India Columns

A director's bank account cannot be frozen based solely on an allegation against the company

Date: Aug 30, 2022

In this case, the Honourable High Court of Delhi ruled that temporary attachment orders might be made against taxable personal property, but that temporary attachment orders made against directors'...

'Dispute' under the IBC is a challenge to arbitral award

Date: Aug 30, 2022

For the payment of a specific amount of money by one M/s Ksheeraabd Constructions Private Limited ("KCPL"), an arbitral award dated January 21, 2017 was made in favour of M/s Vijay Nirman Company...

A moratorium imposed under Section 14 of the IBC does not apply to actions taken against Corporate Debtor's promoters

Date: Aug 30, 2022

The Supreme Court ruled that the moratorium under Section 14 would not prevent petitioners—home buyers—from bringing legal action against the promoters of the Corporate Debtor in order to enforce the...

Section 54F of the Income-tax Act, 1961 – Contemporary Judicial Trends and Doctrinal Challenges

Date: Aug 30, 2022

Section 54F of the Income-tax Act, 1961 – Contemporary Judicial Trends and Doctrinal Challenges 1. Introduction Section 54F of the Income-tax Act, 1961 (hereinafter “the Act”) grants an exemption...

LLP can establish a partnership firm with a single person or multiple people

Date: Aug 30, 2022

The Bombay High Court made a key decision when it ruled that a Limited Liability Partnership might associate with an individual or other people. In the instant case titled Raj Shipping Agencies v....

The Companies Act's Section 272(1)(e) is not unconstitutional under the Indian Constitution

Date: Aug 30, 2022

Being able to grant the Registrar the authority to petition the Tribunal for the winding up of a firm is legal and within the bounds of the law because "Registrar" and "a person authorised by Central...

Re-agitation of the same issue amounts to gross abuse of the process of the Court

Date: Aug 30, 2022

The Delhi High Court in KV Sagar v. Government OF NCT & Anr. while imposing a cost of Rs. 10,000 on a litigant seeking transfer of investigation to the Central Bureau of Investigation (CBI) despite...

SC gives pointers for settlement of insolvency proceedings

Date: Aug 30, 2022

While the IBC legislation is lengthy and frequently updated with regards to insolvency procedures, it was silent for a very long time about the withdrawal of the same. The Insolvency and Bankruptcy...

Supreme Court decides whether interest-free loans qualify as "financial debt" under the IBC

Date: Aug 30, 2022

Financial debt is defined by Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC) as debt with a time value connected to it, meaning there must be some interest derived from the amount...

Supreme Court gives green light to cooperative banks taking the SARFAESI path

Date: Aug 29, 2022

The Apex Court has ruled that an inheritance dispute is obviously a civil matter that cannot be resolved through procedures under Section 241/242 of the Companies Act, 2013. It was specifically...

Willful violation of a court-issued undertaking would constitute contempt of court

Date: Aug 29, 2022

In the present instance, the petitioners were directors of a company by name Parul Polymers Private Limited that used respondent bank loan and credit facilities. The petitioners provided both a...

Limitation extended by SC order does not extend the time frame during which delay can be excused in the exercise of statutory discretion

Date: Aug 29, 2022

Sagufa Ahmed & Ors v. Upper Assam Plywood Products Pvt. Ltd. & Ors, is a landmark case in which the Supreme Court's three-judge panel, which included Chief Justice Sharad A. Bobde, Justice V....

Protection of the environment would have precedence over economic interest, in case of doubt.

Date: Aug 29, 2022

The Supreme Court in T.N. Godavarman Thirumulpad vs Union Of India while revoking the approval granted by the Standing Committee of the National Board for Wildlife (NBWL) for doubling the existing...

State government has the authority to confer jurisdiction over all commercial disputes

Date: Aug 29, 2022

The Hon'ble Orissa High Court, provided for the requisite powers of a judicial officer. The present petitions dispute not only the notification dated November 13, 2020, but also the learned D&SJ's...

Res Judicata cannot be determined as a preliminary issue when it's a mixed question of fact and law.

Date: Aug 29, 2022

The Supreme Court in Sathyanath vs Sarojamani observed that res judicata cannot be decided as a preliminary issue when there exists a mixed question of fact and law. While coming to the said...

The 'Duomatic Principle' in Company Law is applicable even in the Indian Context.

Date: Aug 29, 2022

The Supreme Court in Mahima Datla vs Renuka Datla observed that the Duomatic Principle that 'strict adherence to a statutory requirement may be dispensed with if it is demonstrated otherwise on facts...

Promotion Kept in Abeyance in India

Date: Aug 29, 2022

Promotion Kept in Abeyance in India: A Legal Analysis of Procedural Fairness and Employee Rights Introduction The concept of keeping an employee's promotion in abeyance is a significant aspect of...

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

Date: Aug 29, 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...

The creditor cannot be stopped from starting CIRP proceedings against both the principal borrower and the guarantor at the same time

Date: Aug 29, 2022

The National Company Law Appellate Tribunal ("NCLAT") overturned the decision made by the National Company Law Tribunal, Hyderabad Bench ("NCLT") on March 4, 2020, in the case of State Bank of India...

Allowing ED To Take Possession Of Property Before Trial In Exceptional Cases Leaves Scope For Arbitrariness.

Date: Aug 29, 2022

The Supreme Court in Union of India vs Ganpati Dealcom Pvt. Ltd while dealing with the constitutionality of certain provisions of the Benami Transactions Prohibition Act, observed that the ratio of...

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