Search Results for "secured creditor priority"

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Bombay High Court Allows Appeals by Acquiring Body in Land Acquisition Compensat...
Bombay High Court Dismisses NHAI Appeals in Land Acquisition Compensation Disput...
Bombay High Court Dismisses Writ Petition Challenging Concurrent Findings in Sui...
Supreme Court Acquits Accused in Murder Case Due to Incredible Dying Declaration...
Supreme Court Quashes Criminal Proceedings Under Section 182 IPC for Lack of Val...

Search Results for "secured creditor priority"

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Supreme Court

Supreme Court Allows Appeal of Auction Purchaser Against Income Tax Attachment — Prior Secured Debt Prevails Over Crown Debt. The Court held that a sale by DRT pursuant to a prior mortgage is not void under Rule 16 of Schedule II to the Income Tax Act, 1961, despite a subsequent attachment by the Income Tax Department.

6 Mar 2020

The appellant, M/s. Connectwell Industries Pvt. Ltd., purchased a property in a public auction conducted by the Recovery Officer of the Debt Recovery ...

Tribunals

NCLAT Allows Appeals by Commercial Space Buyers in CIRP of IP Constructions Pvt. Ltd. — Resolution Plan Must Include Allottees' Claims. The Tribunal held that commercial space allottees are 'financial creditors' under Section 5(8)(f) of the Insolvency and Bankruptcy Code, 2016, and their claims must be considered in the resolution plan.

30 Nov -0001

The judgment arises from three appeals filed by commercial space allottees against orders of the National Company Law Tribunal (NCLT), Principal Bench...

High Court

Madras High Court Quashes Tax Demand Against Auction Purchaser in TNVAT Recovery Case — Priority of Crown Debt Over Mortgagee's Right. The court held that a bona fide auction purchaser who buys property through a mortgagee's sale under Section 69 of the Transfer of Property Act, 1882 takes the property free of all encumbrances, including subsequent tax demands under Section 24 of the Tamil Nadu Value Added Tax Act, 2006.

21 Jan 2025

The petitioner, D.K. Sadasivam, was the successful purchaser of a property (S.Nos. 7/10, 7/11 and 13/1 in Sigarahalli Village, Pennagaram Taluk, Dharm...

Supreme Court

Supreme Court Reverses High Court in SICA Case on Unsecured Creditor Rights - Sanctioned Rehabilitation Scheme Binding on All Creditors. Court held that under Sections 18(8) and 32 of Sick Industrial Companies (Special Provisions) Act, 1985, unsecured creditors cannot opt out of scaled-down payments and must accept scheme terms for company revival.

17 Mar 2023

The Supreme Court addressed a group of appeals concerning the binding effect of rehabilitation schemes sanctioned under the Sick Industrial Companies ...

High Court

High Court of Karnataka Allows Canara Bank's Writ Petition Seeking Removal of Encumbrance Created by Commercial Tax Department on Mortgaged Property. Priority of Bank's Mortgage Over Statutory Charge Under Karnataka Value Added Tax Act, 2003 Upheld.

23 Sep 2025

The petitioner, Canara Bank, filed a writ petition under Articles 226 and 227 of the Constitution of India seeking a writ of mandamus directing the St...

Supreme Court

Supreme Court Dismisses Appeal in Insolvency Case Involving Corporate Guarantee for Non-Corporate Borrowers. Corporate Insolvency Resolution Process Under Section 7 of Insolvency and Bankruptcy Code, 2016 is Maintainable Against Corporate Person as Guarantor Even When Principal Borrower is Not a Corporate Person, as Default Triggers Financial Debt and Corporate Debtor Status.

6 Sep 2022

The appeal arose from a dispute under the Insolvency and Bankruptcy Code, 2016 (IBC), where the appellant, a promoter and director of Maharaja Theme P...

Supreme Court

Supreme Court Allows Bank's Appeal Against Confiscation Orders Under Central Excise Act and SARFAESI Act. Commissioner's Use of Omitted Rule 173Q(2) Invalid and SARFAESI Act Grants Priority to Secured Creditors Over Excise Dues.

24 Feb 2022

The appeal arose from a judgment of the Allahabad High Court dismissing a writ petition filed by Punjab National Bank. The bank had extended credit fa...

High Court

Bombay High Court Directs Removal of Central Excise Lien on Property Sold Under SARFAESI Act, Orders Registration of Sale Certificate. The Court held that the sale under the SARFAESI Act extinguishes all prior encumbrances, including statutory liens of the Excise Department, and the Sub-Registrar cannot refuse registration of the sale certificate on the ground of such prior encumbrance.

28 Jun 2023

The Petitioner, Ronak Industries, a partnership firm, purchased an immovable property (Survey No.366/5 and 366/6, admeasuring 2400 sq.mtrs, along with...

High Court

Bombay High Court Allows State of Kerala's Claim for Sales Tax Arrears in Liquidation, Holding Section 26B of Kerala General Sales Tax Act Overrides Companies Act Priority. The court directed the Official Liquidator to release Rs.68,55,885/- to the State, recognizing the first charge created by Section 26B over the claims of secured creditors and workmen.

11 Aug 2010

The State of Kerala filed an application before the Bombay High Court seeking an order directing the Official Liquidator of Poysha Industrial Company ...

High Court

Bombay High Court Allows Writ Petition by Bank Challenging Revenue Recovery Certificate for Land Revenue. Secured Creditor's Mortgage Prevails Over State's Claim for Arrears of Land Revenue Under Maharashtra Land Revenue Code, 1966.

5 Jul 2010

The petitioner, Union Bank of India, a body corporate under the Banking Companies (Acquisition & Transfer of Undertakings) Act V of 1970, filed a writ...

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