Non Performing Asset - Law Dictionary Search Results
Home Dictionary Name: non performing assetNon-performing asset
Non-performing asset, means an asset or account of a borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (o)]...
Non performance
Non performance, defined (Easements Act, s. 6) neglect or failure to perform [s. 65(d), T.P. Act]...
Default
Default, omission of that which a man ought to do; neglect.When a defendant neglects to take certain steps in an action, which are required by the rules of Court, the Court may thereupon give judgment against him by default. The defendant allows judgment by default either intentionally or through mistake or neglect; intentionally, where he has no merits, or where he does so according to a previous agreement with the plaintiff; through mistake, when he delivers a pleading so defective that it is treated as a nullity; and through neglect, when perhaps he has no merits, but omits to appear, plead, etc., within the time limited by the rules of the Court for that purpose. This is an implied confession of the action. See the titles JUDGMENT, APPEARANCE, and PLEADING.It is defined as the non-performance of a duty, a failure to perform a legal duty or an omission to do something required, S. Sundaram Pillai v. V.R. Pattabiraman, (1985) 1 SCC 591: AIR 1985 SC 582: (1985) 2 SCR 643.It means non-...
Misfeasance and non-feasance
Misfeasance and non-feasance, there is a distinction between misfeasance (positive action) and non-feasance (omission). Misfeasance is wilful, reckless or heedless conduct in commission of a positive act lawfully done but with improper conduct. Non-feasance means non-performance of some act which ought to be performed or omission to perform required duty or total neglect of duty. In the case of misfeasance, the defendant is the author of the source of danger to cause damage due to careless conduct, to the person/property of plaintiff. He has knowledge that the act may give rise to tort but in the case of non-feasance several factors require consideration for giving rise to actionable negligence, Rajkot Municipal Corporation v. Manjulaben Jayantilal Nakum, (1997) 9 SCC 552 (582)...
Specific performance
Specific performance. Equity, in obedience to the cardinal rule of natural justice that a person should perform his agreement enforces, pursuant to a regulated and judicial discretion, the actual accomplishment of a thing stipulated for, on the ground that what is lawfully agreed to be done ought to be done, and that damages at law for breach of the contract are not a sufficient com-pensation. The Common Law has not recognized this principle; it has only given damages to a suffering party for the non-performance of an executory agreement. The (English) C.L.P. Act, 1854, however, imparted to the Common Law writ of mandamus a little more efficacy by provisions since superseded by s. 24 of the Judicature Act, 1873, now by Judicature Act, 1925, s. 36, and the (English) Mercantile Law Amendment Act, 1856, introduced a procedure for enforcing the specific delivery of goods sold, specially superseded by s. 52 of the (English) Sale of Goods Act, 1893.An award of damages may be combined with a ...
Impossibility
Impossibility. If a man contract to do a thing which is absolutely impossible by its nature, such contract will not bind him--lex non cogit ad impossibilia, e.g., where the subject-matter has perished before date of contract, or never existed [see (English) Sale of Goods Act, 1893, s. 6; and Conturier v. Hastie, (1852) 8 Ex 43 & HLC 673]; but where the contract operating as a transfer of real property, e.g., as a demise, is to do a thing which is possible in itself, but which becomes impossible, he will be liable for the breach; thus, where a lessee covenants to repair and to leave in repair the demised premises he is not discharged from his liability because they happen to be destroyed [see Bullock v. Dommitt, (1796) 6 TR 650]; or requisitioned by the military, Whitehall Court Ltd. v. Etlinger, (1920) 1 KB 680.The non-performance of a contract which arises from an act of the law having rendered performance impossible is excused, see Baily v. De Crespigny, (1869) LR 4 QB 180; Re Shipto...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Promise
Promise, an engagement for the performance or non-performance of some particular thing, which may be made either by deed, or without deed, when it is said to be by parol; 'promise' is usually applied when the engagement is by parol only, for a promise by deed is technically called a covenant. See CONTRACT.A simple promise, i.e., a promise not under seal, made voluntarily and without a legal consideration, is not binding either at law or inequity; see Re Whitaker, (1889) 42 Ch D 119; Tweddle v. Atkinson, (1861) 1 B&S 393.Means an undertaking by one man with another for the performance or non-performance of some particular thing, A Verbal Covenant, Shratya Begum v. Hamid Ali Khan, 1947 All WR CC 268....
Non-feasance
Non-feasance, an offence of omission. The term is usually applied to a failure to perform a duty to the public. As to liability to an action for damages for non-feasance as distinguished from mis-feasance, see Maguire v. Liverpool Corporation, (1905) 1 KB 767; McClelland v. Manchester Corporation, (1912) 1 KB 118; and Boyntin v. Ancholme Drainage and Nvigation Commissioners, (1921) 2 KB 213.Non-feasance not amounting to gross negligence in gratuitous bailments or undertakings is not actionable, but mis-feasance in such cases imposes a liability; and see NEGLIGENCE.Non-feasance would apply to a case where a person omits to do some act prescribed by law, Khairul Bashar v. Thannu Lal, AIR 1957 All 553....
non-recourse
non-recourse : of, relating to, or being a debt whose satisfaction may be obtained on default only out of the particular collateral given and not out of the debtor's other assets [a mortgage] [a creditor] compare recourse ...
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