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Supreme Court Dismisses Appeals by Appellants -- Upholds Committee of Creditors' Approval of Sarda Energy and Minerals Limited's Resolution Plan Under Insolvency and Bankruptcy Code, 2016 -- Doctrine of Commercial Wisdom Affirmed in Insolvency Resolution

The Supreme Court upheld the approval of a Resolution Plan by Sarda Energy and Minerals Limited (SEML) for SKS Power Generation (Chhattisgarh) Ltd. un...

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Gujarat High Court Allows Second Appeal in Mortgage Redemption Case — Concurrent Findings Set Aside for Ignoring Material Evidence and Misreading Documents. Mortgage by Conditional Sale Held Not Extinguished by Mere Delay; Right to Redeem Survives Under Section 60 of Transfer of Property Act, 1882.

The appellant (original plaintiff) filed a suit for redemption of mortgage of a shop in Borsad, Anand. The plaintiff had executed two mortgage by cond...

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Bombay High Court Allows Resolution Professional to Continue CIRP Under IBC Despite Pending Winding-Up Petition Under Companies Act, 1956. Leave under Section 446 of Companies Act, 1956 granted to proceed with Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.

The judgment concerns Company Application No. 10 of 2017 filed by the Resolution Professional of Murli Industries Limited (the corporate debtor) under...

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Bombay High Court Allows Appeal by Decree-Holder in Execution Proceedings, Setting Aside Dismissal as Time-Barred. The court held that filing chamber summons and other applications constituted steps in aid of execution, extending limitation under Article 136 of the Limitation Act, 1963.

The case involves an appeal by Pratap G. Somaiya (the appellant/decree-holder) against an order dismissing his execution application as time-barred. T...

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Bombay High Court Dismisses Section 9 Arbitration Petition and Winding Up Petition Against Corporate Debtor — No Prima Facie Case for Interim Relief or Insolvency as CDR Scheme Was Under Consideration and Debt Was Not Clearly Due.

The petitioner, Tata Capital Financial Services Ltd., a non-banking financial company, granted a term loan of Rs. 50 crores to the first respondent, U...

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Bombay High Court Examines Cut-off Date for Workmen Dues in Winding Up of Swadeshi Mills. Official Liquidator's Calculation Up to Appointment of Provisional Liquidator Challenged by Workmen Seeking Dues Up to Winding Up Order.

The matter concerns a company application filed by five workmen of M/s Swadeshi Mills Co. Ltd., which was wound up. The company had approximately 2970...

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Bombay High Court Hears Appeals Against Admission of Winding Up Petition in Shareholder Deadlock Case. The core issue concerns whether a petitioner who is not the registered shareholder can maintain a winding up petition after the registered shareholder merged into it.

The dispute concerned the winding up of Capital Controls India Private Limited, a joint venture between Chloro Controls (India) Private Limited and Se...