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Supreme Court Affirms Guarantor's Independent Liability Despite Resolution Plan. Guarantor's obligations remain intact; assets of subsidiaries excluded from holding company’s resolution plans, creditor rights upheld

The Supreme Court of India affirmed that the approval of a resolution plan for a corporate guarantor does not absolve the principal borrower of its li...

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High Court of Karnataka Partly Allows Surety's Appeal Against Forfeiture of Bond Amount — Reduces Penalty from Rs.40,000 to Rs.5,000. Surety's inability to produce absconding accused does not warrant forfeiture of entire bond amount under Section 446(3) CrPC.

The appellant, Sri Muniyappa, was a surety for accused Nos.1 and 3 in Sessions Case No.56/2016 before the II Additional District & Sessions Judge, Tum...

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Bombay High Court Allows Furlough on Cash Surety for Life Convict Unable to Furnish Surety Due to Imprisoned Parents. Court Holds That Inability to Furnish Surety Should Not Deprive Prisoner of Furlough, Directs Release on Cash Surety of Rs.5,000 from Prison Earnings.

The petitioner, Anil Vishwanath Pathwe, a convict serving life imprisonment under Sections 302 and 498 of the Indian Penal Code, filed a letter-petiti...

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Bombay High Court Allows Summary Suit Against Principal Borrower Despite Moratorium Against Guarantors Under IBC. The court permitted the plaintiff to proceed only against defendant no.1 (principal borrower) while reserving rights against guarantors under moratorium.

The plaintiff, IL & FS Financial Services Limited, filed a commercial summary suit under Order XXXVII of the Code of Civil Procedure, 1908 to recover ...

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Bombay High Court Allows Convict's Furlough Petition Despite Adverse Police Report — Emphasizes Need for Reformation Opportunity. Rejection of furlough on ground that surety may not be able to control convict is speculative and cannot be sustained without giving opportunity to convict and surety.

The petitioner, Amol Dattarao Choudante, a convict lodged at Nashik Road Central Prison, filed a Criminal Writ Petition under Article 226 of the Const...

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Supreme Court Upholds International Arbitral Award in Coal Supply Dispute — Damages Awarded for Breach of Contract. Division Bench of Delhi High Court Erred in Setting Aside Majority Award Under Section 37 of Arbitration and Conciliation Act, 1996 as Findings Were Plausible and Not Perverse.

The Supreme Court of India heard an appeal against a Division Bench judgment of the Delhi High Court that had set aside a majority international arbit...

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Bombay High Court Allows Convict's Furlough Leave Petition — Inability to Furnish Surety Not a Valid Ground for Denial. Furlough is a Right of a Prisoner Under Prisons Act and Rules, Aimed at Reformation and Social Reintegration.

The petitioner, Madhav Sayaji Redas, a convict prisoner undergoing sentence at Central Prison, Nashik, filed a Criminal Writ Petition before the Bomba...

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Bombay High Court Dismisses Winding Up Petitions for Non-Compliance with Statutory Notice Under Section 434 of Companies Act, 1956. Statutory notice requirement under Section 434(1)(a) held mandatory and cannot be waived by agreement between parties.

The petitioner, Dolphin Investment Pvt. Ltd., filed two company petitions under Section 433(e) and (f) of the Companies Act, 1956, seeking winding up ...