Provincial Insolvency Act, 1920

The appellant, an unregistered partnership firm, entered into a construction contract with the respondent and later contested the respondent's claim in arbitration. The respondent argued that Section 69(3) of the Partnership Act, 1932 barred the firm from participating in arbitral proceedings because "other proceedings…

The Supreme Court considered whether a secured creditor, Kotak Mahindra Bank, could file a winding‑up petition under the Companies Act, 1956 after obtaining a decree and recovery certificate from the Debts Recovery Tribunal. The petitioners argued that Sections 17, 18 and 34 of the Recovery of Debts Act barred the wind…

The case concerned a partnership share that was purportedly sold by an official receiver after the appellant and his mother were declared insolvent in 1977. The sale deed dated 11 March 1983 was executed based on a district court order, but later the insolvency adjudication was annulled in 1996. The High Court held tha…

The Bombay Stock Exchange (BSE) declared member Suresh D. Shah a defaulter and the Income Tax Department sought to attach the proceeds of his membership card and securities under s.226(3) of the Income Tax Act. BSE argued that a membership card is a personal, non‑transferable privilege and that its lien under Rule 43 m…

The appellant workmen sought priority over the sale proceeds of unsecured assets of UMI Special Steels Ltd., arguing that under Sections 529 and 529A of the Companies Act, 1956, workmen's dues should rank ahead of secured creditors on those assets. The respondents, representing the secured creditors, contended that the…

State Bank of India (SBI) sought recovery of a loan from a corporate debtor whose managing director, V. Ramakrishnan, had also given a personal guarantee. After the corporate debtor defaulted, SBI invoked SARFAESI provisions and the debtor filed an insolvency petition under the Insolvency and Bankruptcy Code (IBC) 2016…