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High Court of Karnataka Quashes Section 138 NI Act Proceedings Against Accused Due to Non-Existent Debt and Unrebutted Defence. Dishonour of Cheque Issued as Security for Loan Not Attracting Section 138 of Negotiable Instruments Act, 1881 as Debt Not Legally Enforceable.

The petitioner, Sri Lalji Kesha Vaid, filed a petition under Section 482 of the Code of Criminal Procedure, 1973 (Cr.P.C.) seeking quashing of crimina...

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Supreme Court Allows Appeal in IBC Case: CIRP Not a Substitute for Execution of Civil Court Decree. Insolvency and Bankruptcy Code, 2016 — Section 7 — Financial Debt — Decree Holder Cannot Bypass Execution Process.

The Supreme Court allowed the appeal filed by Appellants against the order of the NCLAT which had directed admission of a Section 7 petition under the...

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High Court of Karnataka Allows Appeal in Promissory Note Recovery Suit — Appellate Court's Reversal of Trial Court's Dismissal Upheld. Defendant's Denial of Execution and Signature on Promissory Note Found Unsubstantiated; Presumption Under Section 118 of Negotiable Instruments Act, 1881 Applied.

The plaintiff-respondent filed a suit for recovery of Rs. 1,13,520/- based on a demand promissory note executed by the defendant-appellant on 03.04.20...

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Bombay High Court Dismisses Application for Return of Plaint in Summary Suit, Holds Dispute Not Commercial Under Commercial Courts Act. Assignment of Debt by Leasing Company Not an Ordinary Transaction of Financier or Trader Under Section 2(1)(c)(i) of Commercial Courts Act, 2015.

The case involves an Interim Application filed by Defendant No. 1 (Varanium Cloud Limited) seeking return of the plaint under Order VII Rule 10 of the...

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Bombay High Court Dismisses Challenge to Arbitral Award in Loan Dispute, Upholds Financer's Claim. Court holds that existence of arbitration agreement is not a jurisdictional issue under Section 16 of Arbitration and Conciliation Act, 1996, and the award is not patently illegal.

The judgment concerns two arbitration petitions: Arbitration Petition No. 783 of 2011 filed by the borrowers (M/s. Sahyadri Earthmovers and its partne...

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Bombay High Court Issues Rule Nisi in Cyber Fraud Case Involving Unauthorized Withdrawals of Rs. 38.04 Lakh. Petitioner Claims Banks Breached RBI Guidelines on Internet Banking and Failed to Reverse Fraudulent Transactions.

The petitioner, a freelancer in business consultancy, maintained savings and current accounts with HDFC Bank since 2011 and 2016 respectively. On 14 J...