Cases Reported in Comp Cas | Latest Cases on Company Laws

Debt, financial and monetary laws — Bank — Banking Business — Dishonour of cheque — Offences and Prosecution — Failure to establish legally enforceable debt — Discrepancies in complainant’s case regarding loan transactions — Cheque amounts exceeding alleged debt remained unexplained — Held, findings of acquittal did not suffer from perversity — No interference warranted [ Sanjeev Suri v. Jyoti Sadana, (2025) 254 Comp Cas 1]

Insolvency and Bankruptcy Laws — Corporate Insolvency — Insolvency resolution — Insolvency professional — Disciplinary proceedings — Suspension of resolution professional for one year —Action based on observations of Appellate Tribunal — Order of Appellate Tribunal attaining finality — Held, no reason to interfere with action of suspension in absence of any procedural infirmity — Period of suspension not to be reduced [ Vijendra Kumar Jain v. Insolvency & Bankruptcy Board of India, (2025) 254 Comp Cas 188]

Corporate Laws — Company Law — Winding up and Liquidation — Petition for winding up — Held, court to look into whether affairs of company conducted unfairly and prejudicial to interest of shareholders — Matter remanded [ Sanjay Suchanti v. Anurag Cinema (P) Ltd., (2025) 254 Comp Cas 280]

Debt, financial and monetary laws — Debt, Debt Recovery and Relief — Debt — Appeal to Appellate Tribunal — Pre-deposit — In absence of determination by Tribunal borrower to depsit 50 per cent of amount of “debt due” as claimed by secured creditor — Future interest on debt owed by borrower not excluded — Held, no justification to hold that only figure mentioned in notice under Section 13(2) to be considered whilst determining pre-deposit amount interest accrued thereon till date of filing of appeal also to be included [Sony Mony Developers (P) Ltd. v. Asset Care & Reconstruction Enterprises, (2025) 254 Comp Cas 301]

Securities, Markets and Exchanges — Securities — Securities Markets Transactions— Securities and Exchange Board of India — Settlement regulations — Power of internal committee to prescribe conditions precedent and to accept or reject settlement applications — Regulations not defying constitutional values or lacking logical consistency — Not arbitrary [Abans Enterprises Ltd. v. SEBI, (2025) 254 Comp Cas 327]

Securities, Markets and Exchanges — Securities — Securities Markets Transactions — Securities and Exchange Board of India — Broker — Settlement proposal — Settlement application rejected on ground of lack of compliance — Rejection after allowing sufficient time to file documents and satisfy requirements and after fairly considering application — Held, no allegations of mala fides against members of Board or committee arbitrariness involved — Court will not substitute wisdom of expert committees [First Overseas Capital Ltd. v. SEBI, (2025) 254 Comp Cas 349]

Corporate Laws — Company Law — Shareholder, stocks and shares Transaction in securities — Writ — Maintainability — Stock exchange — Shareholder seeking issue of duplicate share certificates — Transfer forms not bearing name of defaulting member as transferee and no transferee lodging claim to shares — Shares continuing to stand in name of shareholder — Held, no document to indicate shares were assets of defaulting member — Mere recovery of transfer forms from his office would not confer ownership — Shareholder had locus standi to file writ petition [Aloysius D’Souza v. Union of India, (2025) 254 Comp Cas 416]

Insolvency and bankruptcy laws — Corporate Insolvency — Insolvency resolution — Moratorium — Embargo on enforcing demand and on determination quantum of tax and other levies, if any, against corporate debtor — Held, no power with adjudicating authority to hold assessment order non est or void ab initio — Direction to adjudicating authority to reconsider corporate debtor’s application seeking permission to appeal against assessment order [Commr. (GST) v. NCLT, (2025) 253 Comp Cas 29]

Insolvency and bankruptcy laws — Corporate Insolvency — Insolvency resolution — Consolidation of petitions — Appeal by financial creditor against decision of Adjudicating Authority dismissing application seeking consolidation, withdrawn — Held, party in whose favour certain rights and interest created by interim orders of Adjudicating Authority cannot challenge withdrawal — Party to be relegated to file appropriate application in proceeding before Adjudicating Authority — Resolution process to be deferred till decision on such application [U.P. Power Corpn. Ltd. v. Union of India, (2025) 253 Comp Cas 51]

Insolvency and bankruptcy laws — Corporate Insolvency — Insolvency resolution — Writ — Maintainability — Challenge to registration of petition under Section 95 by Registrar of National Company Law Tribunal — Held, Registrar in receiving petition under Section 94 or 95 performing only ministerial function — Maintainability of petition to be considered by Adjudicating Authority on merits — Writ petition not maintainable [Buoyant Technology Constellations (P) Ltd. v. Manyata Reallty, (2025) 253 Comp Cas 325]