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Bombay High Court Quashes Willful Defaulter Declaration Against Non-Executive Woman Director for Violation of Natural Justice. Show-Cause Notice Mandatory Under RBI Master Circular Before Declaring Non-Whole-Time Director as Willful Defaulter.

The petitioner, Manjula Bhatia, a non-executive woman director of PSL Limited, challenged the letter dated 16 July 2018 issued by Bank of Baroda decla...

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Bombay High Court Allows Borrowers' Challenge Against DRT Orders Rejecting Interim Relief Despite Pending IBC Section 95 Petition. Interim Moratorium Under Section 96 IBC Bars Continuation of Securitisation Proceedings During Pendency of Insolvency Petition.

The petitioners, M/s. Kapole Advertising Agency and others, were the original borrowers who had approached the Bombay High Court challenging two order...

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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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Supreme Court Allows Banks to Deny Legal Representation in Wilful Defaulter Proceedings. In-House Committees of Banks Are Not Tribunals Under Section 30 of Advocates Act, 1961, and Right to Lawyer Is Not Part of Natural Justice.

The Supreme Court considered appeals against the Delhi High Court judgment which held that a borrower is entitled to be represented by a lawyer before...

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Supreme Court Dismisses Bank's Appeal in SARFAESI Auction Dispute — Auction Purchaser Not in Default. Delay in Payment Attributable to Bank's Own Actions and External Factors, Not Purchaser's Fault Under Rule 9(4) of Security Interest (Enforcement) Rules, 2002.

The appellant, IDBI Bank, conducted an e-auction on 10.04.2018 for a property comprising 2 guntas of land in Telangana. The respondents were the highe...

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Bombay High Court Quashes Demand Notice Against Director in Customs Duty Recovery Case – Recovery Provision Under Section 142 Cannot Be Invoked Against Non-Defaulter. Attachment of Director's Personal Property Set Aside as She Was Not Adjudged Liable Under Customs Act, 1962.

Suman N. Agarwal, a director of Nisum Global Limited, filed a writ petition under Article 226 of the Constitution challenging a notice of demand dated...