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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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NCLAT Sets Aside Direction for Inspection of Liquidator's Conduct for Violation of Natural Justice. Adverse remarks and inspection order quashed as liquidator was not given opportunity of hearing under Insolvency and Bankruptcy Code, 2016.

The appellant, CA Ramasamy Shanmuggam, the liquidator of RLS Alloys Pvt. Ltd., challenged an order dated 02.06.2022 passed by the Adjudicating Authori...

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Bombay High Court Allows Pensionary Benefits to Retired Employee Despite Upholding Removal Order Due to Delay. Petitioner's challenge to removal dismissed as barred by laches, but court directs payment of pension and gratuity as per rules.

The petitioner, Chandrashekhar s/o Devidas Deshmukh, a retired Tax Collector from Amravati Municipal Corporation, filed a writ petition challenging an...

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Bombay High Court Allows Quashing of Section 138 NI Act Proceedings Against Director of Corporate Debtor Post-Approval of Resolution Plan by NCLT. Criminal liability for dishonour of cheques issued prior to resolution plan stands extinguished upon approval of resolution plan under IBC, 2016.

The applicant, Advance Oleochem Pvt. Ltd., through its director Ashok Kumar Harilal Shah, filed a criminal application under Section 482 Cr.P.C. seeki...

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Bombay High Court Allows Assignee of Debt to Proceed Under SARFAESI Act Despite Company Being Under Liquidation. Assignee Steps into Shoes of Original Lender and Can Enforce Security Interest Under Section 13 of SARFAESI Act, 2002.

The petitioner, ASREC (India) Limited, is a company registered as a Reconstruction Company and Securitisation Company with the Reserve Bank of India u...

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Bombay High Court Dismisses Appeal Against Refusal to Set Aside Ex-Parte Decree in Summary Suit — Defendant Failed to Show Sufficient Cause for Non-Appearance. Order XXXVII Rule 4 CPC Requires Strict Compliance with Conditions for Setting Aside Ex-Parte Decree.

The appellant, Purnendu Shekharmal Jain, was the original defendant in Summary Suit No. 2539 of 2012 filed by M/s ACG Associated Capsules P Ltd. An ex...

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Bombay High Court Allows Winding Up Petition Against Debtor Company for Non-Payment of Decretal Debt. Decretal debt remains due and payable despite unsuccessful attempt to set aside ex-parte decree; no bona fide defence raised.

The petitioner, Gati Ltd., filed a winding up petition under Sections 433 and 434 of the Companies Act, 1956 against the respondent, Atcom Technologie...