India Columns

Shareholders differ from lenders in several ways rules NCLT

Date: Sep 13, 2022

In its ruling dated November 29, 2021 ("Judgement") in the case of Hubtown Limited v. GVFL Trustee Company Private Limited [M.A. 2411/2019 IN C.P. 4128/I&B/MB/2018 and others], the National Company...

NLCAT rules over strict rules of delivery

Date: Sep 12, 2022

The Adjudicating Authority (NCLT), Allahabad Bench rejected the appellant's application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) against respondents (the...

It cannot be claimed that a corporate debtor failed to deliver possession of real estate if the delay was caused by force majeure rather than the corporate debtor

Date: Sep 12, 2022

Under Section 7 of the Insolvency and Bankruptcy Code, 2016, homebuyers Shilpa Jain and Akash Jain (collectively, "Respondents") submitted an application to start a corporate insolvency resolution...

Subsidiary Rules of Interpretation in Indian Jurisprudence

Date: Sep 12, 2022

Subsidiary Rules of Interpretation in Indian Jurisprudence Introduction The interpretation of statutes is a cornerstone of the judicial function. While primary rules of interpretation, such as the...

Type of operational debt determines whether a demand notice is to be issued under Section 8(1)

Date: Sep 12, 2022

The corporate petition was submitted by M/s Cloudwalker Streaming Technologies Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor on the grounds that it...

The liquidator has the authority to oust the CD nominee directors who are serving on the board of another firm

Date: Sep 12, 2022

On January 18, 2017, NICCO Corporation Limited ("NICCO") was accepted into the corporate insolvency resolution process under Section 10 of the IBC, 2016. NICCO owns 1,17,00,000 shares of NICCO Parks...

The Insolvency and Bankruptcy Code of 2016 and Section 17B of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 do not contradict

Date: Sep 12, 2022

In its ruling dated March 11, 2022 ("Judgement") in the case of Sikander Singh Jamuwal v. Vinay Talwar Resolution Professional and Others [Company Appeal (AT) (Ins)No. 483 of 2019], the National...

The NCLT does not possess the authority to categorise a transaction as a "preferential transaction" on its own

Date: Sep 12, 2022

The National Company Law Tribunal ("NCLT") has been found to lack the authority to suo moto classify a transaction as a preferential transaction under the provisions of the Insolvency and Bankruptcy...

The land that the Corporate Debtor owns for development under the Joint Development Agreement is likewise subject to the statutory freeze under Section 14(1)(d) of the I&B Code

Date: Sep 12, 2022

The Hon'ble Apex Court, in its ruling, overturned the NCLAT's observations that Section 14(1)(d) of the I&B Code forbade the recovery of "occupied" property and that only actual physical occupation...

Bail refused to lawyer accused of cheating & criminal breach of trust

Date: Sep 9, 2022

The Gujarat High Court in Shaileshgiri Mohangiri Meghnathi v/s State Of Gujarat who had allegedly eloped for 3 years with a huge amount of money during the execution of a sale deed. Terming it as a...

Supreme Court asks the State of Punjab to bring the absconding NDPS accused are brought to book.

Date: Sep 9, 2022

The Supreme Court in Paramjit Singh v/s The State Of Punjab remarked that NDPS matters are not usual matters and that over 2000 offenders are absconding. It has asked the State to put in place...

Withdrawal of a Resolution Plan is not an option open to a successful Resolution Applicant in accordance with IBC's objectives

Date: Sep 8, 2022

The National Company Law Appellate Tribunal ("NCLAT"), while supporting the decision of the National Company Law Tribunal, New Delhi Bench ("NCLT"), held in a significant decision that the successful...

Administrative and Quasi-Judicial Functions in Indian Law

Date: Sep 8, 2022

The Evolving Dichotomy: An Analysis of Administrative and Quasi-Judicial Functions in Indian Law I. Introduction In the expansive realm of Indian administrative law, the classification of...

The documentation submitted by the Appellant company fell short of demonstrating that it was operating or conducting business at the time its name was stricken off

Date: Sep 7, 2022

The name of the appellant company was removed by the Registrar of Companies because, in accordance with Section 455 of the Companies Act of 2013, it had not been engaged in any business or operations...

The RBI Act's "Supersession" of Directors prevents them from receiving notice of CoC meetings

Date: Sep 7, 2022

In Dheeraj Wadhawan v. The Administrator, Dewan Housing Finance Corporation Ltd., the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT) determined that "supersession of directors"...

After 120 days have passed, the Supreme Court will still allow written statements to be filed

Date: Sep 7, 2022

The Suo Motu Limitation Extension Orders passed by the Supreme Court of India are applicable to the filing of written statements in Commercial Courts, the Supreme Court of India recently held in a...

That it was not relied upon is no longer a valid defense of mere ipse dixit

Date: Sep 7, 2022

The Securities and Exchange Board of India (SEBI) is required to disclose the Investigation Report prepared by an Investigating Authority [under Regulation 9 of the SEBI (Prohibition of Fraudulent...

There is no legal authority for the adjudicating authority (tribunal) to unilaterally order an investigation

Date: Sep 7, 2022

The displeased party appealed the impugned order issued by the Honourable NCLT, New Delhi Bench, which instructed the Central Government to order an investigation into the Corporate Debtor's affairs...

On the basis of unpaid LTC and leave encashment dues, insolvency cannot be started

Date: Sep 7, 2022

The petitioner's claim was that the corporate debtor refused to pay gratuity, EL encashment, and LTC despite the fact that he had worked as an employee for the corporate debtor company and reached...

The SC affirms that Newtech Promoters & Developers would pay the corresponding house buyers a refund as required by the Real Estate Act of 2016 for their failure to transfer possession

Date: Sep 6, 2022

To promote standardisation and openness in the real estate industry, the Real estate (Regulation and Development) Act, 2016 (RERA) was passed. Even though the law is new and evolving, there are still...

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