Search Results for "secured creditor priority"

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Search Results for "secured creditor priority"

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High Court

High Court of Judicature at Bombay Adjudicates Creditor's Application for Secured Creditor Status in Liquidation; Cooperative Bank's Claim Based on Unregistered Mortgage and Recovery Certificate Under Maharashtra Cooperative Societies Act, 1960. A Recovery Certificate ordering attachment and sale does not create a charge on company assets without registration under Section 125 of the Companies Act, 1956, and an unregistered mortgage is void against the Official Liquidator.

3 Jun 2019

This matter arose in the winding up of Satwik Electric Controls Private Limited (the Company), ordered to be wound up on 19 July 2007. City Coop Credi...

High Court

Bombay High Court Allows Auction Purchasers' Petition in SARFAESI Act Case Due to Overriding Effect of Section 26E Over MVAT Act. Property Purchased in SARFAESI Auction Held Free from Prior Sales Tax Attachment Under Section 38C of MVAT Act.

12 Jul 2023

The petitioners, Shailesh K. Bothra and Mukesh C. Karwa, were auction purchasers of a property sold by Cholamandalam Investment & Finance Co. Ltd. (pe...

High Court

Bombay High Court Allows Appeal Against Winding Up Order in Loan Dispute — Company's Defence of Bona Fide Dispute and Secured Creditor Status Accepted. Court holds that a winding up petition is not maintainable when the debt is bona fide disputed and the creditor is a secured creditor with alternative remedies.

18 Feb 2013

The case involves an appeal against an order admitting a winding up petition against M/s. Asian Power Controls Ltd. The respondent, Mrs. Bubbles Goyal...

Supreme Court

Supreme Court Allows Secured Creditor's Winding Up Petition Despite DRT Decree — Recovery of Debts Act Does Not Bar Winding Up Proceedings Under Companies Act. Secured Creditor Need Not Relinquish Security Before Admission of Winding Up Petition; Election Arises Only After Winding Up Order Under Section 529 Companies Act, 1956.

29 Jan 2019

The case involves the right of a secured creditor, Kotak Mahindra Bank Ltd., to file a winding up petition under the Companies Act, 1956, after having...

Supreme Court

Supreme Court Allows Secured Creditor's Appeal in SARFAESI Act Priority Dispute — Employees' Dues Cannot Override Bank's Claim Over Sale Proceeds of Co-operative Society's Assets. The Court held that Section 529A of the Companies Act, 1956 does not apply to co-operative societies due to Section 167 of the Maharashtra Co-operative Societies Act, 1960, and employees' dues recoverable as arrears of land revenue do not create a paramount charge over secured assets.

4 Dec 2019

The appeal arose from a dispute between the Maharashtra State Co-operative Bank Ltd. (appellant) and employees of Vainganga Sahakari Sakhar Karkhana L...

Supreme Court

Supreme Court Allows Appeal in Insolvency Case Regarding Security Interest and Pledge of Shares — NCLAT Order Set Aside. The Court held that the Corporate Debtor's creation of security by way of pledge of shares of its subsidiary in favour of the appellants constituted a valid security interest under the Insolvency and Bankruptcy Code, 2016, and the moratorium under Section 14 does not bar the enforcement of such security by a secured creditor.

24 Aug 2020

The present appeal arises from an order of the National Company Law Appellate Tribunal (NCLAT) dated 24.08.2020, which dismissed the appeal filed by t...

High Court

Bombay High Court Directs Mortgagee Bank to Fund Essential Supplies to Arrested Vessel Pending Judicial Sale — Priority of Supply Claims as Sheriff's Expenses. The court held that the mortgagee bank must bear the cost of preserving the arrested vessel and such expenses rank first in priority over all other claims.

11 Feb 2014

The Plaintiff, Coromandel International Limited, filed an Admiralty Suit against the vessel m.v. GLORY I and its owners, Andromeda Ship Holdings Ltd.,...

Supreme Court

Supreme Court Allows Appeals by State Bank of India in Jet Airways Insolvency Case — Holds Performance Bank Guarantee Cannot Be Adjusted Against Resolution Plan Payment and Non-Implementation Leads to Liquidation. The Court ruled that the SRA's failure to pay airport dues and employee dues constituted non-implementation of the Resolution Plan under Section 33(3) IBC, 2016, and the PBG cannot be set off against the first tranche payment.

13 Nov 2024

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Limited, initiated by State Bank of India (SBI) under S...

High Court

Bombay High Court Allows Withdrawal of Appeal and Release of Deposited Amount in Insolvency Case — Moratorium Under Section 14 IBC Bars Enforcement Against Corporate Debtor's Assets. The cash deposit made by the corporate debtor in court is an asset belonging to the corporate debtor, and the resolution professional is entitled to its release for the resolution process.

13 Nov 2024

The Bombay High Court allowed an application filed by the Resolution Professional of Siti Networks Ltd. (corporate debtor) seeking withdrawal of Appea...

High Court

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.

8 Jun 2026

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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