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 -
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:
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.
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/-
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:
Written Statement -
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:
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:
List of witness -
Final Hearing -
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:
Appeal - An appeal extends from each decree passed by the court
. There are some technicalities and difference between these said as follows:
Procedure for appeal from original decrees
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