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Supreme Court Dismisses Chit Fund Foreman's Appeal for Recovery of Future Installments. Holds that chit subscriber's liability for future installments is a contractual obligation, not a debt in praesenti, under Chit Funds Act, 1982.

The present appeal arose from a chit fund conducted by M/s Oriental Kuries Ltd. (appellant) from 1978 to 1990. The respondents were subscribers who de...

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Madras High Court Adjudicated a Commercial Suit for Recovery of Chit Maturity Amount Against a Partnership Firm and Partners. The plaintiff claimed the maturity value based on an acknowledgment of liability and promissory estoppel, while the defendants raised a prior suit for injunction and accounts.

The plaintiff, a construction company, filed a commercial suit against a partnership firm (first defendant) and its partners (defendants 2 to 6) for r...

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Bombay High Court Extends Time for Payment Under Section 148 CPC Despite Plaintiff's Objection in Consent Decree Default Case. Court holds that Section 148 CPC empowers the court to extend time for payment in a consent decree for reasonable cause, even without the consent of the decree-holder.

The case arises from a Notice of Motion filed by the Defendants (Applicants) to set aside an ex parte decree dated 19 December 2012 in Summary Suit No...

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Consumer Disputes Commission Order Challenged: Court Increases Interest on Refund for Delayed Flat Possession. Appeal Results in Enhanced Interest Rate from 9% to 12% for Complainants Against Parsvnath Developers Limited

This appeal challenges the order dated 29th September 2022, passed by the National Consumer Disputes Redressal Commission, New Delhi, which directed t...

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Bombay High Court Upholds DRAT Order Allowing One Time Settlement in Debt Recovery Case — Interest Must Be Calculated as Per OTS Terms. The court held that the DRT erred in not giving effect to the OTS and in calculating interest beyond the OTS terms, and the DRAT correctly set aside the DRT order.

The petitioners, Small Industries Development Bank of India (SIDBI) and India SME Asset Reconstruction Company Ltd., challenged an order dated 26th Ma...