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Supreme Court Dismisses Appeal in Insolvency Case Due to Lack of Financial Creditor Status. Interest-Free Term Loan Does Not Qualify as Financial Debt Under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 as It Lacks Consideration for Time Value of Money.

The appeal arose under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the dismissal by the National Company Law Appellate Tribun...

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Supreme Court Quashes FIR for Forgery and Cheating, Restores NI Act Complaint — Civil Suit Pending on Same Receipts Makes Criminal Proceedings Abuse of Process

The Supreme Court allowed the appeals against the judgment of the Gujarat High Court which had declined to quash an FIR for forgery and cheating but h...

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Bombay High Court Dismisses Second Appeal in Property Suit, Upholding Concurrent Findings on Title and Possession. Adverse Possession Claim Fails as Appellant Failed to Prove Hostile Possession for Statutory Period Under Limitation Act, 1963.

The case involves a second appeal filed by the original defendant (appellant) against the concurrent judgments of the trial court and first appellate ...

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Bombay High Court Quashes Reassessment Notices and Orders Under Section 153 of Income Tax Act, 1961 for Lack of Valid Sanction and Non-Application of Mind. Reassessment proceedings initiated without proper approval under Section 151(2) and based on borrowed satisfaction are invalid.

The petitioner, Ashok Commercial Enterprises, filed nine writ petitions challenging reassessment notices dated 19th July 2021 and 14th July 2021 issue...

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Bombay High Court Upholds Temporary Injunction in Property Dispute Based on Agreement to Sell and Possessory Rights. Court Restrains Defendant from Alienating Suit Property or Acting on Assignment Deed, Directs Plaintiff to Pay Accommodation Charges to Tenants.

The dispute pertains to a property known as 'Sharda Niwas' in Goregaon, Mumbai. The plaintiff, Jagdish Harkishan Sharma, claimed to have entered into ...

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Bombay High Court Allows Appeal Under Section 37 of Arbitration Act, Restores Arbitral Award — Holds That Single Judge Erred in Setting Aside Award on Grounds of Patent Illegality and Public Policy. The Court Reinstated the Arbitral Tribunal's Findings on Oral Agreement and Quantum of Damages.

The appellant, Ratnam Sudesh Iyer, filed an appeal under Section 37 of the Arbitration and Conciliation Act, 1996 against the judgment of a learned Si...