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Debt Recovery Tribunal- The composition and working system

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In case of increase in the workload in the tribunal, provision has been made to form a bench as per the need by increasing the number of members as per the Act.  According to this arrangement, there will be one law, banking and accounting member in each session.  So far, only one bench has been constituted in the tribunal and from this, the entire work of debt recovery cases of banks and financial institutions has been settled.  After the cases registered in the tribunal have matured as per the rules, there is an arrangement to hear the case on daily and weekly basis in the session of the tribunal.  Debates are held in the court by the stakeholders of the case i.e. the parties to the case, the learned legal practitioners from the opposition side and after the end of the debate, the final decision of the case is taken by the bench.  The case can be decided in the presence of two members including the law member but in the absence of the law member all kinds of orders and other action ca
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Debt Recovery Tribunal

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Background Looking at the development of the banking sector in Nepal.  Nepal Bank Limited was established in 1994 and has been serving as Nepal Industrial Development Corporation 2016, Rastriya Banijya Bank 2021, Krishi Vikas Bank 2024 and Government Bank respectively. Nepal's financial sector reform program started in the 1980s.  Its main objective was to improve the financial sector by increasing public and private sector participation in the economic sector, maintaining financial discipline, transparency and good financial governance.  In this context, the government changed its economic policy and with the joint participation of foreigners, banks of Nepal Arab Bank (Navil Bank), Indo-Swiss Bank (Nepal Investment Bank), Grindlej Bank (Standard Chartered Bank), Himalayan Bank Limited, Nepal SBI Bank and Everest Bank Limited were established in 2041 BS.  The development of the banking sector seems to have taken off.  The Integrated Financial Sector Reform Program has been implemen
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Principles of Marine Insurance

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Marine insurance is not any type of insurance brought recently to the market, but it has been around for years. Apart from this, with time, it has developed with the expansion of trade. Marine insurance is necessarily concerned with overseas trade. There is a trade, which involves the transformation from one place to another by ships. Now, this procedure of transshipment of goods from one place to another has its fair share of risks.  That’s why it becomes essential to secure these goods. Besides, marine insurance is vital as it delivers protection against any loss/damage incurred to the ship and to the cargo, which the ship is transporting.  Whether you own a yacht or ship for any commercial or any transportation purpose, marine cargo insurance policy will protect you from every marine-related risks.  Principle of Utmost Good Faith The marine insurance policy rely on the principle of utmost good faith, which clearly shows that when filling the marine insurance policy document, the hol
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Intellectual Property Law short introduction

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Intellectual property comprises of all that come out with the exercise of human brain. It separates movable and immovable properties from the creations of the human mind, the human intellect. Intellectual property may be seen as ideas inventions, designs, poems, etc. Jeremy Phillips and Alison Firth in their book “Introduction to Intellectual Property Law” say that intellectual property has two meanings, one ordinary and the other legal. The ordinary description is that it simply comprise of all that come out with the exercise of human brain. The legal description is that they are rights which are enjoyed in the produce of the mind. Generally we can say, intellectual property means the rights resulting from the creations of the human mind. It generally contains the rights relating to, (a) literary and artistic works (novel, poems, plays, film, musical works, computer programmes, databases, drawings, paintings, photographs) (b) performances of performing artists, sound and broadcast. (c
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Concepts; Sources; Original or Hybrid Legal System

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CONCEPT Introduction: Questionable explanation of the term “secular” in the present constitution under Article 14, Part 1 debates with the declaration of Nepal as a Secular State in 4th Jestha, 2063. However, what we all acknowledge is that Nepali society has been structured based on Hindu Religion. Therefore, it was natural for Nepali Legal System to be originally guided by Hindu Philosophy and Ideology. According to John Hanry Merryman, “A legal System is an operating set of Legal institutions, procedures, and rules”. It develops on due course of time depending on various factors. Generally, the choices for the development of law and legal system are: 1. On the basis of existing customs or developed independently over a long period of time in their own history of a country. 2. On the basis of scholarly effort of having developed by codified law. 3. On the basis of court practice. Nepali Legal System originally belonged to the First Category. It developed over a long period of time in
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CONCEPT DEFINITION OF CORPORATE GOVERNANCE

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Corporate governance is a process that aims to allocate corporate resources in a manner that maximizes value for all stakeholders – shareholders, investors, employees, customers, suppliers, environment and the community at large and holds those at the helms to account by evaluating their decisions on transparency, inclusivity, equity and responsibility. The World Bank defines governance as the exercise of political authority and the use of institutional resources to manage society's problems and affairs. Corporate governance also is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. It also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. In contemporary business corporations, the main external stakeholder groups are shareholders, debt holders, trade creditors, suppliers, customers and communities affected by the corp
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Principles of Contract Law

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Contract law deals with the formation and keeping of promises. Although  aspects of contract law vary from state to state, much of it is based on the common law.   In 1932, the American Law Institute compiled the Restatement of the Law of Contracts.  This work is a nonstatutory, authoritative exposition of the present law on the subject of  contracts and is presently in its second edition.  The Function of Contracts  Promisor–a person who makes a promise  Promisee–a person to whom a promise is made  Contract–an agreement that can be enforced in court; formed by two or more  parties who agree to perform or to refrain from performing some act now or in the future.    Types of Contracts Offeror–  Offeree–  Whether a contract is classified as unilateral or bilateral depends on what the  offeree must do to accept the offer and to bind the offeror to a contract.  Bilateral contract–  An example of a bilateral contract is a contract in which one person agrees to  buy another’s automobile for
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