Cases Reported in Comp Cas| Latest Cases on Company Laws

Insolvency and Bankruptcy Laws — Company Insolvency — Insolvency Resolution — Resolution plan approved in respect of corporate debtor — Bank and Customer — Bank not party to proceedings before NCLT or resolution plan — Held, bank cannot be restrained from continuing proceeding under SARFAESI Act, 2002 [Ashok Harry Pothen v. Indian Bank, (2025) 256 Comp Cas 48]

Insolvency and Bankruptcy Laws — Insolvency and Bankruptcy Code, 2016 — Legislative intent — Ensuring revival from debt trap and maximisation of assets of corporate debtor by protecting from liquidation — Held, 2016 Code is beneficial legislation which puts corporate debtor back on its feet, not being mere recovery legislation for creditors [Kunwer Sachdev v. IDBI Bank, (2024) 249 Comp Cas 432]

Corporate Laws — Company Law — Winding up and Liquidation — Dissolution of Company — Unpaid dividends and undistributed assets paid into Reserve Bank of India account — Held, claim by shareholder to be paid sums out of such account — No evidentiary proof to show petitioner was shareholder [Grover Leasing Ltd. v. Rank Suspension (P) Ltd., (2024) 249 Comp Cas 24]

Insolvency and Bankruptcy Laws — Company Insolvency — Insolvency Resolution — Moratorium — Held, mere uploading of petition not be construed as filing — Guarantor cannot claim protection of moratorium against proceedings initiated by bank under SARFAESI Act, 2002 [Jeny Thankachan v. Union of India, (2024) 248 Comp Cas 1]

Corporate Laws — Company Law — Winding up and Liquidation — Assets of Company in liquidation — Property leased by company in liquidation— On lifting of corporate veil clear that purchaser was shell company of company in liquidation — Held, applicant-company has not come to court with clean hands — Thus, relief claimed cannot be granted [Pacific Convergence Corpn. Ltd. v. Data Access (India) Ltd., (2024) 246 Comp Cas 475]

Insolvency and Bankruptcy Laws — Company Insolvency — Insolvency Resolution — Winding up — Transfer of proceedings — Held, petitions for winding up at nascent stage — No substantive order passed — Proceedings to be transferred to NCLT [E&M Specialty Co. Inc. v. Anil Wahal, (2024) 244 Comp Cas 54]

Corporate Laws — Company Law — Winding up and Liquidation — Petition of Winding up — Transfer of petitions pending before High Courts — Held, petition not to be continued before High Court but to be transferred to tribunal [Pivot Multifar Industrial Services Ltd. v. DSC Ltd., (2024) 243 Comp Cas 54]

Corporate Laws — Company Law — Winding up and Liquidation — Dissolution of Company — Official Liquidator — Held, official liquidator has no knowledge of any other recoverable assets, from which any money may be realised for Company [Kotak Mahindra Bank Ltd. v. Manisha Parivahan (P) Ltd., (2024) 243 Comp Cas 17]