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Supreme Court Cancels Bail in Multi-Crore Deposit Scam Case Due to Prima Facie Evidence of Complicity and Money Trail. The Court found that the High Court erred in granting bail to an accused who was a major beneficiary of the fraud, as evidenced by witness statements and forensic audit reports.

The Supreme Court allowed an appeal by depositors against the grant of bail to respondent no.1, Vitthal Damuji Meher, in connection with a large-scale...

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Bombay High Court Allows Appeal in MPID Act Case — Quashes Attachment Order for Lack of Nexus with Crime. Property of Hotel Avion Private Ltd cannot be attached under Section 3 of Maharashtra Protection of Interest of Depositors Act, 1999 without direct link to alleged default.

The appellant, Hotel Avion Private Ltd, filed two criminal appeals challenging the attachment of its property under the Maharashtra Protection of Inte...

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Bombay High Court Allows State's Petition Challenging NCLT Order De-freezing MPID Attached Accounts. MPID Act Overrides IBC for Attachment and Confiscation of Properties of Financial Establishments.

The State of Maharashtra, through the Deputy Collector and Competent Authority (NSEL), filed a writ petition under Articles 226 and 227 of the Constit...

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Bombay High Court Allows Scheme for Small Fixed Deposit Holders in Winding-Up Petition Against Lloyds Finance Ltd. — Court directs framing of scheme to repay small depositors instead of winding up the company, considering that winding up would leave no recovery for any creditor.

The judgment arises from a winding-up petition filed by Shri Basant Lal Agarwal against M/s. Lloyds Finance Ltd. for recovery of Rs. 3,75,00,000 advan...