Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 22 MARCH 2022

Dispute Resolution & Arbitration Monthly Update | February 2022

HSA Advocates
Explore more from HSA Advocates

Vishwa Bharati Vidya Mandir, a Society registered under the Karnataka Societies Registration Act, 1960, and one of its educational institutions, St. Ann's Education Society (Respondents)...

IndiaLitigation, Mediation & Arbitration
Faranaaz Karbhari
Faranaaz Karbhari
Kshitiz Khera
Kshitiz Khera
Rahul Jain
Rahul Jain
Mahafrin Mehta
Mahafrin Mehta
Khushboo Rupani
Khushboo Rupani
Akriti Shikha
Akriti Shikha
Aasiya Khan
Aasiya Khan
Aditi Soni
Aditi Soni
Author LinkedIn connections

Phoenix ARC Pvt Ltd v. Vishwa Bharti Vidya  Mandir and Ors

Civil Appeal Nos. 257-259 of 2022

Background facts

  • Vishwa Bharati Vidya Mandir, a Society registered under the Karnataka Societies Registration Act, 1960, and one of its educational institutions, St. Ann's Education Society (Respondents), availed credit facilities to the tune of INR 105.6 crore and INR 20 crore respectively from Saraswat Co-operative Bank Ltd (Bank). The Respondents created an equitable mortgage by depositing title deeds over the immovable properties with respect to the mortgaged properties.
  • Owing to the defaults committed by the Respondents in repayment of outstanding dues, in the month of April, 2013 the accounts of Respondents were classified as a Non-performing Asset (NPA), subsequent to which the Bank issued a notice dated June 1, 2013 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (Act).

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Decree Execution Under Order XXI CPC – An In-depth Insight

Order XXI of the Code of Civil Procedure, 1908 provides the comprehensive framework for executing decrees in Indian civil litigation. This article examines the procedural mechanisms for decree execution, including filing execution petitions, methods of property attachment, and the legal processes for recovering money decrees through sale of attached assets.
IndiaLitigation, Mediation & Arbitration
Maheshwari & Co. Advocates & Legal Consultants
Maheshwari & Co. Advocates & Legal Consultants
Article

The Limitation Clock On Money Recovery: Understanding Article 113, Acknowledgment And Extension Under Indian Law

Understanding the critical timelines and legal frameworks governing money recovery suits in India requires navigating the complex interplay between the Limitation Act of 1963 and the Indian Contract Act of 1872. When does the clock actually start ticking on your right to sue, and how can acknowledgments or digital evidence extend or restart that crucial three-year window?
IndiaLitigation, Mediation & Arbitration
Maheshwari & Co. Advocates & Legal Consultants
Maheshwari & Co. Advocates & Legal Consultants
Article

Major Reform In Maharashtra: Sanad Requirement Removed For Land Conversion

The Government of Maharashtra has taken a significant step towards enhancing ease of doing business by rationalising the framework governing agricultural land conversion. As per the recent amendment to the Maharashtra Land Revenue Code, 1966 (MLRC), notified on 31 December 2025, and the Government Resolution dated 10 February 2026, the requirement of obtaining a separate sanad or non-agricultural permission from the Collector has been abolished for permissible non-agricultural uses under the Development Plan or Regional Plan under the Maharashtra Regional and Town Planning Act, 1966 (MRTP).
IndiaReal Estate and Construction
HSA Advocates
HSA Advocates
Article

From Permission To Approval: Decoding The Maharashtra Land Revenue Code Amendment 2026

The Maharashtra Land Revenue Code (Second Amendment) Act, 2026 (L. A. BILL No. XXVIII OF 2026) represents a significant reform in the regulation of government land transactions in Maharashtra. Introduced in the Maharashtra Legislative Assembly on 24th March 2026, it focuses primarily on amending Section 37A of the Maharashtra Land Revenue Code, 1966, a provision that governs the sale, transfer, redevelopment, use of additional Floor Space Index (“FSI”), transfer of Transferable Development Rights (“TDR”), and change in use of government land.
IndiaGovernment, Public Sector
HSA Advocates
HSA Advocates
Article

More Than A Signature: Supreme Court Clarifies When Non-Signatories Can Be Bound By Arbitration

The Supreme Court, in KKH Finvest Pvt. Ltd. & Anr. v. Ashiesh Shukla & Ors., 2026 SCC OnLine SC 1498, has reaffirmed an important principle governing the reference of disputes involving non-signatories to arbitration. The Hon’ble Court held that the absence of a signature on an arbitration agreement is not, by itself, determinative of whether a person can be bound by the arbitration agreement.
IndiaLitigation, Mediation & Arbitration
HSA Advocates
HSA Advocates