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Bombay High Court Allows SFC Petition Against Guarantors Under Section 31(1)(aa) of SFC Act, 1951 — Guarantors Liable Despite Company's Winding Up. Guarantee is a separate contract and liability of guarantor is co-extensive with principal debtor under Section 128 of Indian Contract Act, 1872.

The petitioner, SICOM Limited, a State Financial Corporation, filed a petition under Section 31(1)(aa) of the State Financial Corporation Act, 1951 ag...

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Bombay High Court Dismisses Petition Challenging EPF Attachment Over SFC Sale Property. Section 11(2) of EPF Act, 1952 creates overriding first charge on assets, enforceable against purchaser in SFC sale, not limited to insolvency or winding up.

The petitioner, M/s. Indus Agro Products, was a purchaser in a sale conducted by the State Financial Corporation under the State Financial Corporation...

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Bombay High Court Dismisses Second Appeal in Mortgage Redemption Suit — Concurrent Findings of Fact Not Interfered With. Suit for redemption of mortgage filed after 26 years held barred by limitation and not maintainable as mortgage was not proved.

The appellants, Sanjay Punamchand Pipada and Zamkubai Punamchand Pipada, filed a second appeal against the judgment and decree of the Regular Civil Su...

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Bombay High Court Quashes Deemed Conveyance Order in MOFA Case — Incomplete Development and Rights of Other Flat Owners Ignored. Unilateral Conveyance of Entire Land to One Society Held Invalid When Other Buildings Remain Unfinished and Governed by Different Enactment.

The petitioners, Marathon Next Gen Realty Limited and Marathon Realty Private Limited, are the owners and developers of a large parcel of land admeasu...

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Bombay High Court Dismisses Second Appeal in Will Dispute, Upholds 1935 Will Over 1988 Will. Succession rights determined by earlier valid Will; later Will found illegal and not binding on plaintiffs.

The case involves a property dispute over premises situated at CTS No.212, Nana Peth, Pune. The respondents (original plaintiffs) filed Special Civil ...

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Supreme Court Dismisses Revenue's Appeal in Income Tax Matter — Assessee Entitled to Section 25(4) Benefit. Business Was Carried on at Commencement of Amendment Act 7 of 1939, as Determined from Partnership Deed and Interpretation of Commencement Under General Clauses Act.

The dispute arose under the Indian Income Tax Act, 1922, concerning the entitlement of the assessee firm to exemption under section 25(4) for the asse...