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Supreme Court Allows Appeal in Part in Foreign Currency Arbitral Award Enforcement Case. Twin Principles Laid Down: Date of Enforceability for General Conversion, Date of Deposit for Amounts Deposited in Court.

The Supreme Court addressed the issue of the correct date for converting a foreign currency arbitral award into Indian rupees for enforcement. The app...

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Supreme Court Dismisses Appeal Against Initiation of CIRP Against Corporate Debtor Despite Payment by Guarantor's Resolution Applicant. Right of Subrogation Under Section 140 of Indian Contract Act, 1872 Not Available Where Resolution Plan Extinguishes Guarantee and No Payment of Entire Debt.

The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against the 2nd respondent, Gujarat Hydrocarbon a...

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Bombay High Court Dismisses Appeal in Specific Performance Suit — Agreement Not Proved and Time Not Essence. Plaintiff failed to establish execution of agreement for sale and readiness and willingness to perform, leading to dismissal of suit for specific performance.

The appellant, Shaikh Hidayat, filed a suit for specific performance of an agreement for sale of property admeasuring about 11920 sq. mtrs. at Borda, ...

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Bombay High Court Quashes FIR for Cheating and Criminal Breach of Trust in Business Transaction Dispute. Allegations Found to be Civil in Nature, Not Disclosing Ingredients of Offences Under Sections 406 and 420 IPC, Constituting Abuse of Process.

The applicant, Avdhesh Harichand Jaiswal, a businessman from Uttar Pradesh, filed a petition under Section 482 of the Code of Criminal Procedure, 1973...

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Bombay High Court Dismisses Challenge to Arbitral Award in Leave and License Dispute — Petitioner's Breach of Agreement Upheld. Arbitrator's Award of Rs. 90 Lakhs Damages with Interest Not Patently Illegal Under Section 34 of the Arbitration and Conciliation Act, 1996.

The petitioner, Ropa Plastics Private Ltd., filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral a...

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Bombay High Court Dismisses Winding Up Petition Under Section 433(e) of Companies Act, 1956 for Debt Disputed in Good Faith. Petition Filed to Exert Pressure for Unreasonable Demands, Not for Recovery of Genuine Debt.

The petitioner, Fomento Resorts And Hotels Ltd., filed a winding up petition under Section 433(e) of the Companies Act, 1956 against the respondent, G...

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Supreme Court Allows Workman's Appeal on Distribution of Company Assets in Liquidation. Holds that Secured Creditors Have Pari Passu Charge Only Over Properties Specifically Charged, Not All Assets; Workmen Have Priority for Uncharged Properties Under Sections 529 and 529A Companies Act, 1956.

The dispute arose from the winding up of U.M.I. Special Steel Limited, a company registered under the Companies Act, 1956. The company became sick, an...