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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...

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Supreme Court Allows Appeals in Money Suit Recovery Case — High Court Order for Refund of Anticipatory Bail Amount Set Aside. Full and Final Settlement Not Proved by Oral Evidence Alone When Banking Transactions Admitted.

The appellant, Anita Rani, filed two money suits against the respondents for recovery of amounts allegedly lent or misappropriated. The first suit sou...

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Supreme Court Partially Allows Appeal in Mortgage Accounting Suit; Usurious Loans Act Not Applicable as Mortgage Executed Before Its Extension to Cantonment Area.

The dispute arose from a usufructuary mortgage executed on 14 July 1933 by four mortgagors in favour of one Khanmull over a property in the Cantonment...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material. Loan Waiver Amount Already Disclosed During Original Assessment Cannot Be Reopened Under Section 147 of Income Tax Act, 1961 Without New Information.

The Petitioner, Kimplas Trenton Fittings Ltd., filed a writ petition challenging a notice dated 25 March 2011 issued under Section 148 of the Income T...

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High Court of Karnataka Allows Writ Petition Against Bank Forfeiture — Directs Refund of Rs.24.10 Lakhs Deposit with Interest. Forfeiture of deposit without contractual authority in auction sale is arbitrary and unjust, warranting refund with interest at 6% per annum.

The petitioner, P Balaji Babu, participated in an auction conducted by the State Bank of India (respondent No.1) for the sale of immovable property ow...

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Karnataka High Court Dismisses Winding Up Petition by Ex-Director Against Company for Disputed Interest Claim. Company Petition under Section 433(e) of Companies Act, 1956 dismissed as debt was bona fide disputed and no written agreement for interest existed.

The petitioner, Mr J R Srinivasa, an ex-director of the respondent company Sree Gururaja Enterprises Pvt Ltd, filed a winding up petition under Sectio...

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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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High Court of Karnataka Considers Cross-Appeals in Suit for Specific Performance and Injunction — Interim Relief Sought Under CPC and Commercial Courts Act. The suit concerned enforcement of a Negative Lien Letter and personal guarantees, with the plaintiff bank seeking to restrain alienation of assets.

The case involves cross-appeals arising from a commercial suit filed by Bank of Baroda against Dr. Bavaguthu Raghuram Shetty and Dr. Chandrakumari Rag...