Corporate
Uploading Debt Details On Information Utility Does Not Extend Limitation For CIRP: NCLAT
The National Company Law Appellate Tribunal at Delhi on Thursday observed that merely uploading financial information on an information utility does not amount to acknowledgment of debt and therefore cannot trigger a fresh limitation period for filing a Corporate Insolvency Resolution Process application under Section 9 of the Insolvency and Bankruptcy Code. The Bench of Chairperson...
Courts Can Correct Manifest Computational Errors In Awards Without Re-Appraising Arbitrator's Reasoning: Delhi High Court
The Delhi High Court held that the courts under sections 34 and 37 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) possess limited but definite authority to correct manifest computation errors without reopening the merits of the case. A Division Bench comprising Justice Anil Kshetrapal and Justice Harish Vaidyanathan Shankar partly modified the arbitral award to the...
NCLAT Upholds Order Directing Satra Properties' Suspended Directors To Refund ₹91 Lakh For Clearing Cheques During Moratorium
The National Company Law Appellate Tribunal at Delhi on Thursday held that the suspended directors of Satra Properties (India) Ltd violated the Insolvency and Bankruptcy Code by allowing two cheques worth Rs 91 lakh to be cleared after the commencement of moratorium, and upheld the National Company Law Tribunal's order directing them to jointly and severally refund the amount with interest...
Arbitrator Can't Pierce Corporate Veil To Fasten Liability On Non-Signatory: Madras High Court Partially Sets Aside Award
The Madras High Court partially set aside an arbitral award holding that arbitrator cannot pierce a corporate veil or treat a non-signatory as an alter ego to fasten liability, while modifying the award to direct repayment of a loan of Rs. 2.5 crore with interest. Justice N. Anand Venkatesh held that the arbitrator exceeded its jurisdiction by treating a third party as...
IBC Does Not Override Statutory First Charge Under Gujarat VAT Act, Both Laws Operate In Harmony: NCLAT
The National Company Law Appellate Tribunal at Delhi recently held that the Insolvency and Bankruptcy Code (IBC) does not override a statutory first charge created under the Gujarat VAT Act, and that both laws operate in harmony when such a charge qualifies as a security interest under the Code. A Bench of Judicial Member Justice Yogesh Khanna and Technical Member Indevar Pandey observed...
'Frivolous Cases Waste Judicial Time' : Supreme Court Raps Income Tax Dept For Filing SLP On Settled Issue
The Supreme Court on Friday pulled up the Income Tax Department for filing yet another Special Leave Petition (SLP) in a matter already settled by the Court, calling it a frivolous exercise that contributes to mounting pendency.A Bench of Justice BV Nagarathna and Justice R Mahadevan was hearing an SLP challenging a Karnataka High Court order on tax deduction at source (TDS) liability, an...
Even Though Evidence Act Is Not Applicable To Arbitration, Tribunal Must Follow Its Core Principles: Madras High Court
The Madras High Court has recently observed that although arbitral tribunals are not bound by the Evidence Act, they must still follow its foundational principles when assessing evidence to avoid judicial scrutiny. A single bench of Justice N Anand Venkatesh stated that “the fundamental principles of the Evidence Act which provides the basis for dealing with the case must be satisfied...
Tax Authorities Cannot Resurrect Repealed VAT Powers After GST Regime, Nor Retain Deposits Without Statutory Backing: Tripura High Court
The Tripura High Court has held that where show-cause notices imposing penalty under Section 77 of the Tripura Value Added Tax Act, 2004 (TVAT Act) were issued after delay of 9 years, long after the repeal of the TVAT Act after GST Regime, are arbitrary, illegal and vitiated by malafides. The Court further held that the State cannot retain the security deposit taken for VAT registration...
Post-Award Claim For Reimbursement Of Municipal Tax Is Not Maintainable U/S 9 Arbitration Act: Calcutta High Court
The Calcutta High Court held that a partner cannot claim reimbursement of municipal tax payments through a post award petition filed under section 9 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) as such issue constitutes substantive monetary dispute requiring adjudication under section 34 of the Arbitration Act. Justice Gaurang Kanth dismissed the petition filed...
Business Law Daily Round-Up: November 27, 2025
IPR Delhi High Court Grants Relief To Tesla Inc, Extends Bar on Indian Company's Use of 'Tesla' Marks In EV MarketDelhi High Court Rejects Philips' Plea For Perjury Action Against Ex-Employee In Software Piracy CaseMadras High Court Quashes Order Allowing Pfizer To Seek Documents From Indian Drug Manufacturer For US SuitDelhi High Court Declines To Return Plaint In Sun Pharma's Trademark...
Supreme Court Dismisses Byju Raveendran's Appeal Against NCLAT Order Mandating CoC Nod For BCCI's Plea To Withdraw CIRP
The Supreme Court on Friday dismissed an appeal filed by Byju Raveendran, suspended director and promoter of Think and Learn Private Ltd (which ran the Ed-Tech firm Byju's), challenging an order of the National Company Law Appellate Tribunal which held that the approval of the Committee of Creditors is necessary for the application filed by the BCCI to withdraw the insolvency proceedings...
Investment On Profit-Sharing Basis Does Not Qualify As Financial Debt : NCLT Delhi Reaffirms
The National Company Law Tribunal at New Delhi has recently reaffirmed that an investment made on a profit-sharing basis does not constitute a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code and therefore cannot be used to initiate insolvency proceedings under Section 7. The ruling came in a case where Modern Solar Private Limited sought to treat Rs 20 lakh advanced...