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Bombay High Court Adjudicates Section 34 Petition Against Arbitral Award on Termination and Repudiation of Master Asset Purchase Agreement. Arbitrator's Finding of Repudiation by Purchaser and Direction for Refund of Consideration under MAPA Considered.

The dispute arose from a Master Asset Purchase Agreement (MAPA) dated 31st March 2005 between Siddhivinayak Realties Pvt. Ltd. as purchaser and V Hote...

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Supreme Court Dismisses Municipal Corporation's Appeal Against Resolution Plan Approval in Insolvency Case. Municipal Corporation's Prior Consent to Resolution Plan Precludes Later Objections Under IBC.

The Municipal Corporation of Greater Mumbai (MCGM) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which had upheld ...

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NCLAT Allows Appeal Against Admission of CIRP Due to Discharge of Debt Through One-Time Settlement. Financial Debt Found to Be Fully Satisfied Prior to Filing of Section 7 Application Under Insolvency and Bankruptcy Code, 2016.

The present appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Puneet Resutra, the erstwhile Director and Shar...

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High Court Dismisses Bank's Revision in SARFAESI Act Suit — Civil Court Jurisdiction Not Barred. Suit for Declaration and Injunction Regarding Personal Guarantee Held Maintainable as It Does Not Relate to Enforcement of Security Interest Under Section 34 of SARFAESI Act.

The case involves a civil revision application filed by Allahabad Bank against an order of the Joint Civil Judge, Junior Division, Nagpur, rejecting t...

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Bombay High Court Allows Debenture Trustee's Claim for Payment from Suit Amount Held by Court Receiver in Priority Over Assignee of Decree. The court held that an assignee of a decree steps into the shoes of the assignor and cannot claim priority over the original decree holder who is a debenture trustee.

The dispute arose from a suit filed by ICICI Bank Ltd. (plaintiff) as debenture trustee for holders of 15% non-convertible debentures issued by Pal Pe...

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Supreme Court Dismisses Appeal Against Initiation of CIRP Against Corporate Debtor Despite Payment by Guarantor's Resolution Applicant. Right of Subrogation Under Section 140 of Indian Contract Act, 1872 Not Available Where Resolution Plan Extinguishes Guarantee and No Payment of Entire Debt.

The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against the 2nd respondent, Gujarat Hydrocarbon a...

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Bombay High Court Examines Jurisdiction of Assistant Registrar under Bombay Moneylenders Act to Nullify Registered Sale Deeds. Multiple writ petitions challenge orders directing reconveyance of agricultural land alleged to be security for unlicensed money lending.

The High Court of Bombay, Nagpur Bench, heard a batch of 21 writ petitions collectively, all challenging orders passed by the Taluka Assistant Registr...