Claim For Pre-CIRP Dues Not Been Filed, Electricity Department Not Entitled To Recover Such Dues Or To Disconnect Electricity: Observes NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, while adjudicating an appeal filed in the matter Swastik Aqua Ltd. & Anr. v Jharkhand Bijli Vitran Nigam Ltd. & Anr., has held that if the Electricity Department does not file any claim for its pre-CIRP electricity dues, then it is neither entitled to recover the pre-CIRP electricity dues, […]
Allocation Of Meagre Amount Cannot Be A Ground To Question The Resolution Plan: Observes NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, while adjudicating an appeal filed in the matter of Pani Logistics v Vikas G. Jain & Ors., has held that mere allocation of meagre amount cannot be a ground to question the resolution plan. The allocation in the resolution plan to the creditors can be questioned when the plan […]
No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: NCLAT Delhi Holds
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, while adjudicating an appeal filed in the matter Diwakar Sharma v Anand Sonbhadra, has held that there is no scope for condonation of delay beyond the period of 15 days much less 45 days, as there is no window available for NCLAT to exercise its jurisdiction for condonation […]
Corporate veil can be lifted to enforce arbitral awards against shareholders of a company – Observes Delhi High Court
The Delhi High Court in the order passed In the matter of Delhi Airport Metro Express Private Limited Vs., Delhi Metro Rail Corporation Ltd., observed that the court has the power to lift corporate veil and enforce a decree, order or an award against the shareholders of the company. In the instant matter, the Delhi High Court […]
Updation Application Seeking To Change The Amount Of Counter-Claims In Arbitral Proceedings, Is An Application For ‘Amendment’: Observes Delhi High Court
Delhi High Court in the matter of NTPC Ltd vs. Larsen and Toubro Limited & Anr. has ruled that where a party has filed an application seeking to update/revise its counter claims before the Arbitral Tribunal, intending to primarily alter/change the amount of the counter-claims, the said application was, in effect, an application for amendment of the […]
Court May Decline To Refer Parties To Arbitration If Dispute Doesn’t Correlate To Arbitration Agreement: Reiterates Delhi High Court
The Delhi High Court in the matter of GTM Builders and Promoters Pvt Ltd vs. Sneh Development Pvt Ltd has reiterated that mere existence of an arbitration agreement or arbitration clause would not be sufficient to refer the parties to arbitration and that even in the presence of an arbitration agreement, the court may decline to refer […]
Resolution Professional Entitled To Take Control Of Corporate Debtor’s Rights In Assets Licensed To Third Parties: Observes Supreme Court
The Supreme Court in the matter of Victory Iron Works Ltd. v Jitendra Lohia & Anr., has held that a Resolution Professional (“RP”) is entitled to take control of the rights of a corporate debtor in assets which are licensed to third parties. Such an action of the RP will come within the ambit of Section 25 […]
Assets of subsidiary company cannot be dealt with in CIRP of a holding company : Observed NCLAT, Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, while adjudicating an appeal filed in the matter Greater Noida Industrial Development Authority (GNIDA) vs. Roma Unicon Designex Consortium, has held that assets of the subsidiary company cannot be dealt with in the CIRP of the holding company. A parcel of land was leased by Greater NOIDA Authority […]
No fetter, embargo or legal impediment for a trust to be a Resolution Applicant: Observed NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, while adjudicating an appeal filed in M/s. Aswathi Agencies v Bijoy Prabhakaran Pulipra & Ors., has held that there is no fetter, embargo or any legal impediment for a Trust to become a Resolution Applicant. In this matter, PVS Memorial Hospital Private Limited (“Corporate Debtor”) runs a […]
SPA which gives option to resell shares to the vendor, not a ‘Forward Contract’: Observes Bombay High Court
The Bombay High Court in the matter of Percept Finserve Pvt Ltd & Anr. versus Edelweiss Financial Services Ltd., ruled that a Share Purchase Agreement (SPA), which gives an option to the purchaser to require the seller/vendor to repurchase the shares on the occurrence of a contingency, does not constitute a ‘forward contract’ and thus, the same […]