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NCLAT Dismisses Appeal Against Rejection of CIRP Petition Due to Settlement Agreement - Mediated Settlement Bars Insolvency Proceedings Under Section 61 of IBC, 2016

The appeal was filed by Mr. Rakesh Kumar Jain, a financial creditor, under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order da...

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High Court of Karnataka Quashes Proceedings Against Director in Dishonour of Cheque Cases Due to Lack of Specific Averments — Petitioner Not a Director of the Drawer Company at Relevant Time

The petitioner, Sri Shamanur Shivashankarappa, filed three criminal petitions under Section 482 of the Code of Criminal Procedure, 1973, seeking quash...

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NCLAT Dismisses Appeal Against CIRP Admission as Withdrawn. Shareholder's Challenge to Section 7 IBC Initiation on Grounds of Malicious Intent Under Section 65 IBC Not Maintainable as Appeal Was Withdrawn.

The appellant, Dr. Aveena Gudapati, filed an appeal before the National Company Law Appellate Tribunal (NCLAT) at Chennai challenging an order dated 2...

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Bombay High Court Allows Summary Suit Against Principal Borrower Despite Moratorium Against Guarantors Under IBC. The court permitted the plaintiff to proceed only against defendant no.1 (principal borrower) while reserving rights against guarantors under moratorium.

The plaintiff, IL & FS Financial Services Limited, filed a commercial summary suit under Order XXXVII of the Code of Civil Procedure, 1908 to recover ...

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High Court of Bombay Dismisses Petition Challenging Arbitral Award in Joint Venture Dispute — No Grounds for Interference Under Section 34 of Arbitration and Conciliation Act, 1996. Court upholds arbitrator's findings on breach of joint venture agreement and rejection of counter claims as not perverse.

The petitioner, Development Corporation of Konkan Limited, a government company, filed a petition under Section 34 of the Arbitration and Conciliation...

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Bombay High Court Dismisses Plaintiff's Suit Seeking Removal of Managing Director on Ground of Age Limit Under Companies Act, 2013. Section 196(3)(a) of Companies Act, 2013 Held Not Retrospective and Does Not Automatically Terminate Existing Appointments.

The plaintiff, a director of Ultramarine & Pigments Limited, filed a suit seeking an order to restrain the 2nd defendant, the Chairman and Managing Di...

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Bombay High Court Hears Company Petition for Sanction of Scheme of Arrangement and Reduction of Share Capital. Petition Seeks to Restructure Debts and Reduce Capital Under Sections 391, 392, and 102 of the Companies Act, 1956.

This matter pertains to a company petition filed by Sharp Industries Limited under Sections 391-394 of the Companies Act, 1956, seeking sanction of a ...

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Bombay High Court Upholds Levy of Fees on Transporters and Traders Under Essential Commodities Act for Maintenance of Public Distribution System. The court held that the levy under Section 3(3)(f) of the Essential Commodities Act, 1955 is a valid regulatory fee and not a tax.

The judgment involves multiple writ petitions and civil applications challenging the levy of fees on transporters and traders under the Maharashtra Es...

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High Court of Judicature at Bombay Admits Appeals from City Civil Court Order in Membership Cancellation Dispute. Decision Involves Interpretation of Club Regulations and Articles of Association Regarding Eligibility of Founder Members' Kin.

The appeals arose from a common judgment dated February 22, 2006, passed by the City Civil Court, Mumbai in S.C. Suit No. 5154 of 2005, where the orig...