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The Calcutta High Court found the complaint lacked essential ingredients, the summons were mechanical, and the complainant was a stranger to the loan.
The Court, considering the evidence on record, concluded that the plaintiff was entitled to a decree for money, therefore awarded the payment of ₹47,00,000 with interest at the rate of 10 per cent per annum from the date of institution of the suit until repayment.
Although HSBC has initiated the proceedings before the Court in UAE, seeking orders to pay the amount under the facility letters and to obtain a decree, ARF SV 1 Sar-applicant is entitled to pursue the claim in execution in the Courts in India by filing the Execution Application.
The Supreme Court reminded the High Courts and the Sessions Courts not to be unduly swayed by submissions advanced by counsel on behalf of the accused in the nature of undertakings to keep in deposit/repay any amount while seeking bail in Cheating cases.
Allahabad High Court said that in the eye of law, wife and husband have separate entity. The present case is not a case that the wife, sole proprietor of the Firm had provided the cheque signed by or on behalf of the applicant
National Company Law Appellate Tribunal (NCLAT): A Two-Member Bench comprising of S.J. Mukhopadhaya (Chairperson) and Bansi Lal Bhat (Member-Judicial), JJ. dismissed an appeal