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Bombay High Court Considers Appeal Against Single Judge's Order in Insolvency Petition Involving Disputed Possession of Flat. The Appeal Challenges Disposal of Motions by Official Assignee and Secured Creditor Under SARFAESI Act.

The appeal arose from an order passed by a Single Judge of the Bombay High Court disposing of two notices of motion and a report in an insolvency peti...

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Bombay High Court Permits Official Liquidator to File Criminal Complaint Under Section 454 of Companies Act, 1956 Against Ex-Directors for Non-Filing of Statement of Affairs. Court Directs Ex-Directors to Deposit Rs. 11,30,743/- as Estimated Cost of Investigation.

The Bombay High Court considered an Official Liquidator's Report (OLR No. 5 of 2013) in the winding up of Phoenix Alchemy Pvt. Ltd. The company was or...

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Bombay High Court Directs Deposit of Balance Bid Amount in Auction Sale of Company in Liquidation. Official Liquidator's Report for Confirmation of Sale of Properties of M/s. Akola Oil Industries Ltd. - Bidders Required to Deposit Balance Amount Within 15 Days.

The Official Liquidator appointed over M/s. Akola Oil Industries Ltd. (in liquidation) filed reports seeking confirmation of auction sales held on 9-1...

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Bombay High Court Discharges Contempt Notice Against Rajeev Dixit in Official Liquidator Lock Breaking Case. Breaking open lock and seal of Official Liquidator does not constitute contempt under Contempt of Courts Act, 1971 as no specific court order prohibited such act.

The present show cause notice was issued against Rajeev M Dixit for breaking open the lock and seal of the Official Liquidator which was placed on the...

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Bombay High Court Dismisses Appeal Against Official Liquidator's Decision to Sell Company Assets as a Going Concern. Court Upholds Liquidator's Discretion Under Companies Act, 1956 to Reject Private Offers and Proceed with Public Auction for Maximizing Value.

The case involves a Company Appeal filed by the legal heirs of Umashankar Saraf and other family members against the Official Liquidator of M/s. Rai B...

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Bombay High Court Upholds Termination of Company Paid Peon for Dereliction of Duty in Handing Over Leased Assets. Official Liquidator's recommendation for removal from service sanctioned due to grave misconduct in failing to ensure proper handover of leased equipment.

The Official Liquidator filed a report seeking sanction to terminate the services of Shri S.M. Shetty, a company paid Group 'D' Peon, for misconduct i...

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Bombay High Court Upholds Bank's Right to Enforce Security Under SARFAESI Act Outside Insolvency; No Fetters on Secured Creditor. Secured creditor entitled to stand outside insolvency proceedings under Presidency-Towns Insolvency Act, 1909 and proceed under SARFAESI Act for recovery of dues.

The appellant, Punjab National Bank, stood as a secured creditor by virtue of a guarantee executed by the second respondent, Soumit Ranjan Jena, for a...