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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 Rejects Second Bail Application in Economic Offence Case Due to No Change in Circumstances. Applicant's Role as Director in Fraudulent Transactions Upheld; Gravity of Offence Precludes Bail.

The applicant, Waryam Singh Kartar Singh, filed a second bail application under Section 439 of the Code of Criminal Procedure, 1973, in connection wit...

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Bombay High Court Dismisses Appeal for Specific Performance of Agreement to Sell, Upholds Refund of Earnest Money. Court finds that the plaintiff failed to prove readiness and willingness to perform its part of the contract under Section 16(c) of the Specific Relief Act, 1963.

The appellant, M/s. Dreams Construction Private Limited, filed a suit for specific performance of an agreement to sell a land admeasuring 1 Hector and...

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Bombay High Court Dismisses Winding Up Petitions Against GOL Offshore Ltd. Due to Bona Fide Dispute and Absence of Commercial Insolvency. Debt Not Due and Payable Under Section 433(e) of Companies Act, 1956.

The judgment concerns two winding up petitions filed by Export-Import Bank of India and Punjab National Bank (International) Ltd. against GOL Offshore...

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Bombay High Court Dismisses Appeal by Videocon Industries Against Winding Up Order for Non-Payment of Guarantee Debt to Italian Bank. Patronage Letter Held to Be a Guarantee Under Indian Contract Act, 1872, and Claim Not Time-Barred.

The case involves an appeal by Videocon Industries Limited against an order of the Company Judge directing payment of Rs.259.73 crores to Intesa Sanpa...

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Bombay High Court Dismisses Petition Challenging Auction Sale of Property by EDC Limited. Held that the petitioner failed to establish any illegality or arbitrariness in the auction process and that the sale was validly conducted under the terms of the loan agreement.

The petitioner, Asiatic Holiday Resorts Pvt. Ltd., had taken a loan from respondent no. 2, Maharashtra State Financial Corporation, and had mortgaged ...