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Madras High Court Allows EPF Recovery Over Bank's Mortgage in Priority Dispute Under Employees' Provident Funds and Miscellaneous Provisions Act, 1952. EPF Dues Have Priority Over Secured Creditors Under Section 11 of EPF Act, 1952.

The case involves three writ appeals arising from orders of a learned Single Judge in W.P.Nos.15582 of 2010 and 8686 of 2010 dated 21.06.2011. The app...

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Bombay High Court Dismisses Petitions Challenging SARFAESI Act Applicability to Cooperative Banks and Arbitration Awards. Multi-State Cooperative Bank held to be a 'bank' under SARFAESI Act, and arbitration under Multi-State Cooperative Societies Act does not bar subsequent SARFAESI proceedings.

The judgment concerns three writ petitions filed by borrowers challenging actions taken by Abhyudaya Co-operative Bank Ltd. and Piramal Capital and Ho...

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Supreme Court Reverses High Court Judgment in SARFAESI Act Case Due to Non-Compliance and Limitation. Bank's Auction Sale Upheld as Borrower's Challenge Was Time-Barred and Requests Did Not Trigger Statutory Obligations Under Section 13(3A) of SARFAESI Act, 2002.

The dispute arose from proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SAR...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Deduction Case Under Section 43B Explanation 3C. Interest Converted into Debentures Not Deemed Actually Paid as Per Retrospective Amendment, Disallowing Deduction Under Income Tax Act, 1961.

The dispute arose from an appeal by M.M. Aqua Technologies Ltd. against the Commissioner of Income Tax, Delhi-III, concerning the interpretation of Se...

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Supreme Court Dismisses Municipal Corporation's Appeal Against Resolution Plan Approval in Insolvency Case. Municipal Corporation's Prior Consent to Resolution Plan Precludes Later Objections Under IBC.

The Municipal Corporation of Greater Mumbai (MCGM) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which had upheld ...

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Bombay High Court Directs Magistrate to Decide SARFAESI Section 14 Application in Light of Amended Section 17(4A) - Tenancy Claims to be Decided by DRT. Writ Petition Disposed with Direction to Consider Amendment w.e.f. 1.9.2016.

The petitioner, Vijaya Bank, filed a writ petition before the Bombay High Court challenging the inaction of the Chief Metropolitan Magistrate, Esplana...

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Supreme Court Allows Appeal in Income Tax Deduction Case for Accrued Development Liability. Deduction for Estimated Future Development Expenses Allowed Under Section 10(1) of Indian Income-tax Act, 1922, as Liability Was Accrued, Not Contingent.

The dispute concerned the income tax assessment of a land-developing company that followed the mercantile method of accounting. The appellant, Messrs....