RBI vs Kirloskar Investments and Finance Ltd.
Winding up: Inability to pay debts-Collection of deposits without obtaining registration certificate-The respondent company was constituted as a non-banking financial company. It was required to obtain a certificate of registration under s.45-IA of th [LexDoc Id : 400751]
Kotak Mahindra Bank Ltd. vs Hermonite Associates Ltd. and Anr.
Winding up petition: Failure to serve notice on advocates of company-Failure not amounting to fraud-Failure to serve notice on the advocates of the respondent appearing before the DRT would not amount to fraud. It might have been advisable and pruden [LexDoc Id : 402932]
Coventry Coil-O-Matic Haryana Ltd. and Anr. vs RBI and Ors.
Winding up: Circumstances in which company might be wound up by court-Failure to discharge admitted liabilities-The respondent had submitted a proposal for term loan for starting a manufacturing unit. The sanction was granted for the financial assistance with pa [LexDoc Id : 400077]
Asset Reconstruction Co. India (P) Ltd. vs Shamken Spinners Ltd.
Reference to Board: Purchase of assets of sick company by asset reconstruction company or securitization company-Purchase of at least 75 percent shares to claim benefit of second proviso to s.15 of SICA-The high court opined that since a minority secured creditor could not frustrate the revival of a sick company, it would be necessary that the require [LexDoc Id : 410744]
BPL Ltd. vs Pegasus Assets Reconstruction (P) Ltd.
Acquisition of rights or interest in financial assets-Banking company not restrained from acquiring any financial assets-The high court, on the question whether the second respondent was restrained from acquiring any financial assets in view of any of the provisions cont [LexDoc Id : 408843]