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SC upholds applicability of SEBI Circular; but gives a green signal to Reliance Commercial Finance resolution to avoid “unscrambling of resolution process”

“Such unscrambling of the resolution process will not only prove time-consuming, but may also adversely affect the agreed realized gains to the retail debenture holders, who have already consented to the negotiated settlement before the High Court.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

Can default in payment of instalments under the settlement agreement be defined as an operational debt? NCLT decides

National Company Law Tribunal, New Delhi: The bench of Abni Rajan Kumar Sinha, Judicial Member and Hemant Kumar Sarangi, Technical Member has

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT| Using provisions of IBC for revival of TDS amounts is a misuse of IBC; NCLAT holds defaults over non-payment of TDS is not a ground for initiation of CIRP

A coram of Justice Ashok Bhushan (Chairperson), Shreesha Merla (Technical member) and Naresh Salecha (Technical Member) has held that non-payment of TDS

Case Briefs High Courts

Ori HC considers whether any difference exists between a case where default is committed and prosecution immediately launched and where prosecution is deferred till cheque presented again gets dishonored for second or successive time?

Orissa High Court: R K Pattnaik, J. dismissed the petition and held that the ground on which the petition is raised is

Case Briefs Supreme Court

Default/Delay in payment of EPF by employer: Mens rea or actus reus not an essential element for imposing civil penalty/damages

Supreme Court: The bench of Ajay Rastogi and Abhay S. Oka, JJ has held that any default or delay in the payment

Case Briefs Tribunals/Commissions/Regulatory Bodies

In case of an application being filed under S.7 of IBC, will insufficiency of stamp duty be looked into? NCLT decides

National Company Law Tribunal, Mumbai: The Coram of H.V. Subba Rao, Judicial Member addressed the relevancy of insufficiency of stamp duty under

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | Whether Corporate Insolvency Resolution Process can be initiated against Principal Borrower and Corporate Guarantor simultaneously for same set of debt and default? Tribunal decides

National Company Appellate Tribunal (NCLAT): The Division Bench of Justice A.I.S Cheena (Judicial Member) and V.P. Singh (Technical Member) reinforced that in the

Case Briefs Tribunals/Commissions/Regulatory Bodies

Application under Sections 7, 9 or 10 I&B Code not adversarial litigation; NCLT not required to record detailed decision thereunder: NCLAT

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial)

Case Briefs High Courts

Repossession of goods by the financial institution in case of default in repayment of loan does not amount to theft

Madras High Court: While setting aside the FIR registered against the officials of the Bank for an offence under Section 379 Penal