Ritu, Author at SCC Times

Case Briefs Tribunals/Commissions/Regulatory Bodies

Application U/S 7 IBC not maintainable if Financial Creditor steps into the shoes of Operational Creditor; NCLAT upholds NCLT’s order

NCLAT held that the application preferred by the appellants in the second appeal under S. 7 IBC has rightly been held to be not maintainable and was rightly relegated to avail their remedy of filing the application under S. 9 IBC in relation to invoice discounting of the receivables by the seller.

Case Briefs Tribunals/Commissions/Regulatory Bodies

“Law will take its own course”; NCLAT refuses to interfere with NCLT’s order approving Resolution Plan

NCLAT held that that the allocation of meagre amount in Resolution Plan to Creditors can be questioned when the plan value earmarked for them is less than the liquidation value but same is not the case in instant matter.

Know thy Judge

Know Thy Judge | Justice Krishnan Vinod Chandran – 44th Chief Justice of Patna High Court

Former Judge of Kerala High Court, Justice K. Vinod Chandran was recently appointed as 44th Chief Justice of Patna High Court. He is popularly known for his by-the-book approach in the legal fraternity.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT cannot condone delay beyond 15 days in appeal due to lack of jurisdiction even if fraud has been played

National Company Law Appellate Tribunal observed that as per S. 61(2) every appeal must be filed within 30 days before the Appellate Tribunal and the Appellate Tribunal has the jurisdiction to extend the period of 15 days if it is satisfied that there is a sufficient cause for not filing the appeal within the prescribed time.

Case Briefs High Courts

New owners not liable for past dues and entitled to new connections despite refusal to pay, if nexus is not proved: Calcutta High Court

Calcutta High Court observed that no sum due will be recoverable from any consumer after a period of two years from the date when such sum first became due unless such sum was shown continuously recoverable as arrears of charges of electricity supply.

Case Briefs High Courts

Whether a promise of marriage is false from its inception or is there a possibility of breach of promise? Madhya Pradesh High Court examines

Madhya Pradesh High Court observed that “Only a false promise to marry made with an intention to deceive a woman would vitiate the woman’s consent being obtained under misconception of fact, but mere breach of promise cannot be said to be a false promise.”

Know thy Judge

Justice Prakash Shrivastava, Chief Justice of Calcutta High Court, retires

Justice Prakash Shrivastava retires today after being the Chief Justice of Calcutta High Court for one and half years.

Case Briefs High Courts

Party cannot be held liable for failure of bank in sending money by RTGS; Calcutta High Court directs to issue discharge certificate

The Calcutta High Court quashed the imposition and recovery of penalty by the respondent authorities and directed them to refund the penalty amount and issue discharge certificate in favour of the petitioners.

Case Briefs High Courts

Madhya Pradesh High Court directs DRT to register case against Tata Motors Finance Ltd.

Madhya Pradesh High Court held that no document needs to be provided for registering an application under S. 17 of the SARFAESI Act, when the same is not a condition precedent required under the said Section.

Case Briefs High Courts

“Every ‘FILE’ carries a ‘LIFE’”; Tahsildar cannot decide question of Will in mutation proceeding: Madhya Pradesh High Court

Madhya Pradesh High Court held that all authorities while discharging public duties or performing judicial/quasi-judicial functions must be think about Justice and that every “FILE” carries a “LIFE”.

Case Briefs High Courts

[‘Old Monk’ Trademark Dispute] Himachal Pradesh High Court grants ad-interim injunction in favour of Mohan Meakin Ltd

The use of the word MONK in most prominent manner shows dishonest intention on the part of the Defendant.

Case Briefs Tribunals/Commissions/Regulatory Bodies

[Reliance Capital (RCap) Resolution] CoC has power to negotiate and call for higher bid; NCLAT allows another round of bidding

The NCLAT held that even after completion of challenge mechanism under CIRP Regulation 39(1A)(b), the CoC retains its jurisdiction to negotiate with one or other Resolution Applicants, or to annul the Resolution Process and embark on to re-issue RFRP.

Case Briefs High Courts

All unilateral appointments of arbitrators are not invalid: Calcutta High Court

Calcutta High Court held that all the unilateral appointment of arbitrators is not invalid unless the arbitrator’s relationship falls within the Seventh Schedule to the Arbitration and Conciliation Act, 1996.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Do Third-party/shareholders have locus to challenge initiation of CIRP against Corporate Debtor? NCLAT answers

The NCLAT held that there is no law which allows a third party or shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor, M/s McDowell Holdings Limited.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Advance paid for purchase of shares of Corporate Debtor does not fall under definition of Financial Debt: NCLT

NCLT held that the amount of advance paid for purchase of shares of the Corporate Debtor does not fall under the definition of Financial Debt as it was not disbursed against the consideration for the time value of money.

Case Briefs High Courts

Availability of Alternative Remedy is not an absolute Bar to challenge re-opening of assessment: Madhya Pradesh High Court

The Madhya Pradesh High Court held that alternative remedy is not absolute bar for examining conditions to issue reassessment notice and admitted the petitions for the final hearing.

Case Briefs High Courts

Entry of authorised Bank employee in secured property premises for taking possession doesn’t fall under “House Trespass”: Calcutta High Court

While quashing the impugned criminal proceeding against the petitioners, the Court held that a defaulter borrower holds the secured asset only in trust or symbolic possession and even if the petitioners have entered the said property, the same cannot be marked out as trespassers in other’s’ property.

Case Briefs High Courts

Calcutta High Court dismisses change in classification of Tariff heading to avail lower rate of Tariff under GST regime

Calcutta High Court upheld AAAR’s order and held that Polypropylene Leno Bags made from Plastic Granules cannot be treated as Textile Articles.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Once Resolution Plan approved and submitted to Adjudicating Authority, it cannot be sent back for re-consideration: NCLAT

In matter related to reconsideration of Resolution Plan after approval, NCLAT held that thought the object of the CIRP is maximisation of value of the Corporate Debtor, but the said maximisation must be achieved within the timeline provided in the scheme.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT provides time-bound opportunity to Resolution Professional and CoC to revive Corporate Debtor

In a case related to rejection of Resolution Plan by the Adjudicating Authority, which was once approve the Adjudicating Authority, the Tribunal opined that the Adjudicating Authority was right on non-approval of the Resolution Plan as the Adjudicating Authority’s order was not followed in its true spirit.