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...

Pendency Of Appeal U/S 37 A&C Act Against First Award Does Not Bar Fresh Arbitration Proceedings: Bombay High Court

The Bombay High Court held that pendency of an appeal under section 37 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) does not prohibit a party from initiating a fresh round of arbitration when an earlier arbitral award has already been set aside. Accordingly, the present application under section 11 of the Arbitration Act was allowed and a sole...

Apportionment Of Liability Without Evidence Is Akin To 'Panchayati Approach': Bombay High Court Sets Aside NSE Arbitral Award Against Broker

The Bombay High Court set aside an arbitral award passed under National Stock Exchange (NSE) bye-laws that had upheld an order passed by Investor Grievance Redressal Panel (IGRP) directing Peerless Securities Limited to pay ₹7.18 lakhs to Vostok (Fareast) Securities Pvt. Ltd. for the losses caused by unauthorised trading in the trading and future segment. The IGRP had held that...

CCI Approves Vedanta's Acquisition Of Jaipraksh Associates

The Competition Commission of India (CCI) on Tuesday said that it has approved the proposed acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC). Vedanta had submitted a resolution plan to acquire JAL, which is currently undergoing insolvency proceedings initiated by an order...

ED Cannot Retain Attached Assets After Approval of Resolution Plan : NCLAT

The National Company Law Appellate Tribunal on Tuesday held that any attachment of assets by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) ceases to have effect once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC).A coram of Chairperson Justice Ashok Bhushan, along with Technical Member Barun Mitra observed that the section...

IRCTC's Food Plaza Licenses Not 'Renting Of Immovable Property': CESTAT Quashes ₹2.88 Crore Service Tax Demand

The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), New Delhi, recently held that the arrangement between Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) and private vendors for operating Food Plazas at railway premises does not amount to 'renting of immovable property' and, thus, does not attract service tax under that category.A two-member coram comprising...