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NCLAT Dismisses Appeal of BEST Undertaking Against Liquidator's Rejection of Interest Claim and Secured Creditor Status in Liquidation of Spark Green Energy. Interest-Free Deposit Does Not Attract Interest, and Unregistered Charge Does Not Confer Secured Status Under IBC.

The appeal was filed by Brihanmumbai Electricity Supply and Transport Undertaking (BEST) against an order of the Adjudicating Authority (NCLT Mumbai B...

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High Court of Bombay at Nagpur Dismisses Bank's Revision Against Rejection of Plaint in Suit Challenging SARFAESI Action — Civil Court Has Jurisdiction to Entertain Suit Alleging Violation of RBI Guidelines and Fraud.

The case involves a civil revision application filed by Bank of Baroda (applicant/original defendant) challenging an order dated 26/04/2018 passed by ...

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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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High Court of Karnataka Dismisses Writ Petition Challenging Debt Recovery Appellate Tribunal Order in Securitisation Application Matter. Maintainability of Appeal Under Section 18 of SARFAESI Act Against Interim Orders of Debts Recovery Tribunal Upheld.

The petitioner, Trishul Developers, a partnership firm, filed a writ petition under Article 227 of the Constitution of India challenging an order date...

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Bombay High Court Allows Appeal Against Admission of Winding Up Petition Due to Company's Ability to Secure Debt. Section 434(1)(a) of Companies Act, 1956 Requires Creditor to Consider Offer of Security Before Deeming Company Unable to Pay Debts.

The appeal was filed by Stonemann Royale Limited against an order dated 19 March 2018 made by the learned Company Judge admitting and ordering adverti...

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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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Bombay High Court Quashes Criminal Proceedings Against Directors and Officers in Cheque Dishonour Case Due to Absence of Specific Allegations. Vicarious Liability Under Section 138 of Negotiable Instruments Act, 1881 Requires Specific Averments of Role in Issuance of Cheque.

The petitioners, including M/s. GIC Housing Finance Ltd. and its directors/officers, filed a writ petition under Article 226 of the Constitution read ...