Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
SC held that Section 11 of SARFAESI Act mandates statutory arbitration for disputes between banks, financial institutions, or asset reconstruction companies relating to securitization, reconstruction, or non-payment of dues. The provision creates a legal fiction presuming an arbitration agreement exists without requiring explicit written consent. The court affirmed that the dispute resolution mechanism under Section 11 is mandatory and cannot be circumvented by alternative guidelines. Consequently, the appeal was dismissed, directing the parties to resolve their dispute through arbitration as prescribed under the SARFAESI Act.
SC held that Section 11 of SARFAESI Act mandates statutory arbitration for disputes between banks, financial institutions, or asset reconstruction companies relating to securitization, reconstruction, or non-payment of dues. The provision creates a legal fiction presuming an arbitration agreement exists without requiring explicit written consent. The court affirmed that the dispute resolution mechanism under Section 11 is mandatory and cannot be circumvented by alternative guidelines. Consequently, the appeal was dismissed, directing the parties to resolve their dispute through arbitration as prescribed under the SARFAESI Act.
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