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High Court of Karnataka Directs Banks to Comply with RBI Prudential Framework for Stressed Assets Resolution in Writ Petition by Borrower Company. The court held that the RBI circular dated June 7, 2019, is binding on banks and that the borrower has a right to seek a review meeting under the framework.

The petitioner, Ganjam Nagappa and Son Private Limited, a company incorporated under the Companies Act, 1956, filed a writ petition under Articles 226...

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High Court of Karnataka Quashes Reassessment Notice for Lack of Jurisdiction — Dell India Pvt. Ltd. v. Joint Commissioner of Income Tax. Notice under Section 148 of Income Tax Act, 1961 issued without proper sanction and by officer lacking territorial jurisdiction over assessee.

The petitioner, Dell India Pvt. Ltd., is a company engaged in the manufacture and sale of computer hardware and related products. For the Assessment Y...

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Supreme Court Upholds Appeal and Dismisses Foreclosure Suit Due to Improper Joinder and Limitation Bar. Court Reverses High Court's Addition of Plaintiffs and Defendants Under Order 1 Rule 10 CPC as the Added Parties' Claims Were Time-Barred Under Section 22 of the Indian Limitation Act, 1908.

The dispute arose from a mortgage executed in 1934 in the former State of Hyderabad. The mortgage amount became due in 1943. The first respondent, cla...

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High Court of Karnataka Hears Appeal Against Trial Court's Damages Award in Illegal Termination Suit; Cross-Objection for Higher Damages Also Considered. Judgment Under Section 96 CPC and Order XLI Rule 1 is Delivered After Remand for Quantification.

This case involved the challenge to the termination of a managerial employee in a private limited company. H.R. Thimmappa Gowda joined Goetze (India) ...

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Bombay High Court Disposes of Section 9 Petition in Housing Society-Developer Arbitration Amidst Numerous Interim Applications. Interim Measures Including Attachment of Assets and Deposit of Over Rs. 11 Crores Ordered Earlier Under Section 9 of Arbitration Act.

The case involved a commercial arbitration petition filed under Section 9 of the Arbitration and Conciliation Act, 1996, along with thirty-one interim...