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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Bombay High Court Hears Writ Petition Challenging Taxability of Interest Received on Enhanced Motor Accident Compensation. Petitioner Claims Interest is Capital Receipt and Not Taxable; Revenue Relies on Sections 56(2)(viii) and 145A(b) of Income Tax Act, 1961.

The petitioner, a 48-year-old man rendered paraplegic and bedridden since a road accident at age 8, filed a writ petition challenging the taxability o...

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Bombay High Court Allows Appeal Against Refusal of Ad-Interim Injunction in Property Dispute — Holds That Trial Court Must Consider Documents Prima Facie and That Section 52 of Transfer of Property Act Does Not Substitute Injunction

The appellant, Durga Bearing (Mumbai) Pvt. Ltd., filed an appeal against the order of the City Civil Court, Dindoshi, Mumbai, dated 10 August 2016, wh...

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Bombay High Court Allows Contractor's Suit for Recovery of Unpaid Amounts and Interest in Construction Contract Dispute. Holds that Delayed Payments Attract Interest Under Section 61 of the Indian Contract Act, 1872, and Excess Recovery from Mobilisation Advance Must Be Refunded.

The plaintiff, M/s Ajay Deep Construction Pvt. Ltd., filed a suit against the Maharashtra State Police Housing & Welfare Corporation Ltd. for recovery...

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Supreme Court Dismisses Appeal Against State, Modifies Decree for Interest in Commission Agent's Lien Case. Mere Possession of Goods as Commission Agent Does Not Create a Pledge, and Voluntary Transfer Without Reservation Extinguishes Lien Under Section 221 of the Indian Contract Act, 1872.

The dispute arose out of a commission agency agreement between the appellant, Ramprasad, and Hetampal Singh, a licence holder for grain distribution i...

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High Court of Bombay Dismisses Arbitration Petition in Interest on Security Deposit Dispute. Contractual Bar on Interest and Non-Applicability of Section 31(7)(a) Arbitration Act Renders Claim Unsustainable; Arbitrator’s Finding on Evidence Upheld.

The dispute arose from an agreement dated 30 December 1996 between the petitioner, M/s. Mascon Multiservices & Consultants Pvt. Ltd., and the responde...

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Bombay High Court Dismisses Appeal by Mortgagee Bank in Admiralty Suit Regarding Priority of Claims Over Vessel Sale Proceeds. Court Has Power to Fix Time Limit for Filing Claims Against Sale Proceeds to Ensure Finality and Expeditious Distribution.

The appellant, Sparebanken Sogn Og Fjordane, a Norwegian bank, filed an admiralty suit against the vessel M.V. Bos Angler and its owners seeking enfor...

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Supreme Court Dismisses Appeals in Agricultural Land Specific Performance Case; Pendente Lite Transferees' Objections Rejected Under Section 52, Transfer of Property Act, 1882. Readiness and Willingness of Purchasers Inferred from Conduct; No Collusion Found.

The Supreme Court heard two appeals together: the first by the original seller of agricultural land challenging the concurrent findings of lower court...