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Supreme Court Dismisses Power Trust's Appeal Against CIRP Initiation for Appellant(s), Upholds NCLAT Order Admitting Section 7 IBC Application Due to Default and Non-Compliance with Restructuring Conditions

The Supreme Court dismissed an appeal challenging the initiation of corporate insolvency resolution process (CIRP) against Hiranmaye Energy Ltd. under...

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Supreme Court Allows Bank's Appeal Against Confiscation Orders Under Central Excise Act and SARFAESI Act. Commissioner's Use of Omitted Rule 173Q(2) Invalid and SARFAESI Act Grants Priority to Secured Creditors Over Excise Dues.

The appeal arose from a judgment of the Allahabad High Court dismissing a writ petition filed by Punjab National Bank. The bank had extended credit fa...

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Bombay High Court Allows Assignee of Debt to Proceed Under SARFAESI Act Despite Company Being Under Liquidation. Assignee Steps into Shoes of Original Lender and Can Enforce Security Interest Under Section 13 of SARFAESI Act, 2002.

The petitioner, ASREC (India) Limited, is a company registered as a Reconstruction Company and Securitisation Company with the Reserve Bank of India u...

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Bombay High Court Quashes TPO Order in Transfer Pricing Adjustment for Demerger Transaction. Held that transfer pricing provisions under Section 92 of Income Tax Act, 1961 do not apply to a demerger approved by High Court where assets and liabilities are transferred at book value without any consideration.

The petitioner, Times Global Broadcasting Company Ltd, a wholly owned subsidiary of Benett, Coleman and Company Ltd (BCCL), was engaged in distributio...

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Bombay High Court Directs Official Liquidator to Adjudicate Workmen's Claims in Winding Up of KMA Ltd. Under Sections 529A and 530 of Companies Act, 1956. Industrial Court's Order on Unpaid Wages Held Binding on Official Liquidator.

The judgment concerns two company applications filed in the winding up of KMA Ltd. (in liquidation). Company Application No.593 of 2011 was filed by a...

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Bombay High Court Directs Official Liquidator to Adjudicate Workmen's Claims in Winding Up of KMA Ltd. Under Sections 529A and 530 of Companies Act, 1956. The court held that the Official Liquidator must consider the Industrial Court's order dated 2 July 2005 in adjudicating claims of workmen.

The judgment concerns two company applications filed in the winding up proceedings of KMA Ltd. (in liquidation). Company Application No. 593 of 2011 w...

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Bombay High Court Quashes Process Against Directors in Cheque Dishonour Case — Lack of Specific Allegations of Role in Day-to-Day Affairs. Directors Cannot Be Vicariously Liable Under Section 141 of Negotiable Instruments Act, 1881 Without Averments of Their Involvement in Company's Business.

The petitioners, including a company and its directors, challenged the order issuing process under Section 138 read with Section 141 of the Negotiable...