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Bombay High Court Dismisses Petition Seeking Release of Sealed Factory Premises in Customs Duty Dispute — Petitioner Failed to Comply with Supreme Court's Conditional Order. Interest Demand Under Section 28AA of Customs Act, 1962 is Statutory and Automatic, No Separate Demand Required.

The petitioner, B.V. Jewels, a partnership firm engaged in manufacturing and exporting gold and jewellery, operates an export processing unit in SEEPZ...

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Bombay High Court Allows Appeal by State Financial Corporation Against Injunction Restraining Possession Under Section 29 of SFC Act. Statutory Right to Take Possession Cannot Be Injuncted Without Proof of Arbitrariness.

The appeal arises from a judgment and order dated 21st January 2002 passed by the learned Joint Civil Judge (S.D.), Nasik, allowing the application fo...

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Supreme Court Allows Appeal in Arbitration Appointment Case — Withdrawal of Section 11 Petition Does Not Bar Fresh Application Under IBC. Order 23 Rule 1 CPC Not Applicable to Arbitration Petitions; Section 9 IBC and Section 11 Arbitration Act Seek Different Reliefs.

The Supreme Court allowed the appeal filed by M/s HPCL Bio-Fuels Ltd. against the judgment of the Bombay High Court which had appointed a sole arbitra...

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Supreme Court Dismisses MSME Appeals Holding Restructuring Notification Directory. Banks/NBFCs Not Obliged to Restructure MSME Accounts Suo Moto Under Section 9 MSMED Act Before SARFAESI Action.

The Supreme Court dismissed a batch of appeals filed by MSMEs challenging the Bombay High Court's order that Banks/NBFCs are not obliged to adopt the ...

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Bombay High Court Allows SICOM Limited's Petition Under Section 31(1)(aa) of SFC Act for Recovery of Loan Against Guarantors. Court holds that guarantors are jointly and severally liable for the debt of the principal borrower company.

The petitioner, SICOM Limited, a financial institution under the State Financial Corporation Act, 1951, filed a petition under Section 31(1)(aa) of th...

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High Court of Bombay at Nagpur Dismisses Appeal by Society in Cheque Dishonour Case for Failure to Prove Debt. Appellant Society Could Not Establish Outstanding Loan Amount After Auction of Pledged Goods, Resulting in Acquittal Under Section 138 of Negotiable Instruments Act, 1881.

The appellant, Buldana Urban Co-op. Credit Society Ltd., filed a criminal appeal against the acquittal of the respondent, Pyaru Saimulla Sheikh, for a...

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Bombay High Court Allows SICOM's Petition Against Guarantors Under Section 31(1)(aa) of SFC Act — Guarantors' Liability Is Co-extensive with Principal Debtor, No Need to Exhaust Remedies Against Principal Debtor First

The petitioner, M/s. SICOM Limited, a State Financial Corporation, filed two petitions under Section 31(1)(aa) of the State Financial Corporation Act,...

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High Court of Karnataka Dismisses Writ Petition Challenging Debt Recovery Appellate Tribunal Order in Securitisation Application Matter. Maintainability of Appeal Under Section 18 of SARFAESI Act Against Interim Orders of Debts Recovery Tribunal Upheld.

The petitioner, Trishul Developers, a partnership firm, filed a writ petition under Article 227 of the Constitution of India challenging an order date...