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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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Supreme Court Dismisses Appeals in Company Law Dispute Over Maintainability of Oppression and Mismanagement Petition. Nomination Under Section 72 of Companies Act, 2013 Vests Rights in Nominee, Excluding Legal Heirs from Claiming Shares for Petition Maintainability Under Sections 241 and 242.

The dispute arose from a family tussle following the death of Mr. Abhey Kumar Oswal, who held significant shares in Oswal Agro Mills Ltd. and Oswal Gr...

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Bombay High Court Allows Summary Judgment for Debenture Trustee in Recovery Suit Against Corporate Guarantor. Defendant's Triable Issues Found to be Sham and Moonshine, Entitling Plaintiff to Judgment Under Order 37 CPC.

The plaintiff, IDBI Trusteeship Services Ltd., filed a summary suit under Order 37 of the Code of Civil Procedure, 1908, against the defendant, Hubtow...

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Karnataka High Court Dismisses Appeal for Impleadment in Winding Up Proceedings Due to Lack of Shareholding and Delay. Appellant, who sold his shares and ceased to be a shareholder, cannot seek impleadment in company winding up proceedings under Section 483 of the Companies Act, 1956.

The appellant, Dr. Kirtivan D. Kotian, along with his family members, originally held over 95% shares of M/s S. Manikya Plastichem Private Limited and...

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Bombay High Court Dismisses Appeal Seeking Permanent Stay of Winding Up of Svadeshi Mills Company Limited. Section 466 of Companies Act, 1956 does not permit stay of winding up after assets have been sold and substantial progress made in liquidation.

The case concerns an appeal against the dismissal of a company application under Section 466 of the Companies Act, 1956, seeking a permanent stay of t...

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Bombay High Court Allows Shareholder's Impleadment in Suit for Declaration Regarding Sale of Company Property — Petitioner Has Direct Interest in Subject Matter of Suit

The petitioner, Pradeep Mandhana, a shareholder of Golden Tobacco Ltd., filed a Chamber Summons seeking impleadment in S.C. Suit No.817 of 2011 filed ...