Default occurred when post-dated cheques bounced; NCLT directs to initiate insolvency process
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
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Reflection of name in balance sheet alone does not override rejection of claim to be Financial Creditor in Liquidation Proceedings: NCLAT
In the instant matter, the appellant claimed to be a Financial Creditor as their name was included in the balance sheet of the Corporate Debtor.
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Adjudicating Authority’s order for liquidation valid when Resolution Plan remains unapproved, and no alternative plan in CIRP exists: NCLAT
The Liquidator should endeavor to sell the Corporate Debtor as a going concern in the Liquidation Proceeding, and the appellant may participate by submitting its plan.
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Adequate pleadings and findings required to establish Section 65 IBC compliance; NCLAT revives Section 7 application
NCLT’s order did not contain specific findings regarding whether the entire loan amount had been paid and whether nothing remained due.
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Closure of CIRP proceedings renders jurisdictional question regarding pre-CIRP dues irrelevant; NCLAT dismisses appeal
NCLAT observed that the issue raised by the appellant, while attractive, no longer had relevance after the closure of the CIRP proceedings.
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DCDRC finds Nik Bakers liable for deficient services for providing “unhealthy dye cake”; directs them to pay compensation of Rs 40,000
“Complainant had levelled the very serious allegations vis-a-vis the quality of the cake, and that too on the same day when the cake was consumed. