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Supreme Court: Section 10A Bar Inapplicable Where Default Predates Covid Window — “Admission Under Section 7 Requires Only Proof of Financial Debt and Default; Business Viability Not a Ground to Reject Admission” — Failed Restructuring Does Not Novate Original Loan; CIRP Against Power Company Upheld

Court’s decision The Supreme Court of India dismissed the appeal filed by Power Trust, promoter of Hiranmaye Energy Ltd., and upheld the admission of a Section 7 application under the…
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Bombay High Court: SEBI-Registered Broker and NSE/BSE Trading Member Liable for Blatantly Unauthorised F&O Trades — “Arbitral Finding Upheld; Scrip Value Enhancement Set Aside as Relief Not Prayed” — Section 34 Petitions Partly Allowed

Court’s decision The Bombay High Court (Commercial Division) partly allowed petitions under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an appellate arbitral award rendered under the bye-laws…
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Bombay High Court: Trial Court Erred in Restraining Only One Side — “When Rival Title Suits Over the Same Immovable Property Are Pending, Equity Demands Parity of Interim Protection; Restraining One Party While Allowing the Other to Alienate Creates Imbalance and Risks Multiplicity”

Court’s decision The Bombay High Court set aside the trial court’s order refusing interim injunction in favour of landowners and held that when rival title suits over the same immovable…
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Delhi High Court: Suspicion Cannot Replace Proof — “Prosecution Failed to Establish Complete Chain of Circumstantial Evidence; ‘Last Seen Together’ Theory Coupled with Doubtful Belt Recovery Did Not Meet Proof Beyond Reasonable Doubt” — Murder Conviction Set Aside

Court’s decision The Delhi High Court allowed the criminal appeals filed by Pradeep and Deepak and set aside their conviction under Section 302 read with Section 34 IPC. The Court…
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Delhi High Court Quashes Reassessment — “Audit Objection Cannot Become a Review”; “Though the Final Assessment Order Was Silent, Detailed Queries and Replies Demonstrated Due Application of Mind”; Notice Under Sections 148A(d) & 148 Held Time-Barred Under First Proviso to Section 149

Court’s decision The Delhi High Court allowed the writ petition filed by Sapphire Foods India Ltd. and quashed the order passed under Section 148A(d) and the notice issued under Section…