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Supreme Court Allows Appeal in Insolvency Case Due to Absence of Financial Debt Against Pledgor. Petition Under Section 7 IBC Not Maintainable as No Disbursement Was Made to Corporate Debtor, and Pledge Alone Does Not Constitute Financial Debt Under Section 5(8) of Insolvency and Bankruptcy Code, 2016.

The appeal arose from a judgment of the National Company Law Appellate Tribunal (NCLAT) dismissing an appeal against an order of the Adjudicating Auth...

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Bombay High Court Grants Summary Judgment in Favor of Plaintiff in Loan Recovery Suit Based on Written Contracts and TDS Certificate. Loan advanced under written agreements and TDS certificate issued by defendant establishes debt; defendant's defence of no written contract rejected as moonshine.

The plaintiff, Mohandas I. Chatlani, filed a summary suit against the defendant, Varad L. Ullal, for recovery of Rs.72,68,750/- with interest. The sui...

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Supreme Court Allows Co-operative Bank Appeal Against Sureties -- Holds Sureties Liable for Original Loan Under Section 133 of Indian Contract Act, 1872 -- Gujarat High Court Order Set Aside in Recovery Dispute

The Supreme Court allowed appeal by Appellant against High Court order that discharged sureties from all liability -- The Court held that under Sectio...

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Bombay High Court Dismisses Winding Up Petitions Against GOL Offshore Ltd. Due to Bona Fide Dispute and Absence of Commercial Insolvency. Debt Not Due and Payable Under Section 433(e) of Companies Act, 1956.

The judgment concerns two winding up petitions filed by Export-Import Bank of India and Punjab National Bank (International) Ltd. against GOL Offshore...

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Bombay High Court Dismisses Appeal Against Refusal to Revoke Leave Under Clause 12 of Letters Patent in Mortgage Suit. Part of Cause of Action Arose Within Jurisdiction as Loan Agreement and Assignment Deed Were Executed in Mumbai and Title Deeds Deposited There.

The appellant, Deccan Chronicle Holdings Ltd., was the original First Defendant in a suit filed by PIL Industries Ltd. (the plaintiff) for recovery of...

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High Court of Karnataka Hears Appeal by Bank Manager Convicted of Forgery and Corruption. Court Examines Prosecution Evidence and Notes Adverse Inference Under Section 114(g) of Evidence Act for Non-Examination of Material Witnesses.

The appeal arose from the judgment of the Special Judge for CBI cases convicting the appellant, a former branch manager of Syndicate Bank, for offence...

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Bombay High Court Reserves Judgment in Section 34 Petition Challenging Arbitral Award Alleging Res Judicata and Patent Illegality; Decision on Coercion and Interest Awaited.

The petition challenged an arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996. The petitioner, a multi-state co-operative b...

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High Court of Bombay at Goa Allows Appeal Against Acquittal in Cheque Dishonour Case — Presumption Under Section 139 NI Act Not Rebutted by Accused Who Did Not Enter Witness Box. Acquittal Set Aside as Perverse; Accused Convicted and Fined ₹2,50,000 with Compensation to Complainant.

The appellant, Ivan Singh, filed a criminal appeal against the acquittal of the respondent, Shivaji Tukaram Naik, by the Judicial Magistrate First Cla...