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Supreme Court Upholds High Court Ruling That Time Limit Under Section 14 of SARFAESI Act is Directory. The provision requiring District Magistrate to pass possession order within 30 days (extendable to 60 days) is directory, as non-compliance does not invalidate proceedings or prejudice the borrower.

The appeal arose from a judgment of the Kerala High Court which held that the time limit under Section 14 of the Securitisation and Reconstruction of ...

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Supreme Court Dismisses Municipal Corporation's Appeal Against Resolution Plan Approval in Insolvency Case. Municipal Corporation's Prior Consent to Resolution Plan Precludes Later Objections Under IBC.

The Municipal Corporation of Greater Mumbai (MCGM) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which had upheld ...

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Supreme Court Dismisses Appeal by Stressed Assets Stabilization Fund Against Lease Forfeiture by West Bengal Small Industries Development Corporation. Mortgagee Cannot Claim Rights Superior to Lessee When Lease Has Been Validly Terminated.

The appeal arose from a judgment of the Calcutta High Court which dismissed the appeal of the Stressed Assets Stabilization Fund (SASF) against an ord...

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Supreme Court Upholds BIADA's Right to Recover Unearned Increase Based on Circle Rate in Industrial Land Transfers. Authority Entitled to Fair Share of Appreciation When Allottee Transfers Leasehold Rights for Commercial Gain.

The Supreme Court of India heard four civil appeals arising from orders of the Patna High Court concerning the calculation of unearned increase payabl...

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Supreme Court Dismisses Tenant's Appeal in SARFAESI Act Case — Oral Tenancy After Mortgage Not Protected. Tenant's claim of tenancy based on oral agreement after mortgage creation cannot defeat bank's right to take possession under Section 14 of SARFAESI Act.

The present appeal arises from an order of the Chief Metropolitan Magistrate, Esplanade, Mumbai, dated 31.12.2014, rejecting the application of the ap...

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Supreme Court Dismisses Appeal in Urban Land Ceiling Case — Possession Validly Taken Before Repeal. Application for Exemption Under Section 20 Rejected as Land Had Vested in State; No Abatement Upon Repeal.

The appeal arose from a judgment of the Gujarat High Court dismissing a writ petition challenging the rejection of an exemption application under Sect...