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Bombay High Court Dismisses Writ Petitions Against DRT Order in Debt Recovery Case — Bank Entitled to Recover Debt Under RDB Act. DRT Has Inherent Power to Reject Frivolous Counterclaim Without Recording Evidence, and High Court Should Not Interfere When Alternative Remedy of Appeal Exists.

The case involves two writ petitions arising from proceedings before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Fin...

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Bombay High Court Dismisses ICICI Bank's Intervention Application in Winding-Up Petition. ICICI Bank's claim not yet due and it is otherwise sufficiently secured; application held premature and aimed at defeating resolution of BNYM's claim.

The applicant, ICICI Bank Limited, sought to be impleaded as a respondent or alternatively to intervene in a company application filed by The Bank of ...

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Bombay High Court Dismisses Petitions Challenging Rejection of Redevelopment Proposals by Municipal Corporation. Court upholds Corporation's decision to reject proposals from vendor associations for redevelopment of municipal markets, finding no arbitrariness or violation of statutory provisions.

The Petitioners, being associations of licence vendors operating in various municipal markets established by the Municipal Corporation of Greater Mumb...

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Bombay High Court Allows Landowners to Use Reserved Land for Adjacent Purposes After Lapse of Reservation Period Under MRTP Act. Reservation for shopping complex and vegetable market lapses due to non-acquisition within 10 years under Section 127 of Maharashtra Regional and Town Planning Act, 1966.

The petitioners, landowners of Survey Nos. 405/1, 406/2, 407/2, 410/2 and 411 of Mouza Gondia (Bk), challenged the reservation No. S169 in the Final D...

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High Court of Karnataka Dismisses Petition by Foreign Shareholder Challenging Constitutional Validity of Section 272(1)(e) Companies Act, 2013. Section 272(1)(e) is not ultra vires the Constitution; second proviso to Section 272(3) does not apply to petitions under Section 272(1)(e).

The petitioner, Devas Employees Mauritius Private Limited, a company incorporated under the laws of Mauritius and a shareholder of Devas Multimedia Pr...

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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...