Invoking Article 226 for seeking relief in a contractual matter where there is an existing arbitration clause is not an appropriate remedy and neither can the High Court examine the same- Observed Supreme Court
The Hon’ble Supreme Court on March 21, 2022, in the matter of Gujarat Housing Board & Anr. v. Vande Mataram Projects Private Limited while setting aside the High Court’s order and relegating the parties to the remedy under the Arbitration and Conciliation Act, 1996 opined that seeking relief under Article 226 of the Constitution of India in […]
No conflict between section 17B of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and Insolvency & Bankruptcy Code, 2016 – NCLAT directs full payment of Provident Fund
The NCLAT Principal Bench on March 11, 2022, in the matter of Sikander Singh Jamuwal v. Vinay Talwar observed that there is no conflict between the section 17B of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (“PF Act”) and Insolvency & Bankruptcy Code, 2016 (“IBC”) and directed the Resolution Applicant to pay the Provident Fund dues (“PF”) to the […]
Failure to reply to demand notice u/s 8(1) within 10 Days does not preclude the Corporate Debtor from raising the existence of a dispute in a Section 9 application under Insolvency & Bankruptcy Code, 2016 (“IBC”) – Observed NCLAT Delhi
The NCLAT Delhi Principal Bench on March 10, 2022, in the case of M/S Brand Realty Services Ltd. v. M/S Sir John Bakeries India Pvt. Ltd observed: “The mere fact that Reply to notice under Section 8 (1) having not been given within 10 days or no reply to demand notice having been filed by […]
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 […]