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High Court of Karnataka Allows Canara Bank's Appeal Against Refund Order in SARFAESI Auction Dispute — Bank Not Obliged to Refund 25% Deposit When Auction Purchaser Defaults on Balance Payment.

The appellant, Canara Bank, conducted an e-auction on 29 November 2021 of a property under the Securitisation and Reconstruction of Financial Assets a...

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Supreme Court Allows Bank's Appeal Against High Court's Mandamus to Consider OTS Application. Court Holds That No Writ of Mandamus Can Be Issued to Direct a Bank to Grant One Time Settlement Benefit Under Article 226 of the Constitution.

The present appeal arises from a judgment of the Allahabad High Court which, in exercise of powers under Article 226 of the Constitution of India, iss...

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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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High Court of Karnataka Dismisses Second Appeals in Bank Suit Rejection Case — Plaint Rejected Under Order 7 Rule 11 CPC for Non-Disclosure of Cause of Action. Appellant's Suits for Declaration and Injunction Against Bank's Auction Notice Held Barred by Limitation and Lack of Cause of Action.

The appellant, Yashavant S/o Laxman Sable, filed a series of Regular Second Appeals under Section 100 of the Code of Civil Procedure, 1908 (CPC) again...

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Bombay High Court Allows SFC Petition Against Guarantors Under Section 31(1)(aa) of SFC Act, 1951 — Guarantors Liable Despite Company's Winding Up. Guarantee is a separate contract and liability of guarantor is co-extensive with principal debtor under Section 128 of Indian Contract Act, 1872.

The petitioner, SICOM Limited, a State Financial Corporation, filed a petition under Section 31(1)(aa) of the State Financial Corporation Act, 1951 ag...