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Supreme Court Allows Appeal in IBC Limitation Dispute — Application Under Section 7 Held Barred by Limitation. Acknowledgment of Debt in Balance Sheets Does Not Extend Limitation for Initiating CIRP Under IBC.

The Supreme Court allowed the appeal filed by Babulal Vardharji Gurjar, a director of Veer Gurjar Aluminium Industries Pvt. Ltd., against the order of...

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Bombay High Court Allows Petition Challenging Award Denying Subsistence Allowance for Failure to Mark Attendance During Suspension. Suspended Employee Not Required to Attend Factory Daily for Subsistence Allowance Under Industrial Employment (Standing Orders) Act, 1946.

The petitioner, M/s. Hindustan Level Employees Union, challenged an Award dated 13.08.2014 which rejected a Reference concerning denial of subsistence...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Deductions Under Sections 36(1)(vii) and 36(1)(iii) of the Income Tax Act, 1961. Tribunal's order setting aside Commissioner's revision under Section 263 upheld as Assessing Officer had made proper inquiries and formed an opinion.

The appeal was filed by the Pr. Commissioner of Income Tax-14, Mumbai (appellant-revenue) under Section 260-A of the Income Tax Act, 1961, against the...

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Bombay High Court Dismisses Petition Challenging Arbitral Award in NIFTY Trade Dispute. Court upholds arbitral tribunal's finding that petitioners failed to prove unauthorized trade and that credit note was accepted without objection.

The petitioners, Intex Financial Services Pvt. Ltd. and its director Dinesh Mehta, filed a petition under Section 34 of the Arbitration and Conciliati...

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NOTICE OF MOTION COMMERCIAL DIVISION NO. 196 OF 2018

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Bombay High Court at Goa Allows Second Appeal in Consent Decree Challenge — Separate Suit to Set Aside Consent Decree on Ground of Illegality Not Maintainable. Order XXIII Rule 3A CPC Bars Such Suit; Appellate Court's Judgment Set Aside as Perverse.

The dispute originated from a suit for eviction (R.C.S. No.62/78) between the parties, who are relatives, concerning a structure/taverna in Survey No....

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Bombay High Court Quashes Deficit Stamp Duty Demand on Development Agreement — Agreement Not a Conveyance Under Bombay Stamp Act, 1958. Development Agreement Held Chargeable Under Article 5(ga) at 1% of Consideration, Not Market Value.

The petitioner, M/s. Prasun Developers, challenged orders of the Joint District Registrar and Collector of Stamps, Pune, and the Deputy Inspector Gene...