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Madras High Court Dismisses Writ Petition Challenging Bank's Set-off of Fixed Deposit Against Loan Default Under SARFAESI Act. Bank's Right to Set-off Margin Money Fixed Deposit Against Outstanding Loan Upheld as Contractual and Statutory Right Under Section 171 of Contract Act and SARFAESI Act.

The writ petitioner, M/s Chithra Agencies Private Limited, an authorized dealer of Castrol India Ltd., availed cash credit facility from Canara Bank, ...

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Madras High Court Dismisses Bank's Challenge to Sales Tax Recovery, Holds Crown Debt Prevails Over Bank's Lien. Priority of State's statutory dues under Section 26 of Tamil Nadu General Sales Tax Act, 1959 over bank's contractual lien on fixed deposits is upheld.

The petitioner, Oriental Bank of Commerce, a public sector bank, had extended credit facilities including packing credit and overdraft to the third re...

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Supreme Court Upholds Expulsion of Trading Member for Violating Gross Exposure Limits and Failing to Maintain Capital Adequacy. Securities Contracts (Regulation) Act, 1956 - Section 22F - Appeal against Securities Appellate Tribunal order upholding expulsion from National Stock Exchange membership.

The appellant, Rusoday Securities Ltd., was a trading member of the National Stock Exchange of India Ltd. (NSE) since November 1994 and gave an undert...

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Bombay High Court Dismisses Application for Release of Arrested Cargo in Admiralty Suit for Demurrage Claim. Demurrage Claim Under Voyage Charterparty is a Claim in Respect of Goods Under Section 4(1)(f) of Admiralty Act, 2017, and Arrest of Cargo is Permissible Even if Not on Board.

The Plaintiff, Pacific Gulf Shipping (Singapore) Pte. Ltd., a Singapore-based company engaged in vessel chartering, filed an admiralty suit against De...

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Bombay High Court Grants Interim Injunction Restraining Bank from Enforcing Guarantee and Pledge Against Company Pending Company Law Board Proceedings. Alleged Fraudulent Assumption of Liability by Directors Without Shareholder Consent Raises Serious Questions to be Tried.

The applicant, Rajinder Kumar Malhotra, filed an application in a pending company appeal seeking an interim injunction to restrain HDFC Bank from reco...

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Bombay High Court Allows Appeal Against Condition of Security for Vacating Arrest of Cargo in Admiralty Suit - Cargo Owner Not Liable for Demurrage and Port Charges as They Are Not Party to Contract of Carriage

The appellant, Best Food International Pvt. Ltd., filed an appeal under Clause 15 of the Letters Patent against an order dated 4th February 2010 passe...

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Bombay High Court Allows Employer's Petition Challenging Reinstatement Order — Employee Abandoned Service by Taking Up Employment Abroad Without Intimation. Clause 13.4 of Certified Standing Orders Validly Invoked to Terminate Employment for Abandonment of Service Under Industrial Disputes Act, 1947.

The Petitioner, Infomedia India Ltd., engaged the First Respondent as a machine operator at its printing establishment in Mumbai. On 22 June 1992, the...

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Bombay High Court Dismisses Third Party Claim in Execution Proceedings — ING Bank N.V. Fails to Prove Ownership of Attached Flat. Claim under Section 47 CPC and Order XXI Rules 58 and 64 rejected as bank did not establish that the flat was not owned by judgment debtor.

The case involves a Chamber Summons taken out by ING Bank N.V., a third party, under Section 47 read with Order XXI Rules 58 and 64 of the Code of Civ...