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Bombay High Court Allows Rejection of Plaint Against Directors in Commercial Suit -- No Cause of Action Against Nominee Director and Other Directors -- Corporate Personality Principle Upheld

The Bombay High Court allowed Notices of Motion filed by Defendant Nos. 3 to 8 seeking rejection of the Plaint -- The Plaintiff had sued Defendants an...

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Limitation Act, 1963 – Article 113 – Right to sue accrued when the default in payments occurred – Declaration as a defaulter does not extend limitation period – Suit for recovery of membership dues held time-barred.

a. Cause of action arose when the default in payment occurred, not when the respondents were declared defaulters.b. Suit filed beyond three years from...

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Supreme Court Allows Priority to Secured Creditors Over Attached Assets in NSEL Scam Case. Secured Creditors Under SARFAESI Act and RDB Act Have Priority Over Attachments Under PMLA and MPID Act, and Moratorium Under IBC Does Not Bar Execution Against Properties Attached Under MPID Act.

The Supreme Court in this judgment addressed two priority questions of law arising from the NSEL scam, where the petitioner, National Spot Exchange Li...

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Supreme Court Allows Appeal in Commodity Exchange Dispute — Violation of Natural Justice Not Established. FMC's Show Cause Notice and Inquiry Upheld as Procedurally Valid Under Forward Contracts (Regulation) Act, 1952.

The case involves a dispute arising from a complaint of trading irregularities against Neptune Overseas Limited (NOL) and its Managing Director, Kaila...