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Madras High Court Upholds Dismissal of Bank Manager in Loan Misconduct Case. Disciplinary Action for Violating Service Regulations and Causing Financial Loss to Bank Justifies Removal from Service.

The case involves a Writ Appeal filed by the Tamil Nadu Grama Bank (formerly Pandyan Grama Bank) against an order of a Single Judge of the Madras High...

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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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High Court of Karnataka Upholds Acquittal in Cheque Bounce Case Due to Failure to Prove Debt Liability. Complainant Bank Failed to Establish Legally Enforceable Debt or Liability Under Section 138 of Negotiable Instruments Act, 1881.

The appellant, Bidar Urban Co-operative Bank Ltd., filed a criminal appeal against the acquittal of the respondent, Girish Kulkarni, by the trial cour...

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High Court of Karnataka Allows Appeal in NI Act Case — Reverses Acquittal for Dishonour of Cheque Issued for Repayment of Housing Loan. Court Holds That Rebuttable Presumption Under Section 139 of Negotiable Instruments Act, 1881 Stands in Favour of Complainant and Accused Failed to Rebut It.

The appellant, Sami Labs Limited, filed a complaint under Section 138 of the Negotiable Instruments Act, 1881 against the respondent, M.V. Joseph, who...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case. Journal Entry Set-off for Loan Repayment Does Not Violate Section 269T of Income Tax Act, 1961, as It Is Not a Repayment but an Adjustment of Mutual Claims.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted the penalty ...