Liquidator is not bound by Stakeholders Consultation Committee’s Advice: Upholds Supreme Court
The Supreme Court has recently held in the case of V.S. Palanivel v/s P. Sriram CS Liquidator etc that advice given by the Stakeholders Consultation Committee (SCC) is not binding upon the liquidator in liquidation proceedings. The Apex Court observed that Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (“IBBI Regulations”) […]
Admission Of Inadequately Stamped Instruments under the Karnataka Stamp Act, 1957 – Procedure and Penalty: Re-explained by the Supreme Court
The Hon’ble Supreme Court has clarified in the case of Seetharama Shetty v. Monappa Shetty the procedure of admitting insufficiently stamped instruments as evidence. A party that presents an insufficiently stamped instrument can either pay the duty and penalty as provided under Section 34 of the Karnataka Stamp Act, 1957 (“Act”) or apply under Section 39 of […]
Period of limitation in respect of a suit of specific performance to run from the date fixed for performance and not from expiry of the agreement: Upholds Supreme Court
Clarifying the position in respect of computing the period of limitation in a suit for specific performance, the Hon’ble Supreme Court in the case of Usha Devi & Ors. v. Ram Kumar Singh & Ors., observed that the period of validity of an agreement does not change the date of performance, which performance is to be […]
Where sale of part property of Judgment Debtor is enough to satisfy decree, executing courts should not order sale of whole of the property: Observes Supreme Court
Bringing to notice, the underlying intent of execution proceedings, the Hon’ble Supreme Court, in the case of Bhikchand S/O Dhondiram Mutha (Deceased) Through Lrs. v. Shamabai Dhanraj Gugale (Deceased) Through Lrs. was careful to strike the appropriate balance between justice to the decree holder and avoidable injustice to the judgment debtor, while also emphasizing the executing court’s […]
A Hindu female must be in possession of the property to claim absolute ownership of an undivided property: Upholds Supreme Court
In its recent decision in the case of Mukatlal v. Kailash Chand (D) Through Lrs. And Ors., the Hon’ble Supreme Court was confronted with decoding Section 14(1) of the Hindu Succession Act, 1956 (“HSA”) to determine its contours and applicability to the case at hand. While doing the same, the Supreme Court held that a Hindu […]
Death of the principal does not prevent the agent from initiating proceedings related to the contract, provided the agent’s interest in the contract is explicitly mentioned in the contract: Observes Supreme Court
The Hon’ble Supreme Court in the case of P. Seshareddy (D) Rep. By His Lr. Cum Irrevocable Gpa Holder & Assignee Kotamreddy Kodandarami v. State Of Karnataka & Ors. dealt with Section 201 and 202 of the Indian Contract Act, 1872 (“ICA”) and emphasized the effect of the two being read in tandem with each other. The […]
Legal heirs of deceased partner do not become liable for liability of partnership firm upon partner’s death: Upholds Supreme Court
The Supreme Court in the matter of Annapurna B. Uppin & Ors. v. Malsiddappa & Anr., while demarcating the contours and extent of liability that flows from holding the position as a Partner in a Partnership Firm, reiterated the legal position that the legal heirs of a deceased partner do not become liable for any liability […]
Suit for specific performance cannot be decreed based on the deposition made by a holder of power of attorney in respect of matters of which only principal has personal knowledge: Upholds Supreme Court
The Hon’ble Supreme Court in the case of Rajesh Kumar v. Anand Kumar & Ors., while keeping Section 12 of the Specific Relief Act, 1963 in mind, held that a suit for specific performance cannot be decreed based on the deposition made by the plaintiff’s power of attorney in respect of the plaintiff’s readiness and willingness […]
When two clauses of a deed are repugnant, earlier clause will prevail over later clause : Observes Supreme Court
The Supreme Court in the matter of Bharat Sher Singh Kalsia Versus State Of Bihar & Anr., observed that if there is a repugnancy between the earlier and later clauses of a deed, whereby a later clause destroys altogether the obligation created by the earlier clause, then the later clause is to be rejected as repugnant to […]
Moratorium under S 14 of IBC no bar to execute decree against directors/ officers of Corporate Debtor: Observes Supreme Court
The Supreme Court in the matter of Ansal Crown Heights Flat Buyers Association (Regd.) V M/S. Ansal Crown Infrabuild Pvt. Ltd. & Ors., held that the imposition of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has no effect on the execution of a decree against the Directors or Officers of the Company […]