Tribunals/Commissions/Regulatory Bodies Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

Whether Corporate Debtor can raise pre-existing dispute in reply to the petition filed under Section 9 IBC in case demand notice issued under Section 8 of IBC is not replied? NCLAT answers

In the instant matter, the petitioner preferred an appeal challenging the order of Adjudicating Authority dismissing application in view of the “pre-existing dispute”. NCLAT held that when the reply to Demand Notice was not filed within 10 days, the Corporate Debtor is not precluded from raising the question of dispute or pleading that there is no amount due and payable.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Deduction of TDS itself is not sufficient to conclude the transaction: NCLAT

While dismissing the appeal challenging the order of Adjudicating Authority which dismissed a S. 7 IBC application on the ground of want of limitation, the Tribunal held that there is no question of going into the merits of the case and the application is barred by limitation.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Debt and default are sine qua non and only condition for admitting S. 7 IBC application: NCLAT

While hearing an appeal challenging an impugned order passed by the Adjudicating Authority dismissing a S. 7 IBC application on the ground that the appellant was not able to establish debt and default, the Tribunal held that it is clear from the facts and circumstances the definition of debt and default is rightly established by the appellant and the Adjudicating Authority has committed a patent error while passing the impugned order.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT| A mistake in demand notice does not make an application defective unless some prejudice is suffered resulting from such mistake

While deciding the present matter dealing with mistake in demand notice, NCLT held that “the Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

National Company Law Appellate Tribunal | Adjudicating Authority cannot direct Resolution Professional to pay lease amount during CIRP

National Company Law Appellate Tribunal held that Adjudicating Authority cannot direct Resolution Professional to pay lease amount under Section 14(1)(d) of Insolvency and Bankruptcy Code, 2016, during CIRP

Case Briefs Tribunals/Commissions/Regulatory Bodies

Nature of Financial Debt does not change on account of breach of consent terms | NCLAT

While upholding the NCLT’s order of admission of fresh application and initiation of CIRP against the Corporate Debtor, the Tribunal held that the nature of financial debt would not change on account of breach of the consent terms.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | IBC overrides Limitation Act; Delay beyond period of 45 days cannot be condoned

While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT rejects application for initiation of CIRP for filing with fraudulent and malicious intent

National Company Law Appellate Tribunal held that rejection of application for initiation of Corporate Insolvency Resolution Process is inevitable if it is filed fraudulently and maliciously for purpose other than resolution of insolvency.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Successful Auction Purchaser can withdraw from e-Auction; NCLAT upheld refund of EMD and first instalment

In a case challenging the Adjudicating Authority’s order to withdraw from e-auction process and refund of EMD and first instalment, the Tribunal held that the Adjudicating Authority can allow the Successful Auction Purchaser to withdraw from e-auction process when the balance bid amount is due because of the attachment of the assets of the Corporate Debtor.

Case Briefs Tribunals/Commissions/Regulatory Bodies

CERC| Imposition of Safeguard Duty on import is a ‘Change in Law’ event in Power Purchase Agreement

The Central Electricity Regulatory Commission held that the imposition of Safeguard Duty through notification issued by Department of Revenue is a ‘Change in Law’ event as per Article 12 of Power Purchase Agreement.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT| After closure of Challenge Process and consequent receipt of resolution plan, Adjudicating Authority cannot direct consideration of the revised plan submitted thereafter

National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Deduction of TDS and deposit in Form 16-A under Section 194-A of Income Tax Act proves the deduction was TDS relating to ‘Interest other than interest on securities’: NCLAT observes

In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial debt.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NHRC calls for action against dilapidated condition of a District Child Protection Office in Chennai

The National Human Rights Commission recently called State Human Rights Commission Tamil Nadu and other authorities to act upon the dilapidated condition of District Child Protection Office, Royapuram.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Strong reason required to keep the application in abeyance; NCLAT dismisses appeal finding no error in Adjudicating Authority’s order

The Tribunal observed that an application under S. 12A cannot be entertained after approval of Resolution Plan by CoC.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Cancelled Flat Bookings amount to non-performance of service; CESTAT directs Authorities to refund service tax to Builder

CESTAT states that cancelled flat bookings amount to non-performance of service,Held that Service tax is not applicable if no service is rendered.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Bureau of Energy Efficiency takes suo motu verification test on a sample refrigerator of Whirlpool India and found quality non-compliance; Appellate Tribunal for Electricity sets aside the order

The Tribunal stated that since the first test report was deficient, it did not stand legal scrutiny and was directed to treat the second test report as the first test report in continuation of their investigation.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NGT constitutes High Level Committee to combat Pollution in River Yamuna

NGT constitutes High Level Committee to be headed by Lieutenant Governer, Delhi to combat unabated pollution caused in River Yamuna and directed to adhere to the timelines laid down.

Case Briefs Tribunals/Commissions/Regulatory Bodies

UPRERA interprets Section 2 (zk) of RERA Act; upholds Saya Cementation Ltd. as a Promoter in ‘Oh My God’ project

“The request of Saya Cementations to be the promoter of the project along with Alisa Infratech to comply with all the pending and forthcoming obligations jointly and severely under the rules and regulations of the RERA Act was accepted by the Authority”

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT refuses to grant interim relief to Google; directs to deposit 10% of ₹ 936 crore penalty

National Company Law Appellate Tribunal, New Delhi: While deciding an appeal filed against the Competition Commission of India's (CCI) order imposing a

Case Briefs Tribunals/Commissions/Regulatory Bodies

Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT

In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.