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High Court of Karnataka Allows Appeals in Execution Proceedings — Auction Sale Set Aside for Non-Compliance with Order 21 Rule 95 CPC. Delivery of possession is a mandatory requirement for confirmation of sale under Order 21 Rule 95 of the Code of Civil Procedure, 1908.

The case involves two Regular First Appeals (RFA No. 557/2016 and RFA No. 558/2016) filed under Section 96 read with Order 41 Rules 1 and 2 of the Cod...

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Bombay High Court Quashes Reassessment Notice and Order in Income Tax Case Due to Lack of Full and True Disclosure Finding and Non-Disposal of Objections. Reopening Beyond Four Years Invalid as No Failure to Disclose Material Facts Alleged Under Section 147 First Proviso of Income Tax Act, 1961.

The petitioner, Crystal Pride Developers, a partnership firm engaged in real estate development, filed its original return of income for Assessment Ye...

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Bombay High Court Dismisses Bank and Sugar Factory's Petitions Challenging Auction of Cooperative Sugar Factory Assets. Held that the Bank as a secured creditor has a paramount charge over the property and the auction sale cannot be set aside after confirmation and payment.

The case involves a dispute over the auction sale of assets of Doulat Shetkari Sahakari Sakhar Karkhana Ltd., a cooperative sugar factory, by the Kolh...

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Supreme Court Disposes of Appeals in Mining Lease Dispute – Withdrawal of Recommendation and Reservation Notifications Challenged.

These appeals arise from a common judgment of the Jharkhand High Court dated April 4, 2007, dismissing writ petitions filed by several companies engag...

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Bombay High Court Dismisses Winding-Up Petition by Deutsche Bank Against Finolex Industries Under Section 433(e) Companies Act, 1956 — Disputed Derivative Transaction Debt Precludes Summary Winding-Up. Court Holds That Winding-Up Petition Is Not a Debt Recovery Mechanism and Dismisses Petition with Costs.

The judgment arises from a Company Petition filed by Deutsche Bank AG, Mumbai Branch, seeking winding-up of Finolex Industries Limited under Section 4...

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Bombay High Court Allows Summary Judgment in Favor of Asset Managers in Commercial Paper Recovery Suit Despite Pending SICA Appeal. The court held that Section 22 of SICA does not bar recovery suits where BIFR has declined registration, and the defendant failed to raise any triable issue.

The plaintiffs, Pramerica Asset Managers Pvt. Ltd. and others, filed two summary suits against Deccan Chronicle Holdings Ltd. for recovery of Rs. 25 c...