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Supreme Court Allows Appeal in IBC Case: CIRP Not a Substitute for Execution of Civil Court Decree. Insolvency and Bankruptcy Code, 2016 — Section 7 — Financial Debt — Decree Holder Cannot Bypass Execution Process.

The Supreme Court allowed the appeal filed by Appellants against the order of the NCLAT which had directed admission of a Section 7 petition under the...

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High Court of Madras Disposes of Batch of Writ Petitions Challenging Income Tax and GST Assessment Orders, Suo Motu Impleads State Bank of India. No specific legal finding or ratio is discernible from the available text.

The High Court of Madras heard a batch of writ petitions filed by multiple corporate entities, including Aqua Terra Coke and Energy Limited (formerly ...

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High Court of Karnataka Dismisses Writ Petition Challenging DRT Order in SARFAESI Act Matter — One Time Settlement Not Binding as Bank Did Not Accept Offer. Court Held That Mere Submission of OTS Proposal Does Not Create Binding Contract; Bank's Rejection Valid.

The petitioners, borrowers of the respondent bank, challenged the order dated 22.09.2022 passed by the Debt Recovery Tribunal-I, Bangalore in Diary No...

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Bombay High Court Allows Appeal in SARFAESI Act Case — Plaint Rejection Upheld for Lack of Civil Court Jurisdiction. Dispute over mortgaged properties held to be exclusively triable by DRT under Section 34 of SARFAESI Act, 2002.

The case involves two appeals arising from a suit filed by Pooja Ravikumar Nidasoshi and Vandana (plaintiffs) against the Gadhinglaj Urban Co-operativ...

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Bombay High Court Allows Appeal Against Admission of Winding Up Petition Due to Company's Ability to Secure Debt. Section 434(1)(a) of Companies Act, 1956 Requires Creditor to Consider Offer of Security Before Deeming Company Unable to Pay Debts.

The appeal was filed by Stonemann Royale Limited against an order dated 19 March 2018 made by the learned Company Judge admitting and ordering adverti...

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Bombay High Court Dismisses Review Petition in Debt Recovery Case — No Error Apparent on Record. Review Petition under Order 47 Rule 1 CPC fails as petitioner failed to deposit amount as directed, and no grounds for review were made out.

The petitioner, M/s MRB Roadconst. Pvt. Ltd., filed a Review Petition before the Bombay High Court seeking review of an order dated 10th June 2015 pas...

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High Court Directs Magistrate to Expeditiously Dispose Section 14 SARFAESI Application for Possession of Secured Asset. Financial Institution's Right to Take Possession of Mortgaged Property Upheld; Magistrate Directed to Pass Orders Within Two Weeks.

The petitioner, L & T Housing Finance Ltd., a financial institution registered under the National Housing Bank Act, 1987, and as a Securitization and ...

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Bombay High Court Allows Writ Petition by Bank Challenging Revenue Recovery Certificate for Land Revenue. Secured Creditor's Mortgage Prevails Over State's Claim for Arrears of Land Revenue Under Maharashtra Land Revenue Code, 1966.

The petitioner, Union Bank of India, a body corporate under the Banking Companies (Acquisition & Transfer of Undertakings) Act V of 1970, filed a writ...

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Bombay High Court Dismisses Bank's Petition Seeking Priority Over Sales Tax Dues. Sales Tax Department's First Charge Under Section 38C of Bombay Sales Tax Act, 1959 Prevails Over Secured Creditor's Rights Under Securitisation Act, 2002.

The Thane Janata Sahakari Bank Ltd. (the Bank) filed a writ petition challenging the action of the Sales Tax Department in attaching the property of M...