Bringing you the Best Analytical Legal News
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.
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ITAT held that the second proviso to Clause (i) of Section 40(a) just like second proviso to clause (ia) of Section 40(a) was inserted to remove an anomaly and were therefore curative and declaratory in nature. Hence, it had to be given retrospective effect.
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NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.
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ITAT noted that an identical issue was subject matter of consideration of the Tribunal in assessee’s own case, hence following the precedent, the Tribunal directed that the payment received in this case cannot be treated as FTS under Article 12 (5) of India Netherlands DTAA.
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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.
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In another case of delayed possession of flats by builder in Gurugram, NCDRC directed the builder to compensate the homebuyers for delay and differences of brochure and builder homebuyer agreement.
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Accepting the exceptionally challenging nature of treatment of high voltage burns, NCDRC held the doctor liable to the extent of performing LD Flap surgery, otherwise recommended to be performed by plastic surgeons.
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The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL/JIL/Jaypee/RP to continue with adjusting the delay compensation.
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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.
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On 2-3-2023, the Securities and Exchange Board of India (‘SEBI’) restrained the promoters of Sadhna Enterprises including Arshad Warsi along with other
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On 3-3-2-2023, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for
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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.
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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.
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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.
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ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.
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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.
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While dealing with a challenge against the order of the State Commission, Delhi, the National Consumer Dispute Redressal Commission found the same reasoned, and the compensation to be just and adequate, thereby dismissing both the appeals.
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The Election Commission in consequence, allowed the Uddhav Thackeray faction to retain the name of ‘Shiv Sena (Uddhav Balasaheb Thackeray)’ and the symbol of ‘Flaming Torch’ as per the October 2022 interim order.
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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.
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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.
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