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India Columns

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

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...
After 24.03.2020, no application may be submitted for an amount when the default is less than Rs.1 Crore

After 24.03.2020, no application may be submitted for an amount when the default is less than Rs.1 Crore

Date: Sep 6, 2022
The National Company Law Tribunal (NCLT) Kochi bench's ruling that the March 24 notification raising the threshold limit for insolvency proceedings to Rupees One Crore will only apply prospectively...
Supreme Court rules that Section 24A of the SEBI does not require SEBI's consent to compound offences

Supreme Court rules that Section 24A of the SEBI does not require SEBI's consent to compound offences

Date: Sep 6, 2022
In the case of Prakash Gupta v. Securities Exchange Board of India (Criminal Appeal No. 569 of 2021, decided on July 23, 2021), the Supreme Court of India (SC) held that the approval of the...
When the matter has been accepted by NCLT, only NCLT should be consulted for resolution of all disputes, including the authority to begin such proceedings

When the matter has been accepted by NCLT, only NCLT should be consulted for resolution of all disputes, including the authority to begin such proceedings

Date: Sep 6, 2022
The petitioners in the lawsuit argued that even though the 157 firms are operational, the impugned letter requests for the freezing and disgorgement of their assets to be liquidated. Due to Section...
By initiating a complaint under Section 448 against the petitioner, RoC violated the legal process

By initiating a complaint under Section 448 against the petitioner, RoC violated the legal process

Date: Sep 6, 2022
In the present instance, an inspecting officer looked over a petitioner company. The inspecting officer noted that a total of Rs. 27.85 crore, which was shown as bad debts in the profit and loss...
In making a decision regarding the request to abolish CIRP, NCLT or its court of appeal cannot unilaterally dismiss CoC's business acumen

In making a decision regarding the request to abolish CIRP, NCLT or its court of appeal cannot unilaterally dismiss CoC's business acumen

Date: Sep 6, 2022
The High Court established that the NCLT or its appellate court cannot call into question the Committee of Creditors' (CoC) decision to discontinue CIRP proceedings in the precedent-setting case of...
Adjudicating Authority not vested with the "authority" to hear cases under PMLA, according to the NCLT, Kolkata Bench

Adjudicating Authority not vested with the "authority" to hear cases under PMLA, according to the NCLT, Kolkata Bench

Date: Sep 6, 2022
The NCLT's Kolkata Bench reaffirmed that the adjudicating body lacked the capacity to consider cases of money laundering in Rahul Carbon Commercials Private Limited v. Kohinoor Steel Pvt. Ltd.,...
Ejectment, Recovery of Rent, and Damages in Indian Tenancy Law

Ejectment, Recovery of Rent, and Damages in Indian Tenancy Law

Date: Sep 6, 2022
Ejectment, Recovery of Rent, and Damages in Indian Tenancy Law: A Comprehensive Analysis Introduction The legal framework governing landlord-tenant relationships in India is multifaceted, involving a...
The Jurisprudence of Mesne Profits in India: A Comprehensive Analysis of Recovery Suits

The Jurisprudence of Mesne Profits in India: A Comprehensive Analysis of Recovery Suits

Date: Sep 6, 2022
The Jurisprudence of Mesne Profits in India: A Comprehensive Analysis of Recovery Suits Introduction The concept of 'mesne profits' is a cornerstone of property law in India, designed to provide...
According to Section 167 of the CrPC, filing the charge-sheet within the allotted time is adequate compliance

According to Section 167 of the CrPC, filing the charge-sheet within the allotted time is adequate compliance

Date: Sep 6, 2022
2019 Criminal Appeal Nos. 538–539 By itself, Section 212(3) of the 2013 Act does not specify a deadline for the submission of the Serious Fraud Investigation Office (SFIO) examination report. There...
The Madras High Court upholds the Companies Act provision requiring Defaulting Directors to resign their directorships

The Madras High Court upholds the Companies Act provision requiring Defaulting Directors to resign their directorships

