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Supreme Court Allows Insolvency Proceedings Under IBC Over Defunct Scheme of Arrangement -- IBC Prevails Over Companies Act in Recovery of Defaulted Loans

The Supreme Court allowed an appeal against the Company Law Appellate Tribunal's order that kept in abeyance an application under Section 7 of the Ins...

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Bombay High Court Dismisses Writ Petition Against Termination by District Central Cooperative Bank, Holding It Not a State Under Article 12. Cooperative Bank Employee's Challenge to Dismissal Fails as DCC Bank Is Not an Instrumentality of the State and No Violation of Natural Justice Established.

The petitioner, Kiran Rangnath Kale, was employed as a Manager at the Beed District Central Cooperative Bank (respondent No. 3). He was initially appo...

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Bombay High Court Allows Official Liquidator to Take Possession of Factory Premises Despite Pending BIFR Reference Under SICA, 1985. Section 22 of SICA, 1985 does not bar winding up proceedings under Companies Act, 1956.

The Official Liquidator filed a report seeking directions to direct the ex-director of M/s Lifeline Industries Ltd. (in liquidation) to deposit advert...

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Bombay High Court Allows Cooperative Bank's Writ Petition Against Sales Tax Tribunal's Refusal to Entertain Appeal Under Section 55 of Bombay Sales Tax Act, 1959 — Tribunal Directed to Decide Appeal on Merits

The petitioner, Shikshak Sahakari Bank Limited, a cooperative bank registered under the Maharashtra Cooperative Societies Act, 1960, filed a writ peti...

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Bombay High Court Dismisses Petition Challenging Ex-Parte Arbitral Award in Loan Recovery Dispute. Court holds that non-participation in arbitration despite notice and failure to prove fraud or bias does not warrant setting aside award under Section 34 of Arbitration and Conciliation Act, 1996.

The petitioners, The Loot (India) Pvt. Ltd. and its directors, were borrowers and guarantors who had taken a loan from Reliance Capital Limited (the f...

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Bombay High Court Dismisses Second Appeal in Property Suit — Concurrent Findings of Fact Not Disturbed Under Section 100 CPC. Court holds that no substantial question of law arises when findings are based on appreciation of evidence and not perverse.

The case involves a second appeal filed by the original defendants (appellants) against the judgment and decree of the District Judge, Satara, which c...