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Bombay High Court Allows Discharge of Senior Citizen Insolvents Under Section 38 of Presidency-Towns Insolvency Act — Assets Fully Administered and No Objection from Creditor. Insolvents Granted Discharge After 9 Years of Undischarged Insolvency, Relieved of Stigma and Disabilities.

The judgment concerns a discharge application filed by two insolvents, Lav Chadha and Naresh Chadha, who are senior citizens aged 65 and 61 respective...

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Bombay High Court Allows Debenture Trustee's Claim for Payment from Suit Amount Held by Court Receiver in Priority Over Assignee of Decree. The court held that an assignee of a decree steps into the shoes of the assignor and cannot claim priority over the original decree holder who is a debenture trustee.

The dispute arose from a suit filed by ICICI Bank Ltd. (plaintiff) as debenture trustee for holders of 15% non-convertible debentures issued by Pal Pe...

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Bombay High Court Dismisses Writ Petition Challenging SARFAESI Proceedings Against Partnership Firm and Guarantors. SARFAESI Act Section 13(2) Notice Validly Issued Against Principal Borrower and Guarantors, and Section 17 Application Before DRT Is the Appropriate Remedy.

The petitioners, M/s. Otoklin Global Business (a partnership firm) and its partner Mr. Dhaval Dilip Jhaveri, filed a writ petition under Article 226 o...

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Bombay High Court Allows Assignee of Debt to Proceed Under SARFAESI Act Despite Company Being Under Liquidation. Assignee Steps into Shoes of Original Lender and Can Enforce Security Interest Under Section 13 of SARFAESI Act, 2002.

The petitioner, ASREC (India) Limited, is a company registered as a Reconstruction Company and Securitisation Company with the Reserve Bank of India u...

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Bombay High Court Sets Aside Insolvency Notice Based on Foreign Judgment — Notice Held Without Jurisdiction as Debt Not Payable Under Indian Insolvency Act. Foreign judgment debt not enforceable under Presidency Towns Insolvency Act, 1909 without satisfying conditions of Section 13 CPC.

The case involves a Notice of Motion filed by the Judgment Debtor, Neville Tuli, seeking to set aside an Insolvency Notice No. N/28 of 2011 issued by ...

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High Court Adjourns Public Examination of Insolvent in Insolvency Petition Due to Non-Receipt of Sealed Minutes. Insolvent directed to produce sealed certified copies of private examination minutes and remain present for examination.

This is an insolvency proceeding before the Insolvency Registrar of the High Court at Bombay. The matter concerns Insolvency Petition No. 36 of 2000 i...