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High Court of Karnataka Dismisses Appeal Challenging DICGC Act Provisions in Cooperative Bank Deposit Insurance Dispute. Sections 18A(5) and 21(3)(4) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, held constitutional and not arbitrary.

The appellant, Sri G.K. Gururaja Rao, Secretary of Sri Guru Raghavendra Sahakara Bank Niyamitha, filed a writ petition under Article 226 of the Consti...

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Supreme Court Allows Insolvency Proceedings Under IBC Over Defunct Scheme of Arrangement -- IBC Prevails Over Companies Act in Recovery of Defaulted Loans

The Supreme Court allowed an appeal against the Company Law Appellate Tribunal's order that kept in abeyance an application under Section 7 of the Ins...

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High Court of Karnataka Dismisses Writ Petition in SARFAESI Matter Due to Availability of Alternative Remedy Under Section 17 of SARFAESI Act, 2002. Petitioner Had Already Filed Applications Under Section 17 Before DRT, Rendering Writ Petition Not Maintainable.

The petitioner, Chandrashekar H.S., filed a writ petition under Article 226 of the Constitution of India before the High Court of Karnataka seeking a ...

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Bombay High Court Quashes Joint Registrar's Order in Cooperative Housing Society Land Sale Dispute — Violation of Natural Justice and Bye-Laws. Permission for Sale of Society Land Granted Without Notice to Members or Proper Inquiry Under Maharashtra Co-operative Societies Act, 1960.

The petitioners, members of respondent No.4 housing cooperative society (Ahilyabai Magasavargiya Gruhnirman Sahakari Sanstha Ltd.), challenged the ord...

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Bombay High Court Allows Writ Petition Challenging SAFEMA Forfeiture Orders — Bank's Mortgage Rights Protected as Prior Encumbrance. The Court held that forfeiture under Section 7 of SAFEMA does not extinguish a prior bona fide mortgage created before the issuance of the show cause notice.

The Petitioner, Development Credit Bank Ltd., filed a writ petition under Article 226 of the Constitution of India challenging an order dated 12th Mar...

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NCLAT Dismisses Appeal Against Liquidation Order in Insolvency Case — Appellant Failed to Show Viable Revival Plan or Error in Impugned Order. Corporate Debtor's Liquidation Upheld as No Resolution Plan Was Received and Appellant's Offer Was Not a Valid Plan Under IBC.

The case involves an appeal filed by P. Naveen Chakravarthy (the appellant) against an order dated 27.01.2021 passed by the Adjudicating Authority (Na...