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Bombay High Court Allows Writ Petition Challenging Dismissal of Execution Application for Arbitral Award on Limitation Grounds. Execution of Arbitral Award is Governed by Article 137 of Limitation Act, 1963, Not Section 34 of Arbitration and Conciliation Act, 1996.

The petitioner, Mahindra & Mahindra Financial Services Ltd., had granted a loan of Rs.3,95,000 to respondent No.1 for purchasing a tractor, with respo...

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Bombay High Court Quashes Proceedings Against Director in Cheque Dishonour Case for Lack of Specific Allegations. Applicant Director Not Involved in Day-to-Day Affairs of Company, No Vicarious Liability Under Section 141 NI Act.

The applicant, Vijay Khairatilal Bhatia, was accused No. 5 in a criminal complaint filed by respondent No. 1, Ashwin Ramesh Mittal, under Section 138 ...

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Bombay High Court Quashes Proceedings Against Director in Cheque Dishonour Case for Lack of Specific Allegations. Resignation Prior to Cheque Issuance and Absence of Specific Averments Under Section 141 NI Act Lead to Quashing Under Section 482 CrPC.

The applicant, Vijay Khairatilal Bhatia, was accused No. 5 in a criminal complaint filed by Bhagirath Chandulal Arya (respondent No. 1) under Section ...

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Bombay High Court Allows Revision Against Rejection of Leave to Defend in Summary Suit. Bank Granted Conditional Leave to Defend on Deposit of Rs. 25 Lakhs for Triable Issues Regarding Liability as Mortgagee in Possession Under Order 37 CPC.

The case involves a Civil Revision Application filed by ICICI Bank Limited (the applicant/original defendant No.1) against the order dated 30th June 2...

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High Court of Karnataka Dismisses Intra-Court Appeal Against Look-Out Circulars Issued by Banks Due to Default of Rs.2800 Crores. Court Holds that Petitioner’s Concession to Banks’ Power and Pending Suits Justify Travel Restriction Under Office Memoranda.

The intra-court appeal arose from the dismissal of a writ petition that challenged two Look Out Circulars issued by Bank of Baroda and Punjab National...

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Supreme Court Hears Appeal on Limitation in IBC Proceedings; Balance Sheet Acknowledgment Dispute. NCLAT Upheld Dismissal of Section 7 Application as Time-Barred Despite Claim of Debt Acknowledgment in Financial Statements.

The appeal arose from the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by IL&FS Financial Services Li...

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Bombay High Court Quashes Bank's Wilful Defaulter Declaration for Violating Natural Justice. Show-cause notice lacking specific grounds renders the decision invalid under RBI Master Circular on Wilful Defaulters.

The petitioners, Nitin Shah, Rahul Shah, and Kunal Shah, who were directors of Nitin Fire Protection Industries Ltd. (the corporate debtor under CIRP)...

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Bombay High Court Grants Summary Judgment in Favor of Plaintiff in Cheque Dishonour Case — Defendant's Admission of Liability and Failure to Disclose Triable Issues Leads to Decree. The court held that a bare assertion without documentary evidence does not constitute a triable issue under Order 37 CPC.

The plaintiff filed a summary suit under Order 37 of the Code of Civil Procedure, 1908, to recover amounts lent and advanced to the defendant, based o...