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High Court Dismisses Appeal Against Winding-Up Order in Bond Default Case; Upholds Adverse Remarks Against Directors for Fund Diversion. Company Found Unable to Pay Debts and Substratum Lost, Justifying Winding Up Under Sections 433(e) and 433(f) of Companies Act, 1956.

The appeal arose from a winding-up order passed by the learned company Judge against Zenith Infotech Limited (the appellant) in a petition filed by Th...

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Bombay High Court Allows Writ Petition Against MIDC for Unilateral Rescission of Land Allotment — MIDC's Action Held Arbitrary and Violative of Natural Justice. Concluded Contract Exists Upon Acceptance of Consideration, Entitling Petitioner to Specific Performance.

The petitioners, Kamlakar Bhimrao Patil and Terrafirm Softtech Private Limited (formerly Everest Realtors Pvt. Ltd.), filed a writ petition under Arti...

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COMMERCIAL ARBITRATION APPEAL NO.10 OF 2024

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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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High Court of Karnataka Allows Canara Bank's Appeal Against Refund Order in SARFAESI Auction Dispute — Bank Not Obliged to Refund 25% Deposit When Auction Purchaser Defaults on Balance Payment.

The appellant, Canara Bank, conducted an e-auction on 29 November 2021 of a property under the Securitisation and Reconstruction of Financial Assets a...