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The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that pendency of One Time Settlement Proposal which is yet to be accepted, cannot be a ground to refuse initiation of insolvency process against the personal guarantors. Brief Facts These two appeals have been filed challenging the order passed by National …

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Secured Creditor Registered With CERSAI Will Have Precedence Over VAT Authorities Against Proceeds Of Enforcement: Bombay HC

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 Karnataka High Court has said that writ courts neither have means nor the expertise to re-evaluate the "prudential decisions" of the Banks that are made in the ordinary course of their commercial transactions with accumulated wisdom in the trade. Further it said, "Credit facilities have been recalled at once reveals that the transaction has the overtones of commercial elements; …

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 …

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P. N. Deshmukh and Shri Kapal Kumar Vohra, while adjudicating a petition filed in Parul A Vora v Kavya Buildcon Pvt. Ltd., has held that the Insolvency and Bankruptcy Code, 2016 does not protect the interest or claim of a Partner against another Partner or the Partnership Firm. The Petitioner …

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating a petition filed in Orbit Towers Pvt. However, the Corporate Debtor failed to do so and the Financial Creditor paid Rs.8,45,19,907/- to the Indian Bank in capacity of a Corporate Guarantor. The Financial Creditor filed a petition under Section 7 of …

Last Date for Lenders to Credit Interest-on-interest in Borrower Accounts Today; All You Need to Know

Lenders have been directed to credit in the accounts of eligible borrowers the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme by today. The apex court in the due course directed the Centre to provide interest waiver on loans of up to Rs 2 crore under …