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Search Results for "loan account settlement"

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High Court

Bombay High Court Dismisses Petition Challenging Arbitral Award in Loan Dispute — Upholds Award of Rs.51 Crores with Interest. Facility Agreement and Guarantee Enforced; No Grounds for Interference Under Section 34 of Arbitration and Conciliation Act, 1996.

23 Mar 2016

The petitioners, Reid & Taylor (I) Limited, S.Kumars Nationwide Ltd., and Nitin S. Kasliwal, filed a petition under Section 34 of the Arbitration and ...

High Court

Bombay High Court Dismisses Recall and Review Applications in Bank Loan Assignment Case — Consent Order Recorded on Minutes of Order Cannot Be Unilaterally Recalled. Assignment of Debt and Security by Co-operative Bank to Third Party Under OTS Upheld Despite Subsequent Objections by Liquidator and Suspended Director.

11 Mar 2025

The judgment concerns three applications seeking recall or review of an order dated 21 October 2022 passed by the Bombay High Court in Writ Petition N...

Supreme Court

Supreme Court Allows Appeal in Mortgage Suit: High Court Erred in Holding No Mortgage Created Despite Agreement to Deposit Title Deeds. Equitable Mortgage by Deposit of Title Deeds Under Section 58(f) of Transfer of Property Act, 1882 Established Through Agreement and Evidence.

9 Sep 2024

The dispute arose from a loan transaction between the appellant (plaintiff) and the respondent (defendant) in February 1995, where the appellant advan...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Bad Debt Deduction Case. Assessee's Claim for Deduction of Written-Off Principal Deposit as Bad Debt Under Section 36(1)(vii) Read with Section 36(2) of Income Tax Act, 1961 Allowed Based on Precedent of Pudumjee Pulp and Paper Mills Limited.

27 Oct 2021

The appeal before the Bombay High Court arose from an income tax assessment for Assessment Year 2005-06. The respondent assessee had filed its return ...

High Court

Madras High Court Allows Revision by Bank, Rejects Plaint in Suit for Permanent Injunction After Assignment of Debt. Held that once loan liability is assigned to an Asset Reconstruction Company, the assignor Bank is not a necessary party and the plaint discloses no cause of action under Order VII Rule 11 CPC.

24 Feb 2026

The Civil Revision Petition was filed by the Defendant-Bank, City Union Bank Ltd., challenging the order dated March 19, 2020 passed by the XVIII Assi...

High Court

Madras High Court Allows TIIC's Recovery Petition Against Guarantors in SFC Act Case — Guarantors Held Jointly and Severally Liable Despite Company's Winding Up. Liability of Guarantors Under Sections 31(a) and 31(aa) of State Financial Corporations Act, 1951 Survives Liquidation of Principal Borrower and Receipt of Amount from Official Liquidator.

7 Jan 2025

The petitioner, Tamil Nadu Industrial Investment Corporation Limited (TIIC), a State Financial Corporation, filed an original petition under Sections ...

High Court

Bombay High Court Allows Asset Reconstruction Company's Petition Against DRT Interim Relief in SARFAESI Act Case — Assignment of Debt by IIFL Upheld. The court set aside the DRT and DRAT orders granting ad-interim relief restraining the petitioner from taking steps in respect of secured assets under Section 17 of the SARFAESI Act, 2002, as the tribunals failed to consider the validity of the assignment and the balance of convenience.

18 Jan 2023

The petitioner, ASREC (India) Ltd., an Asset Reconstruction Company, challenged the order of the Debt Recovery Tribunal (DRT) dated 2 June 2022 granti...

High Court

Bombay High Court Allows Commercial Suit and Interim Application in Asset Reconstruction Dispute — Upholds Validity of Assignment of Debt and Security Interest. Court holds that an Asset Reconstruction Company (ARC) is entitled to enforce security interest under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) after valid assignment of debt.

15 Apr 2026

The Applicant, Phoenix ARC Private Limited, an Asset Reconstruction Company registered with the RBI, filed a Commercial Suit (COMSS No. 124 of 2025) a...

Supreme Court

Supreme Court Hears Appeal on Limitation in IBC Proceedings; Balance Sheet Acknowledgment Dispute. NCLAT Upheld Dismissal of Section 7 Application as Time-Barred Despite Claim of Debt Acknowledgment in Financial Statements.

24 Jul 2025

The appeal arose from the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by IL&FS Financial Services Li...

Supreme Court

Supreme Court Dismisses Bank's Appeal in SARFAESI Act Case Due to Procedural Non-Compliance. The court found that the appellant bank failed to adhere to the requirements under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, despite the respondent's loan default and non-payment of a one-time settlement.

22 Jan 2024

The dispute arose from a loan transaction in 1996, where the respondent, a sole proprietor of a firearms business, borrowed Rs. 2,00,000 from the appe...

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