Date: Sep 5, 2022
The Court established that the NCLT or its appellate court cannot call into question the Committee of Creditors' (CoC) decision to discontinue CIRP proceedings in the precedent-setting case of Vallal...
If the majority of house buyers accept a settlement, CIRP may be waived

If the majority of house buyers accept a settlement, CIRP may be waived

Date: Sep 5, 2022
Jasmine Buildmart Pvt. Ltd., a Gurgaon-based real estate company, is the appellant and the corporate debtor. It failed to deliver its housing project, Krrish Provence Estate, to its purchasers even...
The Financial Creditor is required to provide evidence of Corporate Debtor default

The Financial Creditor is required to provide evidence of Corporate Debtor default

Date: Sep 5, 2022
In India, the corporate debtor manages and expands power generation assets. The Corporate Debtor invested Rs. 1996.54 crores in the construction of a 2 x 150 MW Thermal Power Plant in Bhadreshwar...
An IP is not permitted to review a creditor's status suo moto or shift it from Financial Creditor to Operational Creditor

An IP is not permitted to review a creditor's status suo moto or shift it from Financial Creditor to Operational Creditor

Date: Sep 5, 2022
The application submitted by the appellant under Section 60(5) of the IBC (hence referred to as "the application") was refused by the Adjudicating Authority (AA), which is where the appeal stems from...
The compounding fees must be greater than or equal to the statutory minimum fine

The compounding fees must be greater than or equal to the statutory minimum fine

Date: Sep 5, 2022
These two petitions, which involve the same parties and comparable concerns, have been brought up for resolution by this common order after being carefully studied together. Dr Vijay Mallya, the...
It is not ultra vires for Section 164(2) of the Companies Act, 2012 to disqualify directors for five years if they fail to provide financials for three years

It is not ultra vires for Section 164(2) of the Companies Act, 2012 to disqualify directors for five years if they fail to provide financials for three years

Date: Sep 5, 2022
The petitioners were people who had their DIN deactivated as a result of failing to file financial statements or annual reports for their respective companies, which was grounds for disqualification...
The definition of "Deposit" under S.2(31) of the Companies Act of 2013 does not apply prospectively

The definition of "Deposit" under S.2(31) of the Companies Act of 2013 does not apply prospectively

Date: Sep 5, 2022
According to the Delhi High Court, Section 2(31) of the 2013 Companies Act and the 2014 Companies (Acceptance of Deposits) Rules cannot be applied retroactively. According to a ruling by Justice...
It should not be permissible for a former employee of the "Financial Creditor" to perform the role of a "Interim Resolution Professional"

It should not be permissible for a former employee of the "Financial Creditor" to perform the role of a "Interim Resolution Professional"

Date: Sep 5, 2022
In this instance, "State Bank of India" was the "Financial Creditor" that requested the start of the "Corporate Insolvency Resolution Process" against "Corporate Debtor" "M/s. Metenere Limited" under...
The CoC's recommendation to liquidate the Corporate Debtor after a thorough assessment of its assets and liabilities and the absence of a Resolution Plan would be a business decision and not subject to judicial review

The CoC's recommendation to liquidate the Corporate Debtor after a thorough assessment of its assets and liabilities and the absence of a Resolution Plan would be a business decision and not subject to judicial review

Date: Sep 5, 2022
The appellant/promoter filed this appeal in opposition to the order made by the adjudicating authority (NCLT), Bengaluru Bench on January 8, 2020, which resulted in the liquidation of the corporate...
Orders Obtained by Fraud in Indian Jurisprudence: Nullity and Remedial Powers

Orders Obtained by Fraud in Indian Jurisprudence: Nullity and Remedial Powers

Date: Sep 5, 2022
Orders Obtained by Fraud in Indian Jurisprudence: Nullity and Remedial Powers 1. Introduction The maxim “fraus et jus nunquam cohabitant” – fraud and justice never dwell together – has pervaded...
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