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High Court of Karnataka Directs Banks to Comply with RBI Prudential Framework for Stressed Assets Resolution in Writ Petition by Borrower Company. The court held that the RBI circular dated June 7, 2019, is binding on banks and that the borrower has a right to seek a review meeting under the framework.

The petitioner, Ganjam Nagappa and Son Private Limited, a company incorporated under the Companies Act, 1956, filed a writ petition under Articles 226...

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High Court of Karnataka Acquits Accused in Cheque Bounce Case Due to Failure to Prove Debt and Lack of Proper Service of Notice. Dishonour of Cheque Under Section 138 of Negotiable Instruments Act, 1881 — Complainant Failed to Establish Legally Enforceable Debt and Notice Was Not Properly Served.

The revision petition was filed by the accused against his conviction under Section 138 of the Negotiable Instruments Act, 1881, for dishonour of a ch...

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Bombay High Court Dismisses ICICI Bank's Intervention Application in Winding-Up Petition. ICICI Bank's claim not yet due and it is otherwise sufficiently secured; application held premature and aimed at defeating resolution of BNYM's claim.

The applicant, ICICI Bank Limited, sought to be impleaded as a respondent or alternatively to intervene in a company application filed by The Bank of ...

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Supreme Court Allows Assessees in Interest Tax Act Case on Hire-Purchase Instalments. Hire-purchase agreements are distinct from loans, and interest component in instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974, as it does not constitute interest on loans and advances.

The dispute involved a batch of civil appeals concerning the tax liability of non-banking finance and leasing companies under the Interest-Tax Act, 19...

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Bombay High Court Dismisses Challenge to Arbitral Award in Co-operative Bank Loan Dispute. Court upholds award under Section 34 of Arbitration and Conciliation Act, 1996, finding no grounds to interfere with arbitrator's decision on loan recovery under Multi-State Co-operative Societies Act, 2002.

The petitioner, M/s. Maks Glass Corporation, challenged an arbitral award dated 24th April 2010 passed under Section 84 of the Multi-State Co-operativ...

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High Court of Karnataka Dismisses Second Appeal in Recovery of Money Suit — Guarantor Liability Upheld. Defendant's challenge to concurrent findings on loan guarantee fails as no substantial question of law arises under Section 100 CPC.

The respondent-plaintiff, Karnataka Vikas Grameen Bank, filed a suit (O.S. No.225/1999) against the appellant-defendant for recovery of Rs.20,355/- wi...

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Supreme Court Partly Allows GMADA's Appeal in Consumer Case; Sets Aside Additional Loan Interest Award. Refund of Flat Purchase Amount with 8% Compound Interest Upheld as per Letter of Intent, but Directing Developer to Pay Interest on Home Loan Not Justified.

The dispute arose from a residential scheme launched by Greater Mohali Area Development Authority (GMADA) for 'Purab Premium Apartments' in Sector 88,...

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Bombay High Court Restrains Invocation of Performance Guarantee in Arbitration Dispute — Finds Prima Facie Case of Fraud and Irretrievable Injustice. Section 9 of Arbitration and Conciliation Act, 1996 invoked to protect petitioner's interests pending arbitration.

The petitioner, Larsen & Toubro Limited (L&T), filed an arbitration petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking in...