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High Court of Karnataka Dismisses Writ Petition Challenging Tribunal Orders in SARFAESI Proceeding. Borrowers Failed to Comply with Conditional Orders and Sale Certificate Was Already Issued to Auction Purchaser.

The case arose from a writ petition filed under Articles 226 and 227 of the Constitution of India challenging two orders of the Debts Recovery Tribuna...

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Bombay High Court Allows Petition Challenging Stamp Duty Demand on Collateral Security Bond. Security-cum-Mortgage Bond executed as collateral security for loan is chargeable under Article 40(c) of Schedule I of Bombay Stamp Act, 1958, not as mortgage deed.

The petitioner, M/s. Jaika Automobiles Private Limited, a private limited company, filed a writ petition under Articles 226 and 227 of the Constitutio...

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NCLAT Dismisses Appeal of BEST Undertaking Against Liquidator's Rejection of Interest Claim and Secured Creditor Status in Liquidation of Spark Green Energy. Interest-Free Deposit Does Not Attract Interest, and Unregistered Charge Does Not Confer Secured Status Under IBC.

The appeal was filed by Brihanmumbai Electricity Supply and Transport Undertaking (BEST) against an order of the Adjudicating Authority (NCLT Mumbai B...

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Supreme Court Allows Workman's Appeal on Distribution of Company Assets in Liquidation. Holds that Secured Creditors Have Pari Passu Charge Only Over Properties Specifically Charged, Not All Assets; Workmen Have Priority for Uncharged Properties Under Sections 529 and 529A Companies Act, 1956.

The dispute arose from the winding up of U.M.I. Special Steel Limited, a company registered under the Companies Act, 1956. The company became sick, an...

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Supreme Court Allows Appeal of Dissenting Financial Creditor in Insolvency Case on Interpretation of Amended Section 30(2)(b)(ii) - Court Holds Amendments Apply to Pending Proceedings and Entitle Creditor to Liquidation Value of Security Interest Under Insolvency and Bankruptcy Code, 2016.

The dispute arose from appeals concerning the interpretation of amended Section 30(2)(b)(ii) of the Insolvency and Bankruptcy Code, 2016. The appellan...

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High Court of Bombay at Nagpur Bench Allows Writ Petition Against Bank for Withholding Title Deeds After Full Loan Repayment — Section 171 of Indian Contract Act, 1872 Does Not Confer Right of General Lien on Banks Over Security Documents Once Loan Is Fully Discharged.

The petitioner, Sunil s/o Ratnakar Gutte, approached the High Court of Bombay at Nagpur Bench by way of a writ petition against Union Bank of India. T...