Corporate
'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...
Advances Made By Shareholder After Lapse Of Shareholders Agreement Amount To 'Financial Debt': NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted a Section 7 application filed by Euro Corporate Services Pvt. Ltd. against Royal Fantasy Constructions Pvt. Ltd. The bench comprising Judicial Member Sushil Mahadeorao Kochey and Member Technical Prabhat Singh has ruled that the advances made by the shareholder after the expiration of the shareholder agreement amount...
Timeline For Filing Bankruptcy Application Under IBC Is Directory, Not Mandatory: NCLT Kochi
The NCLT, Kochi Bench, comprising Vinay Goel (Member-Judicial) and Madhu Sinha (Member-Technical), has held that the three-month period for filing bankruptcy applications against personal guarantors under Section 121(2) IBC, 2016, is directory and not mandatory. Kerala Financial Corporation filed the application under section 123 of the IBC, 2016, seeking bankruptcy proceedings...
NCLT Mumbai Rejects Financial Creditor's Plea To Revise Vote On Reliance Broadcast Resolution Plan
The National Company Law Tribunal (NCLT) at Mumbai on Thursday rejected an application by Authum Investment and Infrastructure Limited (which acquired the claim from Reliance Commercial Finance Limited) to revise its vote from No to Yes on the approved resolution plan for Reliance Broadcast Network Limited.A coram of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet...
Interim Finance Is Financial Debt Requiring 66% CoC Approval; NCLT Cannot Direct Contribution Without Such Approval: NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai Bench, has recently held that the interim finance constitutes financial debt under the provisions of the IBC, 2016, and can only be raised with the approval of at least 66% of the Committee of Creditors (CoC). The tribunal held that “the term contribution is not defined in the code; hence, the contribution is nothing else but...