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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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Bombay High Court Allows Writ Petition by Mutual Fund Against Sales Tax Reassessment Orders — Holds Mutual Fund Not a Dealer Under MVAT Act, 2002. Reassessment Proceedings Initiated Beyond Limitation Period and Without Proper Sanction Are Invalid.

The petitioner, Axis Mutual Fund, filed a writ petition under Article 226 of the Constitution of India challenging several orders passed by the sales ...

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WRIT PETITION NO.730 OF 2009

The four writ petitions arose from income tax assessment proceedings concerning the transfer of shares of Idea Cellular Limited (formerly Birla Commun...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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Bombay High Court Upholds DRAT Order Requiring 25% Pre-deposit for Waiver of Appeal Under SARFAESI Act. Legal Heirs of Guarantor Must Deposit 25% of Section 13(2) Notice Amount as Condition for Hearing Appeal on Merits.

The petitioners, Smt. Julie Amitabh Parekh and others, who are the legal heirs of the deceased guarantor Amitabh Arun Parekh, filed a writ petition ch...