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High Court of Judicature at Bombay Considers Winding Up Petition Based on Alleged Debt Arising Out of F&O Trades; Respondent Disputes Liability and Raises Counter-Claim for Damages

This company petition sought winding up of Prime Broking Company (India) Ltd under the Companies Act, 1956 on the ground of inability to pay debts. Th...

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Supreme Court Allows Appeal in Negotiable Instruments Act Case — Reverses Acquittal Based on Perverse Findings. Statutory Presumption Under Sections 118(a) and 139 of the Negotiable Instruments Act, 1881 Not Rebutted by Accused Despite Admission of Cheque Issuance.

The appellant, Uttam Ram, owned an apple orchard and supplied packing materials to apple growers, including respondent Devinder Singh Hudan. In Septem...

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Supreme Court Allows State's Appeal in Excise Duty Case — Licensee Liable for Duty on Liquor Destroyed in Fire. Absolute liability under Rule 7(11)(a) of UP Bottling of Foreign Liquor Rules, 1969 and Rules 708/709 of UP Excise Manual; act of God no defense.

The case arises from a fire incident on 10.04.2003 at the godown of the respondent company, a distillery licensee, which destroyed 35,642 cases of Ind...

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Bombay High Court Dismisses Petition Challenging DRAT Order Setting Aside DRT's Reference to Arbitration in Bank Recovery Suit. Debt Recovery Tribunal Has Exclusive Jurisdiction Under RDDB Act, 1993, and Arbitration Clause Cannot Oust It.

The Bombay High Court dismissed a writ petition filed by Harvestdeal Securities Ltd. challenging an order of the Debt Recovery Appellate Tribunal (DRA...

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Bombay High Court Dismisses Summary Suit for Recovery Based on Dishonoured Cheque Due to Material Alteration. Cheque with discrepancy between figures and words held to be materially altered under Section 87 of Negotiable Instruments Act, 1881, rendering it void against the drawer.

The plaintiff, Suneel Dattatraya Mogre, filed a Commercial Summary Suit against the defendant, Prabhakar Baburao Thorat, seeking a decree for Rs.2,25,...

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Bombay High Court Allows Appeal Against Admission of Winding Up Petition Due to Bona Fide Dispute as to Existence of Debt. Disputed invoices and lack of proper demand notice under Section 434 of Companies Act, 1956 render winding up proceedings unsustainable.

The appeal arose from an order of the learned Single Judge dated 23 February 2015 admitting a company petition for winding up filed by the respondent,...