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Supreme Court Allows Appeal of SBI Consortium in Corporate Guarantee Dispute Under IBC. Corporate Guarantees Executed by Corporate Debtor Constitute Financial Debt Under Section 5(8) of IBC, 2016, and Are Enforceable Despite Timing and Stamping Objections.

The Supreme Court allowed the appeal filed by the Appellant Consortium against the order of the National Company Law Appellate Tribunal (NCLAT) which ...

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Bombay High Court Dismisses Section 9 Arbitration Petition and Winding Up Petition Against Corporate Debtor — No Prima Facie Case for Interim Relief or Insolvency as CDR Scheme Was Under Consideration and Debt Was Not Clearly Due.

The petitioner, Tata Capital Financial Services Ltd., a non-banking financial company, granted a term loan of Rs. 50 crores to the first respondent, U...

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Supreme Court Allows Appeal in IBC Section 7 Application — Cumulative Redeemable Preference Shares Held as Debt, Not Investment. The Court held that CRPS constitute a debt under Section 3(11) of IBC, 2016, and the appellant is a financial creditor entitled to file an application under Section 7.

The appeal arises from the dismissal of the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the NCLT and ...

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Supreme Court Dismisses Appeal by Erstwhile Directors in First Insolvency Case, Holding IBC Overrides State Moratorium. Corporate Debtor's Belated Defence of Non-Disbursal Under Master Restructuring Agreement Rejected as After-Thought.

The case arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The appellant, a multi-product company, faced ...

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Supreme Court Quashes Preventive Detention Order Against Money Lender Under Kerala Anti-Social Activities (Prevention) Act, 2007, Holding That Alleged Acts Constituted Law and Order Issue, Not Public Order. Detention Order Lacked Reasons and No Attempt to Cancel Bail, Hence Violative of Article 21.

The matter arose from a preventive detention order passed against Rajesh, a money lender running ‘Rithika Finance’, by the District Magistrate, Pa...

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Bombay High Court Dismisses Appeal in Specific Performance Suit, Upholds Trial Court's Finding of Loan Transaction Instead of Sale Agreement. Agreement to sell held to be a security for loan, not a genuine sale agreement, and plaintiff failed to prove readiness and willingness to perform contract.

The petitioner, Smt. Shobha Janardhan Masram, filed a civil suit for specific performance of an agreement to sell dated 25-11-1994, claiming that the ...