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Bombay High Court Stays Coercive Recovery Against Mutual Fund in Income Tax Dispute on Trust's Status. Trust Assessed as Association of Persons Cannot Prima Facie Bind Beneficiary Due to Legal Precedent and Hasty Recovery Action Foreclosed Remedies Under Section 177(3) of Income Tax Act, 1961.

The dispute arose from an assessment order for Assessment Year 2009-2010 passed against India Corporate Loan Securitisation Trust, 2008 Series 14, con...

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Bombay High Court Considers Writ Petition Challenging Estate Officer’s Jurisdiction Under PP Act Against SARFAESI Possession. Asset Reconstruction Company Asserts SARFAESI Act Overrides PP Act, Requiring Landlord to Approach Debt Recovery Tribunal.

The writ petitioner, an Asset Reconstruction Company incorporated under the Companies Act, 1956 and registered under the SARFAESI Act, challenged the ...

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High Court of Bombay at Goa Dismisses Appeal Against SARFAESI Proceedings — Tenant's Claim Not Established. The court held that the appellant failed to prove tenancy and that the remedy under Section 17 of the Securitisation Act is available to any person aggrieved, including tenants.

The appellant, Modinasab Indikar, filed a first appeal before the High Court of Bombay at Goa against the order of the District Magistrate, Salcete, d...

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Bombay High Court Allows Auction Purchasers' Petition in SARFAESI Act Case Due to Overriding Effect of Section 26E Over MVAT Act. Property Purchased in SARFAESI Auction Held Free from Prior Sales Tax Attachment Under Section 38C of MVAT Act.

The petitioners, Shailesh K. Bothra and Mukesh C. Karwa, were auction purchasers of a property sold by Cholamandalam Investment & Finance Co. Ltd. (pe...

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Bombay High Court Dismisses Writ Petition Challenging SARFAESI Proceedings Against Guarantor's Property — Maintains That Guarantor Is a 'Borrower' Under Section 2(1)(f) of SARFAESI Act and That Writ Jurisdiction Is Not Available When Alternative Statutory Remedy Exists Under Section 17 of SARFAESI Act.

The petitioner, Mr. Latif Yusuf Manikkoth, filed a writ petition before the Bombay High Court challenging the possession notice issued by the Bank of ...

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Karnataka High Court Hears Writ Petition Challenging Forfeiture of Earnest Money by KSFC in E-Auction Under SARFAESI Act. Petitioner Claims Suppression of Pending Suit and Interim Order Affected Marketable Title, Rendering Auction Notification Fraudulent.

The petitioner, N. Lakshmana, filed a writ petition under Articles 226 and 227 of the Constitution of India before the High Court of Karnataka seeking...

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Bombay High Court Dismisses PIL Seeking Regulation of Time Share Companies as Collective Investment Schemes Under SEBI Act. Court Holds That Time Share Arrangements Do Not Constitute Collective Investment Schemes and That Grievances Are Contractual in Nature.

The petitioner, M/s Securities & Time Share Owners Welfare Association, filed a public interest litigation seeking a direction to the Securities and E...

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Bombay High Court Allows Secured Creditor's Priority Over Sales Tax Dues in MVAT Act Attachment Dispute. State Bank of India's mortgage charge on borrower's property held superior to VAT recovery under Section 32 of MVAT Act, 2002, following Central Bank of India v. State of Kerala ratio.

The State Bank of India (SBI), a secured creditor, filed a writ petition under Article 226 of the Constitution challenging the attachment of a propert...