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Bombay High Court Directs Magistrate to Implement SARFAESI Order for Bank Possession. Chief Metropolitan Magistrate Bound to Execute Section 14 Order for Taking Physical Possession of Secured Assets with Police Assistance.

The petitioner, Kotak Mahindra Bank Limited, a banking company as defined in Clause 5 of the Banking Regulation Act, 1949, filed a criminal writ petit...

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Bombay High Court Disposes of Four Petitions Under Section 9 of Arbitration Act by Common Order. Interim Measures Sought by Financing Company Against Borrower and Guarantor for Default in Loan Repayments Secured by Hypothecated Equipment.

L&T Finance Limited, a company registered under the Companies Act, 1956, filed four petitions under Section 9 of the Arbitration and Conciliation Act,...

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Bombay High Court Dismisses Bank's Revision Against Trial Court's Jurisdiction Ruling in SARFAESI Act Suit. Civil Court Has Jurisdiction to Entertain Suit for Permanent Injunction Against Re-auction of Mortgaged Property Despite SARFAESI Act Provisions.

The respondent, original plaintiff, filed Regular Civil Suit No.1756 of 2014 seeking a permanent injunction restraining the applicant bank from re-auc...

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High Court of Judicature at Bombay Hears Appeal Against Company Law Board Order in Oppression and Mismanagement Petition. Company Appeal No.19 of 2009 Challenges CLB's Findings on Reduction of Shareholding, Removal of Director, and Valuation of Land Under Sections 397 and 398 of the Companies Act, 1956.

The case involved a dispute between shareholders of Pantheon Infrastructure Pvt. Ltd., a company formed to acquire and develop a 13-acre property in M...

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Bombay High Court Upholds Termination of Company Paid Peon for Dereliction of Duty in Handing Over Leased Assets. Official Liquidator's recommendation for removal from service sanctioned due to grave misconduct in failing to ensure proper handover of leased equipment.

The Official Liquidator filed a report seeking sanction to terminate the services of Shri S.M. Shetty, a company paid Group 'D' Peon, for misconduct i...

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Bombay High Court Directs Police to Provide Aid for Taking Possession Under Section 14 of SARFAESI Act. Bank's Application Allowed as Police Failed to Assist Court Commissioner Despite Magistrate's Order.

The petitioner, Corporation Bank, had advanced loan facilities to M/s. Ankur Iron India Private Limited, which defaulted in repayment. The Bank initia...

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Supreme Court Upholds High Court Ruling That Time Limit Under Section 14 of SARFAESI Act is Directory. The provision requiring District Magistrate to pass possession order within 30 days (extendable to 60 days) is directory, as non-compliance does not invalidate proceedings or prejudice the borrower.

The appeal arose from a judgment of the Kerala High Court which held that the time limit under Section 14 of the Securitisation and Reconstruction of ...