Corporate
Objections U/S 47 CPC Can't Be Entertained In Enforcement Of Arbitral Awards U/S 36 Of A&C Act: Orissa High Court
The Orissa High Court has recently held that objections under Section 47 of the Code of Civil Procedure ('CPC') cannot be allowed to be raised in the enforcement proceeding of an arbitral award, as enunciated under the provision of Section 36 of the Arbitration and Conciliation Act, 1996 ('A & C Act').While bringing clarity as to applicability of Section 47 of CPC to arbitral proceedings,...
Mere Correction Of Typographical Error In Arbitral Award Does Not Extend Limitation Period For Plea U/S 34(3) Of A&C Act: Delhi HC
The Delhi High Court held that mere correction of typographical error does not extend the period limitation for filing a petition under section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act). The court further held that the limitation period begins from the date of disposal of an application under section 33 of the Arbitration Act and not from the date when a...
Performance Of Every Contract Would Be Jeopardised If Partial Breakdown Of Machinery Is Considered 'Force Majeure' Event: Delhi High Court
The Delhi High Court partly set aside an arbitral award which directed the National Council of Educational Research and Training (NCERT) to refund of Rs. 2 crore to M/s Murli Industries Ltd. holding that the finding of the arbitrator that breakdown of a machinery constituted a force majeure event cannot be sustained. The court however upheld the arbitrator's finding that the time was...
S. 138 NI Act | Directors Can't Escape Liability For Cheque Dishonour Merely Because Company Is Declared Insolvent: Orissa High Court
The Orissa High Court has recently held that directors of a company cannot be absolved of their liability for the offence of cheque dishonour under Section 138 of the Negotiable Instruments Act, 1881 ('the NI Act') merely because the company was declared insolvent and a Resolution Professional was appointed under the Insolvency and Bankruptcy Code, 2016 ('the IBC').While determining the extent...
NCLT Mumbai Clears Yatra Online Ltd Subsidiaries' Merger With Parent Company
The National Company Law Tribunal (NCLT) at Mumbai, on Tuesday allowed a Scheme of Amalgamation involving Yatra Online Limited and six of its wholly owned subsidiaries.A coram comprising Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan allowed a plea filed under Sections 230 to 232 of the Companies Act, 2013, by the subsidiaries seeking sanction of the merger scheme....
NCLAT Asks HDFC To Confirm Status Of Penalty Deposit Made By Schlott Glass India After Dissolution By SC Due To Abuse Of Dominant Position
After the Supreme Court absolved the German glass maker Schott Glass India Pvt. Ltd. of charges of abusing its dominant position, the National Company Law Appellate Tribunal (NCLAT) on Wednesday directed HDFC Bank to furnish a certificate confirming the origin and status of a penalty deposit made by the company more than a decade ago.The deposit, made in 2012 pursuant to an order of the...
IBC - Speculative Investors Can't Be Permitted To Misuse Insolvency & Bankruptcy Code Proceedings: Supreme Court
In a significant observation aimed at curbing the growing misuse of the Insolvency and Bankruptcy Code (IBC) in the real estate sector, the Supreme Court has reiterated that the Code cannot be used as a tool by speculative investors seeking quick financial returns rather than the genuine revival of distressed companies or protection of real homebuyers.Emphasizing the remedial and...
“Descriptive & Generic”: Kerala High Court Sets Aside Injunction Granted Over Use Of 'Metal Industries' Trademark
The Kerala High Court has recently set aside an injunction granted to government company Metal Industries Limited against use of trade mark 'Metal Industries' after noting that the words metal and industries are generic and descriptive.Even though the company was the registered owner and long-term user of the trade mark 'Metal Industries', Justice C. Pratheep Kumar found that there was no...
Information Regarding GST Returns Of Company Cannot Be Disclosed Under RTI Act: Bombay High Court
The Bombay High Court on Tuesday (October 14) held that a company's Goods and Services Tax (GST) returns filing cannot be disclosed under the Right To Information (RTI) Act. Sitting at Aurangabad bench, single-judge Justice Arun Pednekar noted that section 158(1) of the GST Act prohibits disclosure of information of GST returns to third parties and that section 8(1)(j) of the RTI Act too...
ITC Cannot Be Denied To Bona Fide Purchasers If Seller Defaults On Tax Payment : Supreme Court
The Supreme Court recently held that the Input Tax Credit (ITC) on goods purchased from registered dealers cannot be denied to bona fide purchasers merely because the seller failed to deposit the Value Added Tax (VAT) with the government.A bench of Justice Manoj Misra and Justice Nongmeikapam Kotiswar Singh observed that there was no infirmity in the order of Delhi High Court granting credit...
NCLT Ahmedabad Initiates Insolvency Proceedings Against Gensol Co-founder Puneet Singh Jaggi
The National Company Law Tribunal (NCLT), Ahmedabad Bench, on Monday initiated personal guarantor insolvency proceedings against Puneet Singh Jaggi, co-founder and whole-time director of Gensol Engineering Ltd.This follows a petition by Equentia Financial Services Pvt. Ltd. over an alleged default of ₹9.91 croreThe order was passed by a coram of Judicial Member Shammi Khan and Technical...
Reverse CIRP Can't Be Claimed As Right: NCLAT Upholds Insolvency Against Supertech Realtors
The National Company Law Appellate Tribunal (NCLAT) New Delhi upheld an admission order under section of the Insolvency and Bankruptcy Code, 2016 (IBC) against Supertech Realtors Pvt. Ltd. and dismissed an appeal filed by Ram Kishore Arora, its suspended director. A bench comprising Justice Ashok Bhushan and Mr. Barun Mitra (Technical Member) observed that once debt and default...