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"Bombay High Court Quashes Tax Proceedings Against Uttam Value Steels Ltd. Post-Resolution Under IBC" "Resolution Plan Approval Under IBC Shields Corporate Debtor from Pre-Insolvency Tax Claims."

  1. Background of the Case: The petition was filed by Uttam Value Steels Ltd. and Mr. Subodh Karmarkar challenging multi...

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High Court Quashes Reassessment Proceedings Against Uttam Galva Metallics Ltd. Resolution Plan Under IBC Precludes Tax Reassessment for Pre-Resolution Period, Rules Bombay High Court.

The Bombay High Court quashed the reassessment proceedings initiated by the Income Tax Department against Uttam Galva Metallics Ltd. for the assessmen...

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Supreme Court Reverses Acquittal in Cheque Bounce Case, Upholds Conviction. High Court and Appellate Court Decisions Overturned on Grounds of Legal Enforceability of Debt.

The Supreme Court of India, reversed the High Court's and the Appellate Court's decisions that had acquitted the respondent in a cheque bounce case un...

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"Supreme Court Ruling on Currency Conversion Date for Foreign Arbitral Awards" "Landmark judgment establishes the date of enforceability as the point of currency conversion, addressing fluctuations and legal uncertainties."

The Supreme Court of India addressed the issue of determining the appropriate date for converting foreign arbitral awards into Indian currency. The ju...

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High Court Upholds Auction Sale Despite Alleged Regulation Breach Court Rules Against Assignee's Claims, Emphasizes the Importance of Timely Objections in Auction Proceedings

The Bombay High Court dismissed the writ petition filed by Invest Assets Securitisations & Reconstruction Pvt. Ltd., challenging the auction sale ...

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Supreme Court Rules on MSME Loan Classification and SARFAESI Proceedings. High Court Order Overturned; Banks Must Follow MSME Revival Framework Before Declaring NPAs, MSMEs Granted Alternative Remedies

The appellants, MSMEs registered under the MSMED Act, 2006, challenged the Bombay High Court's order dismissing their writ petitions. The High Court h...

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Supreme Court Upholds Bombay High Court's Interpretation of 'Drawer' Under NI Act. Clarifies that authorized signatories of a company are not liable to pay interim compensation under Section 143-A for dishonoured cheques

The Supreme Court dismissed the appeals challenging the Bombay High Court's decisions dated 08.03.2023 and 29.03.2023. These decisions had set aside t...

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Supreme Court Affirms Guarantor's Independent Liability Despite Resolution Plan. Guarantor's obligations remain intact; assets of subsidiaries excluded from holding company’s resolution plans, creditor rights upheld

The Supreme Court of India affirmed that the approval of a resolution plan for a corporate guarantor does not absolve the principal borrower of its li...

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Upholding Autonomy Amidst Settlement Disputes Exploring Legal Principles and Precedents in Arbitration Law

This Judgment pertains to a legal discussion surrounding arbitration under the Arbitration and Conciliation Act, 1996, particularly focusing on the re...

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Court Upholds Executing Court's Decision, Rejects Jurisdictional Objections and Abuse of Process. Possession warrant stands as Appellate Bench's reversal deemed erroneous; Writ Petition allowed, reinforcing res judicata and legal precedents.

The Executing Court had issued a possession warrant on 19 April 2024, which Respondent No. 1 failed to challenge. Respondent No. 1's subsequent object...