Ritu, Author at SCC Times

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.

Know thy Judge

Know Thy Judge | Justice Sanjaya Kumar Mishra- The 14th Chief Justice of Jharkhand High Court

Former Judge of Uttaranchal High Court, Justice Sanjaya Kumar Mishra was recently elevated as the Chief Justice of the Jharkhand High Court. At his swearing-in ceremony, Justice Mishra stated that his priority will be to impart justice to the poor and downtrodden while expediting old cases.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT stays Insolvency proceeding against Zee Entertainment Enterprise Ltd

The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor/ZEEL.

Case Briefs Tribunals/Commissions/Regulatory Bodies

In what circumstances and conditions, Adjudicating Authority can send back a Resolution Plan to CoC for carrying out changes? NCLAT Answers

In the instant matter an appeal was preferred before NCLAT challenging the order of the Adjudicating Authority remitting a Resolution Plan back to the CoC for reconsideration in accordance with law.