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ONE LINER NOTES OF BRBL

1. Contract = Agreement + Enforceability.

2. All contracts are agreements but all agreements are not

necessarily contracts.

3. A proposal becomes a promise when it is accepted.

4. The offer should be without any qualification and be definite.

5. The process of making a proposal is completed by the act of

communicating it.

6. The offer and acceptance must be consensus ad idem.

7. Consensus ad idem means that both the parties must agree on the
same thing in the same sense.

8. Agreements of social nature do not contemplate legal relationship,

are not contracts.

9. Wherever there is a statutory requirement that the contract must

be in writing and also registered.

10. The liability of the surety is co-extensive with that of the

principal debtor.

11. A surety is regarded as a favoured debtor.

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12. If there is any variance in the terms of the guarantee, the surety
will be discharged from liability for any future debts, incurred after
any such variance.

13. The surety released does not become free from his responsibility
to the other sureties.

14. The term Bailment is derived from the French word “Ballier”
which means to deliver.

15. Money deposited in a bank to be credited to the account of the

person making payment does not constitute a case of bailment.

16. Sometimes there may be a bailment even without a formal

contract.

17. A contract of Bailment is voidable at the option of the bailor, if

the bailee does any act which is inconsistent with the conditions
of the bailment.

18. The bailee is bound to deliver to the bailor any increase or

profit which may have arisen from the goods bailed.

19. The Pawnee can retain the goods pledged also for all necessary
expenses incurred by him in preservation of the goods pledged.

20. The pledgee can further pledges the movable property pledged,
the pledge will be valid only to the extent of the interest of the
pledgee.

21. No consideration is necessary to create an agency. This is

provided in Section 185 of the Indian Contract Act.

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22. It is duty of Agent not to make undisclosed secret profit from

the agency.

23. A contract of sale may be absolute or conditional.

24. When the transfer of the property in the goods is to take place
at a future time or subject to some condition, thereafter to be
fulfilled, the contract is called an agreement to sell.

25. In a contract of sale, the ownership of goods has already passed,

irrespective of whether the goods are delivered or not.

26. Doctrine of caveat emptor means, the person who buys goods
must keep his eyes open, his mind active and be cautious while
buying the goods.

27. If the number of partners exceed 100 the partnership becomes

an illegal association.

28. Every partner shall indemnify the firm for any loss caused to it
by his fraud in the conduct of the business of the firm.

29. No minimum paid up capital is prescribed for a private/public

company.

30. The first step in the formation of a company is the preparation

of the memorandum of association.

31. AOA consists of a set of rules/regulations and bye laws made by

the company for internal management of the company.

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32. Clauses in the MOA can be altered only by a special resolution

passed by the company and with the approval of the Central
Government.

33. If a company does something in contravention of the provisions

of its AOA, the same can be ratified by the shareholders at a
general meeting and thus rectified.

34. Company is a legal person it can become a member of another

company provided it is so authorized by its memorandum of
association.

35. Partnership firm is not a legal person it cannot buy any shares in
its own name and thus cannot become a member of a company.

36. A non-resident cannot become a member of a company without

complying with the requirements of the FEMA Act, 1999 and
permission of the RBI.

37. An insolvent person may remain a member of a company as long

as he is on the register of members.

38. If a company does not maintain a register of members or

debenture-holders or other security holders
a. the company shall be liable to a penalty of three lakh rupees
and
b. every officer of the company who is in default shall be liable to
a penalty of fifty thousand rupees.

• If there arises any vacancy in office of any director then subject to

the articles, the board of directors can fill the vacancy at a meeting
of the board.

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• Critical Information Infrastructure means the computer resource,

the incapacitation or destruction of which, shall have debilitating
impact on national security, economy, public health or safety

39. The RBI Integrated Ombudsman Scheme was introduced under

Clause 35A of the Banking Regulation Act, 1949 by RBI.

40. The appointment of Ombudsman or the Deputy Ombudsman

shall be made for a period not exceeding three years at a time.

41. The staffing of the office of the Ombudsman and the CRPC will
be the responsibility and at the cost of the RBI.

42. The complaint is made to the Ombudsman within one year after
the complainant has received the reply from the Regulated Entity
where no reply is received, within one year and 30 days from the date
of the complaint.

43. The Ombudsman may also award a compensation not

exceeding Rupees one lakh to the complainant.

44. A revision in MSME definition was announced in the Atma-

nirbhar Bharat package on 13th May, 2020.

45. The National Board for MSME normally consists of 47 members

of which 18 are ex-officio members.

46. The Advisory Committee was constituting for MSME under the
Chairmanship of the Secretary, Ministry of Micro, Small and Medium
Enterprises.

47. The ARC whose registration is cancelled can prefer an appeal

within thirty days from the date of communication of order, to the
Central Government.
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48. The Asset Reconstruction Company raises funds for acquisition

of an asset by issue of security receipts.

49. The security receipts are not issued to the public. Security
receipts are issue only to the qualified institutional buyers.

50. Operational creditors are those whose claims arise from a

transaction on operations.

51. The institutional infrastructure under the IBC, 2016 rests on four
pillars, Insolvency Professionals, Information Utilities, Adjudicating
Authorities; and The Insolvency and Bankruptcy Board of India (IBBI).

52. The Limited Insolvency Examination is one of the mandatory

conditions of getting registered as an Insolvency Professional with
IBBI.

53. The CIRP shall be completed within a period of 182 days from
the date of admission of the application to initiate such process.

54. The Fast Track Resolution process shall be completed in 90 days

(extendable by maximum 45 days).

55. A resolution passed to this effect shall be approved by creditors

representing two-thirds value of the company's debts for voluntary
liquidation.

56. In any proceeding where the bank is not a party, no officer of a

bank shall be compellable to produce any bankers' book.

57. No appeal shall lie in any court against the award passed by Lok
Adalats.

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58. Every Lok Adalat shall have the requisite powers to specify its
own procedure for the determination of any dispute coming before it.

59. The Central Council shall hold at least one meeting of the
Council shall be held every year.

60. The State Council shall hold not less than two meetings every
year.

61. The Central Government shall establish a consumer mediation

cell to be attached to the National Commission and each of the
regional Benches.

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