicitly deny the allegations advanced by the Defendant in a written statement. Anything which is not denied is deemed to be accepted. Once Replication is filed, pleadings are said to be perfect.

Filing of Other Documents - Once, the pleadings are complete, and then both the parties are given the opportunity to produce and file documents, on which they rely, and to substantiate their claims. Filing of Documents should be accepted and taken on work. The plan is as follows:

• Documents filed by one party may or may not be admitted by the opposite party
• In case documents are denied by the opposite party, then they can be admitted by the witness presented by the party whose documents are denied
• Once the document has been admitted it shall form a part of the record of the court, and all the details of the suit such as the name of parties, the title of the suit, etc, shall be inscribed on the document
• Documents, which are rejected i.e. not admitted, are returned to the respective parties.
• It is necessary that a document should be filed in "original", and a spare copy should be given to the opposite party.

Framing of Issues – Issues are framed by the Court and on the basis of “Issues” arguments and examinations of witnesses take place. Below are the key points:

• Issues are framed, having in view the arguments in the suit, and the parties are not permitted to go outside the purview of "Issues"
• Issue/Problems may be of Fact or Law
• At the time of passing a final order, the court will deal with each issue separately and will pass judgments on each issue

List of witness - 

• All witnesses, the parties wish to produce, and to be examined, has to be presented before the court
• Within 15 days from the date on which issues were fixed or within such other time as the court may fix, both the people to the suit will have to record a list of witnesses
• The parties may either call the witness by themselves or can ask the court to send a summons to them
• In case of court send a summons to witness then the party which asked for such witness has to deposit money ' with the Court for their expenses, is known as "Diet Money"
• Any witness, who does not appear before the court, if he is required by the court to do so, then the court may penalize in terms of fine
• Lastly, on the date, the witness will be considered by both the parties
• Once, the Examination and Cross-Examination of witnesses are over, and also the admission and rejection of documents, then the court will fix a date for the last hearing.

Final Hearing - 

• On the final hearing day, the arguments will take place
• The discussions should strictly be limited to the issues framed
• Before the final Arguments, the parties with the approval of the Court can change their pleadings
• The court may decline to listen for anything which is not included in the pleadings
• Finally, the court will pass a "final Order", either on the day of hearing itself, or some another day which will be fixed by the court.

Certified copy of order- It is the final order of a court, and having the seal and stamp of court. It is helpful, in case of Appeal or in case of execution of the order.

Appeal, Reference, and Review - When an order is passed toward a party to the suit, it is not that it has no further treatment. Such a party can further start the proceedings, by way of:

1. Appeal,
2. Reference, or
3. Review

Appeal - An appeal extends from each decree passed by the court

. There are some technicalities and difference between these said as follows:

• Where the amount of suit does not exceed Rs. 10,000, an appeal can be filed only on a topic of law
• When a decree has been placed toward the Defendant as "Ex-Parte" (i.e. externally his appearance) no appeal is granted
• When an appeal is headed by two or more judges, then the majority decision will have prevailed
• In case there is no majority, then the decree of the lower court shall be confirmed
• If a number of judges in the court where an appeal is filed, is more than the number of judges hearing the appeal, and then if there is a difference on a point of law, such dispute can be related to one or more judges

Procedure for appeal from original decrees

• The appeal has to be filed in the form appointed, signed by the appellant, along with true certified proof of the order
• The appeal should include the areas of objection under distinct heads, and such grounds have to be numbered sequentially
• If the appeal is opposite a decree for payment of money, the court may demand the petitioner to deposit the discussed amount or provide any other collateral
• A ground/objection which has not been mentioned in the appeal, cannot be taken up for arguments, without the permission of a court
• Similarly, any point of the act which was not taken up y the Appellant, in the lower court, cannot be taken up in appeal lies only against only those points which have been decided by the court rightly or wrongly

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