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Supreme Court Dismisses Appeal in Insolvency Case Due to Lack of Financial Creditor Status. Interest-Free Term Loan Does Not Qualify as Financial Debt Under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 as It Lacks Consideration for Time Value of Money.

The appeal arose under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the dismissal by the National Company Law Appellate Tribun...

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Supreme Court Dismisses Corporate Debtor's Appeal Against NCLT Order Admitting Insolvency Application Under Insolvency and Bankruptcy Code, 2016. Maharashtra Act Moratorium Does Not Bar Insolvency Proceedings as Section 238 of the Code Overrides Inconsistent State Laws.

The appeal arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The corporate debtor, a multi-product compan...

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Supreme Court Dismisses Appeal by Erstwhile Directors in First Insolvency Case, Holding IBC Overrides State Moratorium. Corporate Debtor's Belated Defence of Non-Disbursal Under Master Restructuring Agreement Rejected as After-Thought.

The case arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The appellant, a multi-product company, faced ...

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Bombay High Court Dismisses Borrowers' Writ Petitions Challenging SARFAESI Proceedings by Cooperative Bank — Alternative Remedy Under Section 17 of SARFAESI Act Held Efficacious. Petitioners Directed to Approach Debt Recovery Tribunal for Relief Against Recovery Actions.

The judgment concerns a batch of writ petitions filed by borrowers (Arun Dattatraya Narake and others) against the Authorized Officer of Kolhapur Dist...

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Bombay High Court Dismisses Petition Challenging Substitution of Assignee in Pending DRT Proceedings Under SARFAESI Act. Assignment of debt under Section 5 of SARFAESI Act entitles assignee to continue pending recovery proceedings without fresh filing, and amendment of cause title is permissible.

The petitioner, Alpha and Omega Diagnostics India Ltd., challenged a common order of the Debt Recovery Appellate Tribunal (DRAT) which upheld the orde...

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Bombay High Court Allows Petition Against Railway Eviction Notice for Non-Compliance with Statutory Requirements. Notice under Section 4 of the Railway Land (Unauthorised Occupation) Act, 1966 must specify the period of occupation and be served on the person in occupation.

The petitioners, Bhupendra Villa Premises Co-operative Society Limited, M/s. Ramesh Builders, and Rajen Harshadlal Sanghvi, filed a writ petition unde...

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Karnataka High Court Quashes FIR in Partnership and Work Execution Dispute Holding It Essentially Civil. Criminal Proceedings for Cheating and Trespass Found to Be Abuse of Process; Dispute Purely Civil in Nature and Does Not Attract Sections 420, 448, 506, 34 IPC.

The petitioners, accused in FIR No.154/2021, filed a writ petition under Articles 226 and 227 of the Constitution read with Section 482 CrPC seeking t...

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Bombay High Court Grants Probate of Will in Favor of Executor Despite Challenge by Caveator Claiming Earlier Will. Court Upholds Validity of Later Will Executed in Hospital, Finds No Suspicious Circumstances.

The case concerns a probate petition filed by Prakash Sunderdas Aswani, the sole executor named in the last Will of Pushpa Thakurdas Aswani dated 18th...