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High Court of Karnataka Dismisses Appeal by Corporate Debtor Against Banks in SARFAESI Act Proceedings — Civil Suit Barred Under Section 34 of SARFAESI Act as Alternative Remedy Under Section 17 Before DRT Exists.

The appellant, Kingfisher Airlines Limited, a company registered under the Companies Act, 1956, had availed various credit facilities from a consortiu...

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High Court of Karnataka Dismisses Winding-Up Petition Against Kingfisher Airlines Ltd. for Lack of Service of Statutory Notice. Petition under Sections 433(e) and (f) of the Companies Act, 1956 fails as petitioner Aerotron Limited did not prove service of demand notice under Section 434.

The petitioner, Aerotron Limited, a company incorporated under the laws of England and Wales, filed a winding-up petition under Sections 433(e) and (f...

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Bombay High Court Examines Whether Assignee Bank Can Invoke SARFAESI Act for Debt Assigned by NBFC. The case involves interpretation of 'debt' and 'secured creditor' under SARFAESI Act, 2002 and RDDBFI Act, 1993, and the effect of assignment from a non-banking financial company to a bank.

The petitioner, a banking company, sought to enforce security interest under the SARFAESI Act after acquiring a debt and underlying security from a no...

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Bombay High Court Dismisses Petition Challenging Termination of Managing Director by ICICI Bank. Court upholds termination based on adverse enquiry report and RBI approval, rejecting challenge to communication of approval.

The petitioner, Chanda Deepak Kochhar, was the Managing Director and CEO of ICICI Bank. She joined the bank in 1984 and held various positions until h...

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Bombay High Court Dismisses Appeal by Lenders Against Order Setting Aside Sale of Mortgaged Property Under SARFAESI Act — Held That Sale Was Not Conducted in a Fair and Transparent Manner and That the Borrower Was Not Given Adequate Notice of the Sale.

The case involves an appeal by a consortium of banks and a trustee company (the lenders) against an order of the Debt Recovery Tribunal (DRT) setting ...

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Bombay High Court Disposes of Four Petitions Under Section 9 of Arbitration Act by Common Order. Interim Measures Sought by Financing Company Against Borrower and Guarantor for Default in Loan Repayments Secured by Hypothecated Equipment.

L&T Finance Limited, a company registered under the Companies Act, 1956, filed four petitions under Section 9 of the Arbitration and Conciliation Act,...