Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
The court examined whether the suit is barred u/s 34 of the SARFAESI Act. The petitioner, being a shareholder, lacks locus standi to challenge the secured creditor's actions. However, the pleadings allege fraud and collusion between the respondents, including the bank, in sanctioning the loan without due process. The court held that averments of fraud and collusion cannot be rejected outright, and the relief sought for declaring the loan facility and mortgage as null is not within DRT's jurisdiction under SARFAESI Act but permissible under Specific Relief Act. The lower courts erred in considering documents contrary to pleadings. The petitioner cannot be denied remedy against secured creditors' actions. Consequently, the High Court quashed the lower court orders, restoring the plaint to the Commercial Court for adjudication in accordance with law.
The court examined whether the suit is barred u/s 34 of the SARFAESI Act. The petitioner, being a shareholder, lacks locus standi to challenge the secured creditor's actions. However, the pleadings allege fraud and collusion between the respondents, including the bank, in sanctioning the loan without due process. The court held that averments of fraud and collusion cannot be rejected outright, and the relief sought for declaring the loan facility and mortgage as null is not within DRT's jurisdiction under SARFAESI Act but permissible under Specific Relief Act. The lower courts erred in considering documents contrary to pleadings. The petitioner cannot be denied remedy against secured creditors' actions. Consequently, the High Court quashed the lower court orders, restoring the plaint to the Commercial Court for adjudication in accordance with law.
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