DRT Allows Auctions Of Properties Mortgaged To The Lender, Even If The Same Was Purportedly Sold By Borrower To Third Parties.

The Debt Recovery Tribunal, Bench – II, Mumbai allowed Axis Finance Limited (AFL) to continue with the sale of flats ("Subject Flat") in favour of prospective buyers. Background Mr. Rajen Dhruv and Mr. Hiren Dhruv promoters of Orbit Venture Developers ("OVD") were desirous of re-developing Oshiwara Adarsh CHS Ltd and in order to vacate the 20 tenements in Oshiwara Adarsh CHS Ltd sought help of the Applicant i.e. J71 Properties & Pictures Pvt Ltd and Amarjeet Jitendra Shukla...

Argus Partners Is Advising In The Proposed Mega Merger Involving Tata Steel And Seven Of Its Subsidiary/ Associate Entities

Argus Partners Is Advising In The Proposed Mega Merger Involving Tata Steel And Seven Of Its Subsidiary/ Associate EntitiesArgus Partners has acted and advised in the formulation of schemes and other related aspects in the proposed mega merger involving merger of seven of its subsidiary and associate companies into and with Tata Steel. The seven companies which are going to be merged into Tata Steel are (a) its listed subsidiaries Tata Steel Long Products, Tata Metaliks, The Tinplate Company of...

Thukral Law Associates Initiates An Awareness Campaign For Rights Of Homeless Animals

In an effort to protect the rights of the strays and those who feed them, Thukral Law Associates has initiated an awareness campaign. The goal is to spread awareness and make people conscious of the rights pertaining to the voiceless beings. Every day, numerous strays are being subjected to cruelties by the man-kind. Even though there are laws in force to adequately curb the issue, the lack of awareness is something that's preventing its proper implementation. By way of spreading ...

Luthra And Luthra Advises Sembcorp In Relation To Supply Of WTG And Development Of A 180.6 MW Wind Power Project In Karnataka

The Firm recently assisted Sembcorp (and its renewables subsidiary Green Infra Wind Energy Limited) in relation to finalising and executing equipment supply and project development agreements with Suzlon Group for (i) supply of 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each, (ii) execution of the project (including erection and commissioning) in relation to a 180.6 MW wind power project for Sembcorp's, to be located at...

S. K. Singhi & Partners Expands Its Footprint In Mumbai

Mumbai, 16.09.2022: S. K Singhi & Partners, a full-service reputed law firm, inaugurated its full-stack office at Mittal Court, Nariman Point today. Announcing vast expansion and growth plans in a town hall meeting with its associates, the Founder and Managing Partner, Shri S K Singhi, said the occasion marks the beginning of a journey towards becoming the nations leading Indian Law firm with solid foundations in the four pillars of honesty, integrity, truth and trust. The occasion...

NCLAT Held That RP Should Investigate The Veracity And Genuineness Of Claims In The Light Of Provisions Of IBC And Regulations 13 And 14 Of CIRP Regulations

In a significant development, while setting aside the order dated 17.06.2020 of Ld.' NCLT, Kolkata Bench, where the Ld.' NCLT dismissed the application of the P.M. Cold Storage Pvt. Ltd., having considered various documents submitted by New Hind Silk House Private Limited (NHSH) regarding its claim along with Form C and held that RP has considered and screened all the documents properly as per the provisions of IBC, and CIRP Regulations and further the allegations made by the Applicant...

Sanjay Bansal & Anr. v Union of India & Ors : Delhi High Court Urged DRT Delhi To Hear The Case On Merits

Sanjay Bansal, a litigant, was constrained due to the non-functioning of the Debt Recovery Tribunal- I, New Delhi for several months, and therefore, he invoked the writ jurisdiction of the Delhi High Court. He complained that despite of his legitimately acquired property through a bank auction, Piramal Capital and Housing Finance Limited have issued a possession notice and further approached the Deputy Commissioner, Gurugram for taking physical possession under Section 14 of the SARFAESI...

Luthra And Luthra Elevates 23 Lawyers As It Announces Promotions For The Year 2022

Luthra and Luthra Law Offices India celebrated its '32nd Annual Day' on Saturday, the 10th of September 2022 in the most unique way with members gathered physically at respective offices and all offices connected virtually. The evening commenced with the Firm's Founder & Managing Partner, Mr. Rajiv K Luthra addressing everyone; sharing his vision about the Firm's expansion plans and future growth areas for the firm.Mr. Adil Zainulbhai, Ex-Chairman of McKinsey & Co. graced the occasion...

Luthra And Luthra Law Offices India Advised State Bank Of India On A Re-Financing Transaction Aggregating Up To INR 5988.30 Million.

The Firm advised and acted for State Bank of India in connection with financial assistance sanctioned to Binjhabahal to Telebani section, k.m. 414.000 to k.m. 491.710 (design chain age k.m. 414.982 to k.m. 493.300) of NH-6 (new NH-49) Highway Private Limited (an Oriental group company) aggregating up to INR5988.30 Million for the purpose of re-financing of existing secured indebtedness of the borrower company availed in relation to rehabilitation and up-gradation of four laning of Binjhabahal to...

Value Of The Property Drastically Depreciates Upon Loss Of Its Title Deeds By The Bank: NCDRC

Facts of the case: In this case, a person took a loan of Rs. 20 lakh from HSBC by mortgaging his house with the bank. However, the bank could not return the original title deeds as the same were lost by it. Hence, the consumer filed the complaint before Rajasthan State Consumer Disputes Redressal Commission, Jaipur claiming compensation of Rs. 95 lakh stating that loss of original title deeds had caused approx 50% depreciation in the value of his house's market value which he estimated...

Argus Partners Advises Together Fund In Privado`s Series A Fundraise Of $14 Million

Argus Partners has acted as the legal counsel for Together Fund in data privacy start-up, Privado`s, fundraise of $14 million (~Rs. 111 crore) in its Series A round. The funding round also saw participation from Insight Partners and Sequoia Capital India. Founded in 2020 by Jasdeep Cheema, Prashant Mahajan, and Vaibhav Antil, Privado addresses privacy issues facing businesses. Privado is an open-source code scanning solution built for privacy that identifies data usage, discovers data...

Luthra And Luthra Advise L&T Finance On A Highway Project Of INR 629 Crores.

The Firm recently acted as Lenders' Legal Counsel for L&T Finance Limited in relation to the financing made available to Kappirikkad Highways Private Limited, for an amount of INR 628 Crores in connection with six laning from Kappirikkad to Thalikulam section of NH-66 (old NH-17) in the state of Kerala on Hybrid Annuity Mode under Bharatmala Pariyojana of NHAI.The team was involved in drafting, reviewing, negotiating, advising on legal issues/queries relating to the facility, finalization...