DMRC to pay decretal amount of over 6k crores to DAMPEL by May 31, 2022 for the enforcement of arbitral award- Directs Delhi High Court
The Delhi High Court on March 10, 2022 in the matter of Delhi Airport Metro Express (“DMRC”) Pvt. Ltd. v. Delhi Metro Rail Corporation (“DAMEPL”) directed the DMRC to pay decretal amount to Delhi Airport Metro Express Pvt Ltd in the plea seeking enforcement of arbitral award dated May 11, 2017. In the instant case, DAMEPL submitted […]
Whether claim of licence for use of occupation of immovable premises is an operational debt u/s 5(21) of Insolvency and Bankruptcy Code, 2016 (“IBC”) -NCLAT refers to larger bench
The principal bench of New Delhi on March 09, 2022, in the matter of Jaipur Trade Expo centre Pvt. Ltd. v. Metro Jet Airways Pvt. Ltd. referred the following question for consideration by the larger bench: “Whether claim of the Licensor for payment of License Fee for use and occupation of Immovable Premises for commercial purposes is […]
Retired partner cannot initiate proceedings under Insolvency and Bankruptcy Code, 2016 (“IBC”) against other partners or firm for retirement dues- observed NCLT, Mumbai
The NCLT, Mumbai bench on March 1, 2022 in the matter of Anil Vora HUF v. Kavya Build-Con Private Limited, rejected the Section 9 application filed by the operational creditor on the ground that a retired partner cannot initiate proceedings u/s 9 of the Insolvency and Bankruptcy Code, 2016 to claim retirement dues against other partners […]
Initiation of CIRP not mandatory for maintainability of an application against personal guarantors U/S 95, Insolvency and Bankruptcy Code, 2016 (“IBC”) – observed NCLT, Kochi
The NCLT, Kochi bench on February 25, 2022 in the matter of E. Iqbal v. State Bank of India held that when an application for initiation of Corporate Insolvency Resolution Process (CIRP) is pending before the NCLT, initiation of CIRP against the Corporate Debtor is not a prerequisite. In the instant case, an application for […]
Acknowledgment of debt in the balance sheet of the corporate debtor comes within the meaning of acknowledgment u/s 18 of the Limitation Act – reiterated NCLT, Kochi
The NCLT, Kochi bench in February, 2022 in the matter of Ms Pheonix ARC Private Ltd vs Kerela Chamber and Industries reiterated that “the acknowledgement of debt in the balance sheet comes within the purview of acknowledgement u/s 18 of Limitation Act, 1963”. Also the period of limitation for filing an application u/s 7 of Insolvency and […]
Business to Business disputes cannot be construed to as Consumer Dispute – observed Supreme Court
The Supreme Court on February 22, 2022, in the matter of Shrikant G Mantri v Punjab National Bank observed that, if business-to-business disputes were construed as consumer disputes, it would defeat the purpose of providing speedy and simple redressal as envisaged under the Consumer Protection Act, 1986(hereinafter referred to as “the said Act”). The Apex Court also […]
ROC imposes a penalty of Rs. 2 Lakh u/s 56(6) of Companies Act,2013 for the delay in issue of Share Certificates as prescribed u/s 56(4) of Companies Act,2013
Registrar of Companies vide Adjudication Order dated January 19, 2022, passed adjudicatory order u/s 454(3) of the Companies Act, 2013 read with Rule 3 of the Companies (Adjudication of Penalties) Rules, 2014 for the delay in issue of share certificates of 30 days from the time period prescribed u/s 56(4) of the Companies Act, 2013- in the […]
Limitation under Section 9 of IBC commences only upon the occurrence of default and not when the debt becomes due – observed Supreme Court
The Supreme Court in its order passed on February 04, 2022 in the matter M/s. Consolidated Construction Consortium Limited vs. M/s. Hiltro Energy Solutions Private Limited, relying on the case of B.K. Educational Services (P) Ltd vs. Parag Gupta & Associates, observed that limitation under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC”) (i.e., for […]
Superseded Directors Under RBI Act, not entitled to notice of CoC meetings – NCLAT observed
NCLAT principal bench, New Delhi in its order passed on January 27, 2022 in the matter of Dheeraj Wadhawan vs. The Administrator, Dewan Housing Finance Corporation Limited, observed that there exists a difference between ‘supersession of Directors’ under Section 45-IE of the Reserve Bank of India, Act (“RBI Act”) and the directors of the suspended board […]
The author of a tender document is the best person to interpret the same – Reiterates Supreme Court
The Hon’ble Supreme Court in its judgment delivered on January 31, 2022 in the matter Agmatel India Pvt. Ltd. Vs Resoursys Telecom reiterated that the author of the tender document is the best person to interpret its documents and requirements. Holding the above, the Supreme Court observed as follows: “The author of the tender document is taken […]