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High Court of Karnataka Quashes Service Tax Demand on Payment Aggregator Services for FY 2015-16. Services Provided by FIS Payment Solutions to Acquiring Banks for Settlement of Card Transactions Held Not Taxable as 'Business Auxiliary Service' Under Finance Act, 1994.

The petitioner, FIS Payment Solutions and Services India Private Limited, a company incorporated under the Companies Act, 1956, provides payment aggre...

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High Court of Karnataka Upholds Arbitral Award in Commercial Appeal — No Interference Under Section 37 of Arbitration Act. Court holds that the arbitral tribunal's interpretation of contractual terms is final and not open to reappraisal in appeal unless perverse or contrary to public policy.

The case involves two connected commercial appeals arising from an arbitral dispute between Asset Reconstruction Company (India) Ltd. (ARCIL) and Many...

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High Court of Karnataka Allows Writ Petition Against Bank Forfeiture — Directs Refund of Rs.24.10 Lakhs Deposit with Interest. Forfeiture of deposit without contractual authority in auction sale is arbitrary and unjust, warranting refund with interest at 6% per annum.

The petitioner, P Balaji Babu, participated in an auction conducted by the State Bank of India (respondent No.1) for the sale of immovable property ow...

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Bombay High Court Allows Writ Petition Quashing MPID Act Attachment Against Corporate Debtor's Property. Section 32A IBC Overrides MPID Act as Property Acquired Prior to Offence and Corporate Debtor Not Accused.

The petitioner, Dwarka Iron Industries Pvt. Ltd., as the Successful Resolution Applicant of the corporate debtor M/s. Abhirama Steels Limited, filed a...

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Bombay High Court Dismisses Appeal Against Section 9 Interim Relief in Foreign Award Enforcement. Court Confirms Injunction Restraining Alienation of Helicopter Pending Enforcement of Singapore Award Under Part II of Arbitration Act, 1996.

The respondent, Aircon Feibars FZE, obtained a foreign award in Singapore on 25 January 2017 for approximately US$7 million (Rs.46 Crores) against the...

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High Court of Karnataka Directs Banks to Comply with RBI Prudential Framework for Stressed Assets Resolution in Writ Petition by Borrower Company. The court held that the RBI circular dated June 7, 2019, is binding on banks and that the borrower has a right to seek a review meeting under the framework.

The petitioner, Ganjam Nagappa and Son Private Limited, a company incorporated under the Companies Act, 1956, filed a writ petition under Articles 226...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Capital Gains from Sale of Agricultural Land Held Not Taxable. Land Used for Agriculture and Not Within Urban Limits Under Section 2(14)(iii) of Income Tax Act, 1961.

The case involves appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Trib...