Corporate
Liability Of Personal Guarantor Arises Only Upon Demand Made In Accordance With Guarantee Deed: NCLT Hyderabad
The National Company Law Tribunal (NCLT), Hyderabad Bench-II, has recently ruled that the liability of the personal guarantor to the corporate debtor arises only upon a valid demand being made in strict accordance with the terms of the guarantee deed. The bench of Rajeev Bhardwaj (Member-Judicial) and Yogendra Kumar Singh (Member-Technical) observed that, “Rule 3(1)(e) of...
Leasehold Rights Vest With Corporate Debtor Upon Amalgamation: NCLAT Upholds Inclusion Of WBHIDCO Land In Concast Steels' Liquidation Estate
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has upheld the inclusion of leasehold land allotted by West Bengal Housing Infrastructure Development Corporation Ltd. (WBHIDCO) to Concast Ispat Ltd. (CIL) in the liquidation estate of Concast Steel and Power Ltd. (CSPL), thereby dismissing WBHIDCO's appeal and affirming that the transfer of the leased land was made with...
Supreme Court Dismisses Rs 244 Crore Service Tax Plea Against Bharti Airtel Over Employee Scheme
The Supreme Court has recently dismissed a nearly Rs 244 crore service tax appeal filed by the Commissioner of Central Goods and Service Tax, Gurugram, against telecom giant Bharti Airtel Ltd. The dispute concerned the company's Airtel Employees Services Scheme (AESS), which offered free or discounted telecom services to its employees.The appeal challenged a January 27, 2025 order of the...
Customs | Importer Cannot Be Penalised For Misdeclaration Merely Because Other Importers Declared High Prices For Similar Goods: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that an importer cannot be penalised for misdeclaration merely because other importers declared high prices for similar goods under the Customs Valuation Rules. Justice Dilip Gupta (President) and P.V. Subba Rao (Technical Member) opined that the mere fact that another importer...
'Arbitrator Interpreted Contract Contrary To Railway Policies' : Supreme Court Sets Aside Award Against IRCTC
The Supreme Court on Friday (November 7) set aside the multi-crore arbitral award passed against the Indian Railways Catering and Tourism Corporation Limited (“IRCTC”), holding that the arbitrator had impermissibly "rewritten the contract" between the parties. “Rewriting a contract for the parties would be a breach of the fundamental principles of justice, entitling a Court to...
SEBI Imposes Rs 3 Lakh Penalty On Mediaone's Merchant Banker For Due Diligence Lapses In Open Offer
The Securities and Exchange Board of India (SEBI) has imposed a Rs 3 lakh penalty on merchant banker Kunvarji Finstock Private Limited for lapses in due diligence and disclosure during an open offer involving Chennai-based media company Mediaone Global Entertainment Limited.Mediaone operates across film production, distribution, theatre management, television content, and event...
Failure To Submit Final Plan Or Participate In Challenge Process Bars Unsuccessful Bidder From Questioning Approved Plan: NCLAT
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench dismissed an appeal filed by Ganga Construction Consortium, an unsuccessful resolution applicant, challenging the approval of resolution plan submitted by Manglam Multiplex Pvt. Ltd. in the Corporate Insolvency Resolution Process (CIRP) of Varutha Developers Pvt. Ltd. A Bench comprising Justice Ashok Bhushan and Mr....
Madras High Court Strikes Down 'Original Choice' Trademark, Rules in Favor of 'Officer's Choice'
The Madras High Court on Friday ruled in favour of Allied Blenders and Distillers Pvt. Ltd. (ABD), the maker of Officer's Choice whisky, and ordered the removal of John Distillers Ltd.'s (JDL) 'Original Choice' trademark from the register of trademarks. A Division Bench of Justice G Jayachandran and Justice Mummineni Sudheer Kumar in an order held that Original Choice was deceptively similar...
Liquidator Cannot Conduct Private Sale Without Prior NCLT Approval: NCLAT
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench held that Liquidator cannot conduct a private sale without the permission of the National Company Law Tribunal (NCLT) as mandated under Regulation 33(2)(d) of the IBBI (Liquidation Process) Regulations, 2016 (LPR). The Bench comprising Justice Ashok Bhushan and Mr. Barun Mitra (Technical Member) dismissed appeals filed...
Delhi Court Restrains Surat Trader From Copying Garnier's Vitamin C Serum Packaging
A Delhi Commercial Court has restrained a Surat-based trader from using packaging and trade dress similar to L'Oréal's cosmetic and personal care brand Garnier for its “Bright Complete Vitamin C Booster Serum.” The court held that the imitation amounted to trademark infringement and passing off. The order was passed on October 29 by District Judge Savita Rao of the Commercial Court,...
Filing Written Statement Is Statutory Right, Cannot Be Denied Over Procedural Lapses: Calcutta High Court
The Calcutta High Court on Thursday held that the right to file a written statement is a statutory right and that this right cannot be denied merely for procedural lapses if the filing is otherwise within the time allowed by law. A Single Bench of Justice Aniruddha Roy made the ruling while allowing several defendants in a commercial dispute involving the Central Bank of India to file...
NCLT Delhi Sanctions Maruti Suzuki's Merger With Suzuki Motor Gujarat
The Principal Bench of the National Company Law Tribunal on Thursday approved the merger of Maruti Suzuki India Limited with its wholly owned subsidiary, Suzuki Motor Gujarat Private Limited. The coram, comprising President Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi, noted that there was no impediment to approving the scheme, given the positions taken by the...