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Bombay High Court Partially Allows Borrower's Waiver Challenge and ARCL's Interest Inclusion Petitions in SARFAESI Appeal Pre-Deposit Dispute. The Court reduced pre-deposit from 50% to 25% of debt due including interest, balancing the borrower's right to appeal and the secured creditor's interests.

The case involves cross-petitions arising from a common DRAT order dated 04 June 2024. The borrower, M/s Royal Traders, challenged the DRAT's refusal ...

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Supreme Court Upholds High Court's Decision on Auction Sale: Statutory Violations Render Sale Null and Void. Despite recognizing significant procedural breaches, the Supreme Court offers the appellant a chance to retain the industrial property by settling liabilities.

The legality of an auction sale conducted by the Tahsildar and confirmed by the Additional Collector, which was later contested on the grounds of stat...

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High Court of Karnataka Upholds Arbitral Award in Commercial Appeal — No Interference Under Section 37 of Arbitration Act. Court holds that the arbitral tribunal's interpretation of contractual terms is final and not open to reappraisal in appeal unless perverse or contrary to public policy.

The case involves two connected commercial appeals arising from an arbitral dispute between Asset Reconstruction Company (India) Ltd. (ARCIL) and Many...

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Bombay High Court Allows Appeal by Decree-Holder in Execution Proceedings, Setting Aside Dismissal as Time-Barred. The court held that filing chamber summons and other applications constituted steps in aid of execution, extending limitation under Article 136 of the Limitation Act, 1963.

The case involves an appeal by Pratap G. Somaiya (the appellant/decree-holder) against an order dismissing his execution application as time-barred. T...

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Bombay High Court Allows Official Liquidator to Take Possession of Factory Premises Despite Pending BIFR Reference Under SICA, 1985. Section 22 of SICA, 1985 does not bar winding up proceedings under Companies Act, 1956.

The Official Liquidator filed a report seeking directions to direct the ex-director of M/s Lifeline Industries Ltd. (in liquidation) to deposit advert...

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Bombay High Court Dismisses Appeal Against Winding Up Order in Company Petition by Asset Reconstruction Company. ARCIL as assignee of debt is entitled to maintain winding up petition under Companies Act, 1956.

The appeal was filed by Horizon Flora India Limited against an order of the learned single Judge dated 16 July 2010 in Company Petition No. 189 of 200...

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Bombay High Court Dismisses Petition Challenging Substitution of Assignee in Pending DRT Proceedings Under SARFAESI Act. Assignment of debt under Section 5 of SARFAESI Act entitles assignee to continue pending recovery proceedings without fresh filing, and amendment of cause title is permissible.

The petitioner, Alpha and Omega Diagnostics India Ltd., challenged a common order of the Debt Recovery Appellate Tribunal (DRAT) which upheld the orde...

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Bombay High Court Dismisses Writ Petition Challenging EPF Recovery Proceedings Against Corporate Debtor Under IBC Moratorium. Held that Section 14 of IBC does not bar EPF recovery proceedings under Section 7A of EPF Act as they are not 'assets' of corporate debtor but trust money.

The petitioner, Galvanotek Industries Private Ltd., a corporate debtor undergoing insolvency resolution under the Insolvency and Bankruptcy Code, 2016...

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NCLAT Upholds Admission of CIRP Against Corporate Debtor Under Section 7 of IBC, 2016 — Asset Reconstruction Company Held to be Financial Creditor and Application Not Barred by Limitation.

The appeal was filed by the suspended director of M/s. Sri Pavana Keerthi Hotels India Private Limited (Corporate Debtor) against the order of the Nat...