Corporate
Byju's Insolvency | Supreme Court Refuses To Interfere With NCLAT Order Allowing Byju's Subsidiary Aakash To Proceed With Rights Issue
The Supreme Court on Monday refused to interfere with an order of the National Company Law Appellate Tribunal (NCLAT) which had allowed Aakash Educational Services Ltd., a subsidiary of Byju's (Think and Learn Pvt. Ltd.), to proceed with its proposed rights issue.A bench of Justice PS Narasimha and Justice Atul Chandurkar dismissed two appeals filed by US-based lender GLAS Trust Company LLC...
Delhi Court Bars 'Goldey' Brand for Being Deceptively Similar to Goldiee Masale
A Delhi Commercial court has barred a Tripura-based trader from using the brand name “Goldey”, ruling that it is deceptively similar to “Goldiee”, the registered trademark of the well-known Indian spice company Shubham Goldiee Masale Pvt. Ltd. The ruling came on October 25 after the trader failed to appear in court despite receiving summons. The case was heard at the Commercial Court...
Delhi Court Grants Panasonic Life Solutions Relief Against Fake 'Anchor' Products
A Delhi Commercial Court recently granted a permanent injunction in favour of Panasonic Life Solutions India Pvt. Ltd. (formerly Anchor Electricals Pvt. Ltd.) against a group of individuals found to be manufacturing and selling counterfeit products under the 'ANCHOR' brand. In an order passed on October 18, District Judge Vidya Prakash at the Commercial Court, Tiz Hazari ruled that...
Delhi Court Restrains Rampur Restaurant from Using 'Karim's Food', Awards Rs 2 Lakh to City Chain
A commercial court in Delhi recently restrained a Rampur-based restaurant from using the name “Karim's Food”, holding that it was deceptively similar to the iconic Mughlai restaurant chain Karim's in Delhi. The court also awarded Rs 2 lakh as punitive damages to the Delhi-based restaurant group, which has been serving Mughlai cuisine for over a century. In an order passed on October...
Delay Condonable When Composite Appeal Was Filed Within Limitation But Refiled Separately After Registry's Objection: NCLAT
The National Company Law Appellate Tribunal (NCLAT), New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has allowed an appeal where a composite appeal was filed within limitation, but defects were raised by the registry necessitating re-filing as separate appeals, which was beyond the period of 45 days. Initially the appellant filed a...
Order Passed By Emergency Arbitrator Under DIAC Rules 2023 Can Only Remain In Operation For 90 Days: Delhi High Court
The Delhi High Court, while hearing an appeal u/s 37 of the A&C Act filed against the the Award dated 11.12.2024 (“Impugned Award”) passed by the Emergency Arbitrator under the Delhi International Arbitration Center (Arbitration Proceedings) Rules, 2023 (“Rules of 2023”) observed that the terms 'Emergency Arbitrator' and 'Arbitral Tribunal' are not interchangeable. Rule...
NCLT Kochi Approves Capital Reduction Of Cochin Aircraft Maintenance Company Ltd
The National Company Law Tribunal (NCLT) Kochi bench of Smt. Madhu Sinha (Member Technical) and Shri Vinay Goel (Member Judicial) allowed a petition filed by M/s. Cochin Aircraft Maintenance Company Limited under section 66 of the Companies Act seeking reduction of paid up share capital holding that no creditors or employees were affected by such reduction and the proposal was...
Interest Of Homebuyers Paramount In Insolvency Process Of Real Estate Company: Allahabad High Court
The Allahabad High Court has held that the interest of the homebuyers is paramount in an insolvency resolution process of a real estate company as it directly impacts their rights and interests.Justice Arun Kumar held“In an insolvency resolution process of a real estate company the primary concern is the interest of a homebuyer in the real estate project. The homebuyers are vital...
Bank Advancing Loans To Homebuyers Can't Claim Status Of Financial Creditor Against Builder In Absence Of Undertaking To Repay: NCLAT
The National Company Law Appellate Tribunal (NCLAT), New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka (Technical Member) held that a bank disbursing loans to homebuyers cannot be treated as a financial creditor in the Corporate Insolvency Resolution Process (CIRP) of the builder, since the loan amount was sanctioned to the homebuyers and not to the corporate debtor. The...
Customs | FOB Value Determined Between Parties Protected By Privity Of Contract; Cannot Be Modified By Stranger: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the FOB (Free On Board) value determined between the parties is protected by privity of contract, and it cannot be modified by a stranger to the contract. Justice Dilip Gupta (President) and Hemambika R. Priya (Technical Member) opined that FOB value is the product of...
Resignation From Directorship Does Not Discharge Personal Guarantor From Liability Under Continuing Guarantee: NCLAT
The National Company Law Appellate Tribunal (NCLAT) New Delhi held that once a personal guarantee is executed, the resignation from the directorship does not discharge the guarantor from liability, particularly when the guarantee is a continuing one, unless it has been expressly revoked. A bench of Justice Ashok Bhushan and Mr. Barun Mitra (Technical Member) held that “we are...
NCLT Rejects Sterling Biotech's Plea To Reclaim Pune Land From Sterling Healthcare
The National Company Law Tribunal (NCLT) at Mumbai on Friday rejected an application filed by Sterling Biotech Ltd (SBL) seeking possession of an industrial plot in Pune leased to Sterling Healthcare Ltd (SHL), which is currently under insolvency proceedings.The dispute related to a 29-year lease executed in 2008 for land located at Village Urse in Pune district. A coram comprising...