NCLAT| Right to payment cannot be accrued when a corporate guarantee is not invoked before CIRP initiation
National Company Law Appellant Tribunal, New Delhi: The Bench of Ashok Bhushan, J., Chairperson, and Shreesha Merla, Technical Member, while
company law
NCLAT Mumbai |Interest on Delayed Payments is a part of Operational Debt under S. 3(11) of IBC
National Company Appellate Tribunal, Mumbai: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member
Jharkhand High Court | Criminal proceedings against Directors cannot continue when the Company has not been arrayed as a party
Jharkhand High Court: Sanjay Kumar Dwivedi, J., quashed the criminal proceeding registered under Sections 420, 406, 34, 120-B of the Penal Code
NCLT| Auction purchaser responsible for claims/ liabilities/ obligations of Corporate Debtor
National Company Law Tribunal, Mumbai: The coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member, declared that the
NCLT| Can Resolution Professional submit report prior to Adjudicating Authority’s direction?
National Company Law Tribunal, New Delhi: In a case where a Resolution Professional (RP) had submitted a report even prior to the
NCLT| Ongoing or fresh debt related legal proceedings against personal guarantor should remain stayed during interim moratorium period
National Company Law Tribunal, Kolkata Bench I: The Bench of Rajasekhar V.K., judicial member and Balraj Joshi, technical member has held that
Should Resolution Professional include delayed claims of homebuyers under memorandum of information? NCLAT decides
National Company Appellate Tribunal, New Delhi: The Coram of Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member)
Can default in payment of instalments under the settlement agreement be defined as an operational debt? NCLT decides
National Company Law Tribunal, New Delhi: The bench of Abni Rajan Kumar Sinha, Judicial Member and Hemant Kumar Sarangi, Technical Member has
SC to decide if a non-member director barred from approaching NCLT alleging oppression/mismanagement under Section 430 of Companies Act
Supreme Court: The Division Bench of Dinesh Maheshwari and Aniruddha Bose, JJ., issued notice to Topworth Urja & Metals Ltd. in a
Cheque issued as a security and not in discharge of legally recoverable debt; Is the contention sufficient to quash proceedings under N.I. Act at pre-trial stage? SC examines
“The quashing proceedings must not become an expedition into the merits of factual dispute, so as to conclusively vindicate either the complainant or the defence.”
Amalgamation does not necessarily nullify tax assessment as only the outer shell of the amalgamating company gets destroyed but the business and the adventure lives on: SC
It is essential to look beyond the mere concept of destruction of corporate entity which brings to an end or terminates any assessment proceedings.
If an advertisement for petition filed under S. 433 of Companies Act, 1956 is not published, will entire matter be transferred to NCLT? Meghalaya HC explains
Meghalaya High Court: Sanjib Banerjee, CJ, addressed a petition wherein a creditor’s winding-up petition was instituted under Section 433 of the Companies
Tribunals/Regulatory Bodies/Commissions Monthly Roundup | November 2021
Here’s a run-through of all the significant decisions covered in the month of November 2021 under the Section of Tribunals/Commissions/Regulatory Bodies.
Section 138 NI Act| Can’t defeat the complaint merely because it does not elaborate upon Managing Director’s authorisation: SC
Supreme Court: In a case relating to dishonour of cheques where it was alleged that the complaint was filed by the managing
Law made simple with this First edition of — Company Law by Rinita Das [Edn. 1st, 2022]
Company Law by Rinita Das The law relating to the companies is complicated and requires great patience and dedication to understand the
NCLT/NCLAT vacancies| 39 members for a sanctioned strength of 63! Supreme Court asks Centre to complete reappointment process within 2 months
Supreme Court: Taking note of the depleting strength of the members of the NCLT and NCLAT, the 3-judge bench of L. Nageswara
Pennsylvania SC nullifies “no- hire” provisions that are ancillary to a services contract between business entities, as such provisions impair job mobility of non-parties to the contract .
Supreme Court of Pennsylvania: While deliberating upon the question that whether no-hire, or “no poach,” provisions that are ancillary to a services
Company Court cannot decide in winding up proceeding which party defaulted with the compromise; Supreme Court clarifies jurisdiction of Company Court
Supreme Court: In a corporate dispute case, the 3-Judge Bench comprising of R.F. Nariman, B.R. Gavai* and Hrishikesh Roy, JJ., held that,
Winding Up v. The Insolvency and Bankruptcy Code, 2016
by Amir Arsiwala* & Ishan J Ravindranath**
Not just the petitioning creditor but ‘any’ creditor can initiate transfer of winding up proceedings from a Company Court to NCLT; holds SC
Proceedings for winding up of a company are proceedings in rem to which the entire body of creditors is a party, hence, by a deeming fiction the petition by even a single creditor is treated as a joint petition.