Month: February 2021

PMLA – Search and seizure – If a statute provides for a thing to be done in a particular manner, then it has to be done in that manner and in no other manner – Authorised Officer is vested with sufficient power; such power is circumscribed by a procedure laid down under the statute – As such the power is to be exercised in that manner alone,

SUPREME COURT OF INDIA FULL BENCH OPTO CIRCUIT INDIA LIMITED — Appellant Vs. AXIS BANK AND OTHERS — Respondent ( Before : S.A. Bobde, CJI., A.S. Bopanna and V. Ramasubramanian,…

IBC – A person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debtor, would not be covered by the financial creditors as per definitions contained in sub-section (7) and (8) of Section 5.

SUPREME COURT OF INDIA FULL BENCH PHOENIX ARC PRIVATE LIMITED — Appellant Vs. KETULBHAI RAMUBHAI PATEL — Respondent ( Before : Ashok Bhushan, R. Subhash Reddy and M.R. Shah, JJ.…

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