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Bombay High Court Allows Winding Up Petition Against Varun Global Limited for Non-Payment of Loan Debt. Life Insurance Corporation of India Succeeds in Proving Company's Inability to Pay Debts Under Sections 433(e) and 434 of the Companies Act, 1956.

The petitioner, Life Insurance Corporation of India (LIC), filed a company petition under Sections 433(e) and 434 of the Companies Act, 1956, seeking ...

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High Court Allows Impleadment of Liquidator in Pending Salary Recovery Suit -- Interprets IBC Provisions on Continuation of Proceedings Post-Liquidation -- Sets Aside Trial Court Order Dismissing Chamber Summons

The Petitioner, a former employee of Respondent No.1 company, had filed a Summary Suit in 2017 for recovery of salary dues -- After the company went i...

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Supreme Court Dismisses Power Trust's Appeal Against CIRP Initiation for Appellant(s), Upholds NCLAT Order Admitting Section 7 IBC Application Due to Default and Non-Compliance with Restructuring Conditions

The Supreme Court dismissed an appeal challenging the initiation of corporate insolvency resolution process (CIRP) against Hiranmaye Energy Ltd. under...

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Bombay High Court Holds Pending Civil Suits Not a Bar to Deemed Conveyance Under MOFA: Quantum Park CHS v. AHCL-PEL & Ors

The Bombay High Court allowed the writ petition filed by Quantum Park Cooperative Housing Society and quashed the order rejecting its application for ...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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High Court of Karnataka Allows Appeal in Property Suit — Trial Court Erred in Rejecting Plaint Under Order VII Rule 11(d) CPC. Suit for Declaration of Title and Possession Not Barred by Limitation as Plaintiff Was in Possession Within 12 Years of Filing.

The appellant/plaintiff filed a suit for declaration of title and possession against the respondents/defendants in O.S.No.7993/2000 before the XVI Add...

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Supreme Court Allows Appeal in MPID Act Deposit Dispute — High Court Erred in Treating Investment as Loan Transaction. The court held that amounts advanced with promise of interest constitute 'deposit' under Section 2(c) of MPID Act, and failure to repay amounts to 'fraudulent default' under Section 3.

The present appeal arises from a judgment of the Bombay High Court dismissing the appellants' Criminal Revision Application under the MPID Act. The ap...

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High Court of Karnataka Dismisses Writ Petition Challenging Permission for New Co-operative Society. Petitioner's Existing Society Not Entitled to Object as No Statutory Bar Under Karnataka Co-operative Societies Act, 1959.

The petitioner, Prathamik Krushi Pattin Sahakari Sangh Niyamit, Tekkalkote, an existing co-operative society registered under the Karnataka Co-operati...