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Bombay High Court Dismisses Section 34 Challenge to Arbitral Award in Partnership Dispute — Upholds Award of Rs. 7.39 Crore with Interest. Limitation plea rejected as claim was within time; quantification not perverse.

The judgment concerns a Commercial Arbitration Petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award ...

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Supreme Court Dismisses Appeal to Enforce English Summary Judgment in Guarantee Dispute — Foreign Judgment Held Unenforceable for Violating Principles of Natural Justice Under Section 13 CPC. Summary judgment passed after denying leave to defend is not conclusive and cannot be enforced in India.

The dispute arose from a Share Purchase and Co-operation Agreement (SPCA) executed on 12.05.1995 between (appellant, a foreign company) and (responden...

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Bombay High Court Dismisses PIL Seeking Investigation into Financial Crimes by Corporate Entities and Public Officials. Court holds that a writ petition for registration of FIR is not maintainable when petitioner is not an aggrieved person and has alternative remedy under Section 156(3) CrPC.

The petitioner, Alpesh Navinchandra Gosalia, filed a criminal writ petition under Article 226 of the Constitution before the Bombay High Court seeking...

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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 Appeal Against Admission of Winding Up Petition Due to Company's Ability to Secure Debt. Section 434(1)(a) of Companies Act, 1956 Requires Creditor to Consider Offer of Security Before Deeming Company Unable to Pay Debts.

The appeal was filed by Stonemann Royale Limited against an order dated 19 March 2018 made by the learned Company Judge admitting and ordering adverti...

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Bombay High Court Dismisses Suit for Lack of Jurisdiction in Bank Guarantee Dispute — Exclusive Jurisdiction Clause in Contract Confers Jurisdiction on Chennai Courts. Plaintiff L&T's Suit Challenging Invocation of Performance Bank Guarantee Dismissed as Bombay High Court Has No Territorial Jurisdiction.

The plaintiff, Larsen & Toubro Limited (L&T), filed a suit in the Bombay High Court seeking a declaration that the invocation of a Performance Bank Gu...

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Bombay High Court Dismisses Petition to Restrain Invocation of Bank Guarantee in Airport Development Contract Dispute. Court holds that bank guarantee is an independent contract and can be invoked only in case of breach, but no prima facie case of fraud or irretrievable injustice established.

The petitioner, Housing Development and Infrastructure Limited (HDIL), filed an arbitration petition under Section 9 of the Arbitration and Conciliati...

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Supreme Court Adjudicates Tax Treatment of Compensation for Partial Termination of Selling Agency under Income Tax Act, 1922. The Court considered whether the sum received by the assessee for termination of agency rights outside Hyderabad State constituted a capital receipt or revenue receipt.

Background: The case involved the income tax assessment of the respondent, a registered firm carrying on business as selling agents and distributors o...