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Bombay High Court Dismisses Execution Application for Interest on Arbitral Award During Pendency of Challenge — Bank Guarantee Furnished Under Supreme Court Order Constitutes Payment into Court Under Order 21 Rule 1 CPC

The case involves an execution application filed by Bhadani Associates (the claimant/decree-holder) seeking to enforce an arbitral award dated 16th Ja...

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Bombay High Court Allows Writ Petition Challenging SAFEMA Forfeiture Orders — Bank's Mortgage Rights Protected as Prior Encumbrance. The Court held that forfeiture under Section 7 of SAFEMA does not extinguish a prior bona fide mortgage created before the issuance of the show cause notice.

The Petitioner, Development Credit Bank Ltd., filed a writ petition under Article 226 of the Constitution of India challenging an order dated 12th Mar...

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Bombay High Court Dismisses Petition to Set Aside Arbitral Award in Loan Guarantee Dispute — No Patent Illegality Found. Guarantor's Liability Upheld Under Section 34 of Arbitration and Conciliation Act, 1996 as Arbitrator's Findings Were Based on Evidence and Not Perverse.

The petitioner, Shantanu Shreedhar Sheorey, filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral a...

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Supreme Court Allows Appeal in Contractual Forfeiture Case — HUDCO Cannot Forfeit Payments Without Fulfilling Reciprocal Obligations. Allotment Cancellation and Forfeiture of Rs. 28.11 Crores Set Aside as Unjust Enrichment Where Lessor Failed to Execute Agreement to Sub-Lease.

The dispute arose from an allotment letter issued by HUDCO to Tomorrowland Limited for a 99-year lease of land to build a 5-star hotel. The appellant ...

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Bombay High Court Allows Third Party Claim in Execution Proceedings — Property Purchased Prior to Attachment Not Liable. Applicants' title upheld as sale deed executed before warrant of attachment under Order XXI Rule 54 CPC.

The case arises from execution proceedings initiated by Mahindra and Mahindra Financial Services Ltd. (claimant) against Vishal S. Bagadia and another...

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Bombay High Court Allows Appeal in Part in Flat Purchase Dispute — Earnest Money Refund with Daily Fine and Compound Interest Upheld but Reduced. Clause 4 of Agreement for Construction and Sale Held to Be a Valid Forfeiture Clause, Not a Penalty, Under Section 74 of the Indian Contract Act, 1872.

The plaintiff, Dr. Jagdish J.N. Counte, entered into a written agreement dated 13.4.96 with the defendant, M/s. Carl Estate Private Limited, for the p...

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Bombay High Court Dismisses Writ Petition Challenging SARFAESI Auction Sale Due to Alternative Remedy and Suppression of Facts. Petitioner, a Director and Shareholder of Mortgagor Company, Failed to Disclose Rejection of OTS and Auction Sale, Leading to Dismissal with Costs.

The petitioner, Ms. Archana Wani, a director and shareholder of respondent No. 5 (N. Kumar Housing and Infrastructures), filed a writ petition under A...

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Bombay High Court Appoints Receiver and Orders Disclosure of Assets in Arbitration Petition for Loan Default. Court grants interim relief under Section 9 of the Arbitration and Conciliation Act, 1996, after consent award cheques are dishonoured.

The Petitioner, Karvy Financial Services Ltd., filed an Arbitration Petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking ap...