The National Company Law Tribunal Kochi, comprising Justice T Krishna Valli and Mr. Shyam Babu Gautam dismissed the application to initiate insolvency proceedings against the Personal guarantors under Section 95 of Insolvency and Bankruptcy Code, 2016. It held that creditors cannot initiate insolvency proceedings against personal guarantors solely based on the initiation of the Corporate Insolvency Resolution Process without showcasing …
The Bombay High Court recently clarified that in a sale of a mortgaged asset, where the mortgage in favour of a secured creditor is registered prior in time with CERSAI, and the MVAT Authorities too have a charge, the proceeds of the enforcement of the mortgage would first go towards discharging the dues owed to the secured creditor. Colabawalla observed …
The Supreme Court has granted relief to an auction purchaser by directing the refund of the deposit made by him, which was forfeited by the bank by invoking Rule 9 of Security Interest Rules, 2002.Rule 9 enables the bank to forfeit the deposit amount on default of the auction purchaser to deposit the balance bid amount within the stipulated time. …
Highlights CBI arrested businessman from Mumbai, alleged aide of Dawood's close associate Chhota Shakeel The arrest took place in connection with Rs 34,615-crore alleged DHFL bank-fraud case Last week, CBI recovered a large number of uber-luxury watches worth crores of rupees from accused DHFL bank-fraud case: Central Bureau of Investigation arrested businessman Ajay Ramesh Nawandar from Mumbai, an alleged aide …
