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Supreme Court Dismisses Appeal by Stressed Assets Stabilization Fund Against Lease Forfeiture by West Bengal Small Industries Development Corporation. Mortgagee Cannot Claim Rights Superior to Lessee When Lease Has Been Validly Terminated.

The appeal arose from a judgment of the Calcutta High Court which dismissed the appeal of the Stressed Assets Stabilization Fund (SASF) against an ord...

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Bombay High Court Dismisses Appeals Against Winding Up Order for Non-Payment of Debts Under Companies Act, 1956. Debt Acknowledged in Balance Sheets and Not Disputed, Constituting Admission of Liability Under Section 433(e) and 434 of Companies Act, 1956.

The judgment arises from four appeals filed by M/s. RojeeTasha Stampings Private Ltd., M/s. Automotive Metal Stampings Pvt. Ltd., M/s. Ganage Pressing...

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High Court of Karnataka Dismisses Writ Petition Challenging KAT Order in Service Matter — Petitioner Failed to Show Sufficient Grounds for Interference Under Articles 226 and 227 of the Constitution of India.

The petitioner, Veeranna Basappa Yallali, filed a writ petition under Articles 226 and 227 of the Constitution of India before the High Court of Karna...

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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 Quashes Recovery Certificate Against Non-Member in Cooperative Bank Liquidation — Lack of Jurisdiction Under Section 105 Maharashtra Cooperative Societies Act. Liquidator's Power to Determine Debts Confined to Members; Prior Approval of Registrar Mandatory Under Rule 89(14).

The petitioners, Smt. Kalpana Taori and Ramesh Taori, challenged a recovery certificate for Rs.9,76,506.85 issued under Section 105(1) of the Maharash...

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Bombay High Court Allows SFC Petition Against Guarantors Under Section 31(1)(aa) of SFC Act, 1951 — Guarantors Liable Despite Company's Winding Up. Guarantee is a separate contract and liability of guarantor is co-extensive with principal debtor under Section 128 of Indian Contract Act, 1872.

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