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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Bombay High Court Adjudicates Writ Petitions Filed by Depositors of PMC Bank Seeking Relief from Withdrawal Restrictions. Court Examines Validity of RBI Directions and Protection of Depositors' Interests under Relevant Banking and Co-operative Laws.

A batch of writ petitions and a public interest litigation were filed before the Bombay High Court by various depositors and account holders of the Pu...

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High Court Quashes Process Against Accused in Cheque Dishonour Case Due to Lack of Territorial Jurisdiction and Limitation Bar. Complaint Filed Beyond Limitation After Return for Want of Jurisdiction Cannot Be Entertained Without Fresh Cognizance.

The applicants, original accused Nos. 2 to 4, challenged the order dated 18.06.2016 passed by the Judicial Magistrate First Class, Gangapur, issuing p...

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Bombay High Court Quashes Process in Cheque Dishonour Case Due to Lack of Proper Service of Notice. Notice Sent to Wrong Address Invalidates Complaint Under Section 138 of Negotiable Instruments Act, 1881.

The petitioner, Kishinbhagwan R. Sharma, challenged the order dated 17.03.2012 passed by the learned Metropolitan Magistrate, 33rd Court, Ballard Pier...

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Supreme Court Partially Upholds Complaint Under National Housing Bank Act. High Court's Quashing of Complaint Against Company Directors Overturned; Case to Proceed Against Managing Director and Company

The appellant filed a complaint alleging a violation of Section 29A of the National Housing Bank Act, 1987. The Magistrate took cognizance of the comp...

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High Court Quashes Proceedings in Cheque Dishonour Case Due to External Account Freeze. Dishonour Attributable to Police Investigation Freeze Order, Not Insufficiency of Funds Under Section 138 of Negotiable Instruments Act, 1881, Rendering Proceedings Unsustainable.

The dispute arose from a criminal petition filed by Petitioners and its directors seeking to quash proceedings under Section 138 of the Negotiable Ins...

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Supreme Court Allows State Appeals in Land Acquisition Case — Doctrine of Legitimate Expectation Cannot Override Statutory Acquisition Process. Industrial Development Constitutes Valid Public Purpose Under Land Acquisition Act, 1894.

The appeals arise from a common judgment of the Uttarakhand High Court dated 02.11.2018, which dismissed the appeals filed by the appellants (the Stat...