Corporate
Consumer Complaint Is Not Maintainable Against Corporate Debtor During Subsistence Of Moratorium: Bombay High Court
The Nagpur Bench of the Bombay High Court, comprising of Justice M.M. Nerkiar, has held that the consumer complaint before the District Consumer Dispute Redressal is not maintainable if the insolvency of the corporate debtor has been admitted during the continuance of the moratorium. The petition was filed against the order of the District Consumer Dispute Redressal. In the...
Rajasthan High Court Declares GAFTA London Award Enforceable As Decree; Reiterates Narrow Scope Of “Public Policy” U/S 48 Arbitration Act
The Rajasthan High Court dismissed objections against the enforcement of a foreign award raised by Raj Grow Impex LLP stating that the scope of interference is extremely narrow at the enforcement stage and that an award holder having won before both the tribunal and appellate tribunals should not be left to feel that he has won the battle but lost the war. Justice Anoop Kumar Dhand...
SEBI Bars 'First Overseas Capital' From Securities Market For 2 Years, Imposes ₹20 Lakh Penalty For Multiple Violations
The Securities and Exchange Board of India (SEBI) on Thursday barred First Overseas Capital Limited (FOCL), a registered merchant banker, from accessing the securities market and taking on new issue management mandates for two years, after finding multiple violations of securities laws.This included misrepresentation of financial position, non-compliance with net worth requirements, and...
Court May Direct Deposit Of 100% Of Awarded Amount Before Granting Stay U/S 36(3) Arbitration Act: Orissa High Court
The Orissa High Court held that directing a 100% deposit of the awarded amount as a pre-condition for granting stay under section 36(3) of the Arbitration and Conciliation Act, 1996 (Act) is legally valid and consistent with the settled jurisprudence of the Supreme Court. Dr. Justice Sanjeeb K. Panigrahi held that “where the arbitral award is in the nature of a money decree,...
No Employee, Including Retirees, Has Vested Right To Perpetually Reap Benefits Of Employer's Mistake Of Erroneous Payments: J&K HC
A Division bench of the Jammu & Kashmir High Court comprising Justice Sanjeev Kumar and Justice Sanjay Parihar held that recovery of erroneously paid benefits from retired low-level employees is impermissible, but correction of future pay/pension is allowed. Further that no employee, including one who has superannuated, possesses a vested right to perpetually reap the benefits...
Provisions Of SC/ST Act Can't Be Used To Prevent Banks From Enforcing Security Interests: Delhi High Court
The Delhi High Court recently held that prima facie, the provisions of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989 cannot be invoked to prevent the enforcement of a mortgage or security interest by a bank.A single bench of Justice Sachin Datta while staying a summons issued by the National Commission for Scheduled Tribes (NCST) to Axis Bank's top...
Removal From Service For Procedural Lapses, Disinterest & Harassment of Subordinates, Disproportionate To Misconduct: Jharkhand HC
A Division bench of the Jharkhand High Court comprising Justice Sujit Narayan Prasad and Justice Arun Kumar Rai held that the capital punishment of removal from service is disproportionate to charges relating to procedural lapses, casualness in duty, lack of interest in work and harassment of subordinates. Background Facts The respondent joined the Bihar Education Service...
Can Multi-State Cooperative Societies Submit Resolution Plans Under IBC? Supreme Court To Consider
The Supreme Court recently directed that the Central Registrar of Multi-State Cooperative Societies be made a party to the appeal filed by a multi-state co-operative society against a National Company Law Appellate Tribunal (NCLAT) judgment that had held the society ineligible to submit a resolution plan for a company under the Insolvency and Bankruptcy Code, 2016.A bench of Justice JB...
Limitation Commences When Award Is Received By Authority Competent To Decide On Challenging It U/S 34 A&C Act: Manipur High Court
The Manipur High Court held that in abitration cases, in case of government entities, the limitation period commences from the date when the award is received by the person who is competent to take decision on whether to challenge the award under section 34 of the Arbitration and Conciliation Act, 1996 (Act) and not merely when the award is emailed or received by the counsel. A bench...
Gauhati High Court Grants Anticipatory Bail To Man Accused Of Passing Fake Input-Tax Credit Worth ₹199.31 Crores
The Gauhati High Court has granted anticipatory bail to the accused of passing fake ITC worth Rs. 199.31 crores, which was passed to 58 firms across 11 States using fabricated invoices totalling Rs. 658.88 Crores. Justice Kardak Ete was dealing with the case where the accused persons, led by Ashutosh Kumar Jha, had created a fictitious firm, M/s Siddhi Vinayak Trade Merchants,...
Filing Certified Copy Of Arbitration Agreement Not Mandatory When Undisputed Agreement Is Already On Record: Gujarat High Court
The Gujarat High Court held that an application under section 8 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) cannot be rejected merely on the ground that a certified copy of the agreement was not produced along with it when the same agreement containing the arbitration clause is already on the record and undisputed between the parties. Justice Maulik J. Shelat...
Probation Completion Doesn't Entitle Automatic Confirmation; Work & Conduct Report Can Decide Suitability If ACR Not Available: Chhattisgarh HC
A Division bench of the Chhattisgarh High Court comprising Chief Justice Ramesh Sinha and Justice Bibhu Datta Guru held that confirmation and promotion cannot be claimed retrospectively and deferment based on adverse Work and Conduct Report does not amount to discrimination. Background Facts The High Court of Chhattisgarh published an advertisement to fill the post of...