NCLAT

Reliance Infratel Financial Creditors
Case BriefsSupreme Court

Noting that hypothecation means the process of using an asset as collateral for a loan. It acts as a protection to the lender when the borrower does not repay the loan, the Supreme Court highlighted that the name of the document is not a decisive factor. Only because the title of the document contains the word hypothecation, it cannot be concluded that guarantee is not a part of this document.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT noted that the NCLT had not delegated its jurisdiction to the 15-member committee but tasked the committee to act under the NCLT’s oversight, ensuring compliance with its guidance and observations.

Insolvency Process against BYJU
Case BriefsSupreme Court

The present appeal raises substantial questions about the legal framework governing the withdrawal of a CIRP; the settlement of claims after the admission of an application instituted by a debtor; and the scope of the inherent powers vested in the NCLAT under Rule 11 of the NCLAT Rules.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT held the appellant’s claim was inflated, and the Adjudicating Authority rightly recalculated the actual unpaid amount, which fell below the Rs 1 crore threshold.

free certified copy final order paid certified copy
Case BriefsSupreme Court

Entry 31 of Schedule of Fees prescribed by the NCLT Rules stipulates that the fee for obtaining true certified copies of final orders passed to parties other than the concerned parties under Rule 50 shall be Rs 5 per page. The stipulation of Rupees five per page in Entry 31 excludes “the concerned parties under Rule 50”.

Treatment of Interest and Damages
Op EdsOP. ED.

by Anupm Prakash* and Kirti Talreja**

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT reinforced that not all financial transactions qualify as financial debts under the IBC.

Unintended Consequences
Op EdsOP. ED.

by V.P. Singh†

Inter-corporate deposits
Experts CornerJSA Advocates & Solicitors

by Sidharth Sethi† and Shreya Sircar††

2024 SCC Vol. 6 Part 2
Cases ReportedSCC Weekly

Arbitration — Arbitration and Conciliation Act, 1996 — Ss. 34 and 37 — Arbitral award — Validity of: Law explained on validity

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT criticized the appellants for unnecessarily burdening the Tribunal with excessive documentation, voluminous records and citations of little value, thereby wasting Tribunal’s resources and acting contrary to professional ethics.

Metalyst Forgings Limited
Law Firms NewsNews

Shardul Amarchand Mangaldas & Co. advised the committee of creditors (CoC) in the corporate insolvency resolution process of Metalyst Forgings Limited (Metalyst),

CCI
Experts CornerLakshmikumaran & Sridharan

by Neelambera Sandeepan* and Srivaishanavi R.**

Delhi High Court
Case BriefsHigh Courts

The Court exonerated the charges of contravention of prescribing non-refundable participation fee levied on Liquidator of Corporate Debtor, however, he was found guilty of paying excess fees to BDO Restructuring Advisory LLP.

Greater Noida Industrial Development Authority
Op EdsOP. ED.

by Gaurav Mitra* and Lavanya Pathak**

Clean Slate Doctrine
Experts CornerLakshmikumaran & Sridharan

by Yogendra Aldak†, Pranav Mundra†† and Balraaj Singh Chhatwal†††

Tribunal Roundup April 2024
Legal RoundUpTribunals/Regulatory Bodies/Commissions Monthly Roundup

The State Commission absolved Flipkart from any liability as it was merely facilitating the sale through its portal. However, it was noted that Flipkart should have displayed a strict attitude vis-à-vis breach of terms regarding sale of counterfeit products on its site.

financial debt and operational debt
Case BriefsSupreme Court

“While deciding that whether a debt is a financial debt or an operational debt arising out of a transaction covered by an agreement or arrangement in writing, it is necessary to ascertain what is the real nature of the transaction reflected in the writing.”

Delhi High Court
Case BriefsHigh Courts

“It is trite that the international treaty obligations are required to be followed strictly and any deviation therefrom would have adverse effects including downgrading of the business interests of country in the international community.”

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT held that the appellant, having obtained a recovery certificate from RERA, qualified as Financial Creditors.