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Supreme Court Allows Secured Creditor's Appeal in Customs Duty Priority Dispute Over Wound-Up Company's Hypothecated Goods. Held that customs authorities do not have priority over secured creditors under Section 529A of Companies Act, 1956 for sale of warehoused goods under Customs Act, 1962.

The appeal by Industrial Development Bank of India (IDBI) challenged the judgment of the Andhra Pradesh High Court which held that customs authorities...

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High Court of Karnataka Acquits Accused in Negotiable Instruments Act Case — Dishonour of Cheque Due to Insufficient Funds. Conviction Set Aside as Complainant Failed to Prove Legally Enforceable Debt or Liability Under Section 138 of Negotiable Instruments Act, 1881.

The revision petition was filed by Smt. Gouri, the accused, challenging her conviction under Section 138 of the Negotiable Instruments Act, 1881. The ...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Deduction Case Under Section 43B Explanation 3C. Interest Converted into Debentures Not Deemed Actually Paid as Per Retrospective Amendment, Disallowing Deduction Under Income Tax Act, 1961.

The dispute arose from an appeal by M.M. Aqua Technologies Ltd. against the Commissioner of Income Tax, Delhi-III, concerning the interpretation of Se...

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Bombay High Court Dismisses Appeal for Specific Performance of Share Sale Agreement — Plaintiff Failed to Prove Readiness and Willingness to Perform Contract. MOU for Sale of Shares Held Not Enforceable as Plaintiff Did Not Show Financial Capacity to Pay Balance Consideration Within Stipulated Time.

The appellants, plaintiffs in the suit, filed an appeal under Section 96 of the Code of Civil Procedure, 1908, against the judgment of the trial Court...

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Bombay High Court Dismisses Winding Up Petition Against Hubtown Ltd. Based on Bona Fide Dispute of Debt. Corporate Guarantee Enforcement Requires Prima Facie Case of Default and Absence of Substantial Dispute Under Section 433(e) of Companies Act, 1956.

The petitioner, IDBI Trusteeship Services Ltd., filed a company petition under Section 433(e) of the Companies Act, 1956 seeking winding up of Hubtown...