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Superseded Directors Under RBI Act, not entitled to notice of CoC meetings – NCLAT observed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 […]
Fire accident cannot be termed as ‘Act of God’ if it did not happen due to external natural force – Supreme Court observed
The Hon’ble Supreme Court of India in the judgment passed on January 05, 2022 in the matter – State of UP Vs Mcdowell and Company Limited observed that a fire accident cannot be said to an ‘act of God’ if it did not happen due to the operation of any forces of nature. In the instant case […]