High Court-Madras

Can insolvency application be filed in a case where the default continued after the period of Section 10A? – Dharamshi K. Patel and Anr. Vs. Indian Bank and Ors. – Madras High Court

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Can insolvency application be filed in a case where the default continued after the period of Section 10A? – Dharamshi K. Patel and Anr. Vs. Indian Bank and Ors. – Madras High Court Read Post »

Merely interpretation of the materials by the Arbitrators and by the court below cannot be the basis for the High Court to interfere with the arbitral award – Neyveli Lignite Corporation Ltd. Vs. Stewardss and Lloyds India Ltd. and Ors. – Madras High Court

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Merely interpretation of the materials by the Arbitrators and by the court below cannot be the basis for the High Court to interfere with the arbitral award – Neyveli Lignite Corporation Ltd. Vs. Stewardss and Lloyds India Ltd. and Ors. – Madras High Court Read Post »

Whether a State Financial Corporation, after liquidation of a Company and receiving its shares as a Secured Creditor, has any right to proceed against the Company, its promoters and guarantors for recovery of balance loan amount? – Tamil Nadu Industrial Investment Corporation Ltd. (TIICL) Vs. Pulsar Electronics Ltd. and Ors. – Madras High Court

In the present case, the petition for recovery is filed both against the principal borrower and the Guarantor. The conduct of the petitioner, allowing the Company to get wound up and receiving Rs. 55 lakhs from the proceeds of the assets of the Company without any demure or protest or reservation do not extinguishes its right or remedy against the principal debtor or the guarantors. After exhausting its right against the property mortgaged by the principal debtor, the TIIC had proceed against the borrowing Company and the Guarantor since the liability of the borrower not fully satisfied.

Whether a State Financial Corporation, after liquidation of a Company and receiving its shares as a Secured Creditor, has any right to proceed against the Company, its promoters and guarantors for recovery of balance loan amount? – Tamil Nadu Industrial Investment Corporation Ltd. (TIICL) Vs. Pulsar Electronics Ltd. and Ors. – Madras High Court Read Post »

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