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Supreme Court Upholds Forfeiture of Earnest Money in Contract for Sale of Aero-Scrap. Clause Explicitly Stipulating Deposit as Earnest Money and Forfeiture on Default Valid Under Sections 64 and 74 of Contract Act, 1872.

The dispute arose from a contract for sale of aero-scrap between the appellants, Shree Hanuman Cotton Mills, and the respondent, Tata Air-Craft Ltd. T...

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Bombay High Court Extends Time for Payment Under Section 148 CPC Despite Plaintiff's Objection in Consent Decree Default Case. Court holds that Section 148 CPC empowers the court to extend time for payment in a consent decree for reasonable cause, even without the consent of the decree-holder.

The case arises from a Notice of Motion filed by the Defendants (Applicants) to set aside an ex parte decree dated 19 December 2012 in Summary Suit No...

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Supreme Court Dismisses Electricity Board's Appeals in Illegal Disconnection Case — Board Cannot Claim Charges for Period of Its Own Wrongful Act. Initial Disconnection Without Considering Consumer's Instalment Request Violates Section 56 of Electricity Act, 2003.

The appeals arose from a dispute between the Bihar State Electricity Board (appellant) and M/s Iceberg Industries Ltd. (respondent/company) concerning...

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Supreme Court Modifies Compensation for Auction Purchaser in Co-operative Bank Recovery Case — Interest at 6% per annum Granted Instead of 5% Solatium. Auction Sale Set Aside on Equitable Grounds; Purchaser Entitled to Interest on Deposit from Date of Payment Till Refund.

The case arises from a recovery proceeding initiated by the 4th respondent Co-operative Bank against borrowers (1st, 2nd, 5th, 6th respondents) for a ...

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NCLAT Allows Appeal Against Dismissal of Section 7 IBC Application by Financial Creditor. Loan Agreement and Default Established Through Signed Documents and Acknowledgment of Debt.

The present appeal was filed by Desana Impex Limited (Appellant), a Non-Banking Financial Corporation (NBFC) registered under the Companies Act, 2013 ...

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Bombay High Court Dismisses Petition Seeking Release of Sealed Factory Premises in Customs Duty Dispute — Petitioner Failed to Comply with Supreme Court's Conditional Order. Interest Demand Under Section 28AA of Customs Act, 1962 is Statutory and Automatic, No Separate Demand Required.

The petitioner, B.V. Jewels, a partnership firm engaged in manufacturing and exporting gold and jewellery, operates an export processing unit in SEEPZ...