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High Court of Bombay at Nagpur Quashes Dismissal of Bank Manager in Disciplinary Proceeding — Penalty Disproportionate to Misconduct Where No Loss Caused to Bank. Employer Must Consider Nature and Gravity of Charges and Unblemished Service Record Before Imposing Major Penalty.

The petitioner, Kishor Gopichand Ukey, was a Manager with the Central Bank of India. He was served with a charge-sheet containing eight charges in a d...

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Bombay High Court Dismisses Discharge Application of Accused in Bank Fraud Case Due to Prima Facie Evidence of Conspiracy. Allegations of conspiracy between bank officials and partners of a firm to sanction credit facilities beyond limits and misappropriate funds under IPC and PC Act warrant trial.

The applicant, original accused no.5, filed a criminal application under Section 482 of the Code of Criminal Procedure, 1973 challenging the order dat...

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Supreme Court Dismisses Appeal of Suspended Director Against Admission of Insolvency Petition by Canara Bank Under Section 7 of IBC. Held that a suspended director has no locus standi to challenge the admission of a Section 7 application as the corporate debtor is the proper party.

The case involves an appeal by M. Suresh Kumar Reddy, claiming to be a suspended director of M/s Kranthi Edifice Pvt. Ltd. (corporate debtor), against...

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Supreme Court Dismisses Appeal of Chief Manager Convicted for Bank Fraud Involving Fake Transport Receipts and Invoices. Conviction under Sections 420, 468, 471 IPC and Prevention of Corruption Act Upheld Based on Documentary Evidence.

The Supreme Court dismissed the criminal appeal filed by Mayank N Shah, accused no.4, challenging his conviction and sentence for offences under Secti...

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High Court of Karnataka Allows Appeal in Credit Card Recovery Suit — Reduces Usurious Interest Rate of 2.5% per Month Compounded Monthly to 6% per Annum Simple. Contractual interest held unconscionable and against public policy under Section 34 CPC.

The appellant, B. Gopa Kumar, was a credit card holder of Canara Bank (respondent) and was issued a Cancard-Visa card in 1998. He defaulted on payment...

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Bombay High Court Partially Sets Aside Arbitration Award Against Guarantors in Cooperative Bank Dispute — Guarantors Not Liable for Enhanced Credit Facility Without Their Consent. Guarantor Liability Cannot Be Extended Beyond Original Guarantee Under Section 34 of Arbitration and Conciliation Act, 1996.

The judgment concerns two arbitration petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging a common undated arb...

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Bombay High Court Allows Revenue Appeal in Part on Mutuality Principle for Effluent Treatment Association. Interest on Bank Deposits Held Taxable as Income from Investments, Not Covered by Mutuality.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against a decision of the Income Tax Appellate Tribunal for ...