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Bombay High Court Dismisses Challenge to Arbitral Award in Loan Dispute, Upholds Financer's Claim. Court holds that existence of arbitration agreement is not a jurisdictional issue under Section 16 of Arbitration and Conciliation Act, 1996, and the award is not patently illegal.

The judgment concerns two arbitration petitions: Arbitration Petition No. 783 of 2011 filed by the borrowers (M/s. Sahyadri Earthmovers and its partne...

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Bombay High Court Issues Rule Nisi in Cyber Fraud Case Involving Unauthorized Withdrawals of Rs. 38.04 Lakh. Petitioner Claims Banks Breached RBI Guidelines on Internet Banking and Failed to Reverse Fraudulent Transactions.

The petitioner, a freelancer in business consultancy, maintained savings and current accounts with HDFC Bank since 2011 and 2016 respectively. On 14 J...

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Bombay High Court Allows Appeal Against Acquittal in Cheque Bounce Case — Presumption Under Section 139 NI Act Not Rebutted by Accused. Hand Loan of Rs.30 Lakhs Held Legally Enforceable Debt, Conviction Restored.

The original complainant, Smt. Sulekhabai Chowghule (since deceased, represented by her legal heir), filed a complaint under Section 138 of the Negoti...

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Bombay High Court Upholds Developer's Preliminary Objection to Territorial Jurisdiction in Section 11 Arbitration Application Over Tripartite Loan Agreements. Loan Agreement's Mumbai Seat Cannot Be Imported into Tripartite Agreements That Neither Specify Seat Nor Bind Developer to Mumbai Jurisdiction.

The dispute arose from two Tripartite Agreements dated November 2, 2016, executed among Aditya Birla Housing Finance Limited as lender, M/s. Rise Proj...

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High Court of Karnataka Dismisses Writ Petition of Cooperative Bank Challenging Loan Recovery Orders. Court upholds government and registrar orders directing recovery, finding no violation of natural justice or statutory provisions under the Karnataka Cooperative Societies Act, 1959.

The petitioner, South Canara District Co-operative Bank Ltd., a district cooperative bank responsible for distributing agricultural credit funds from ...

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Bombay High Court Dismisses Challenge to Arbitral Award in Co-operative Bank Loan Dispute. Court upholds award under Section 34 of Arbitration and Conciliation Act, 1996, finding no grounds to interfere with arbitrator's decision on loan recovery under Multi-State Co-operative Societies Act, 2002.

The petitioner, M/s. Maks Glass Corporation, challenged an arbitral award dated 24th April 2010 passed under Section 84 of the Multi-State Co-operativ...

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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case — Upholds Disallowance of Capital Losses and Business Loss on Guarantee Transactions. Tribunal's findings on sham transactions and lack of commercial substance affirmed under Income Tax Act, 1961.

The appellant, Killick Nixon Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tri...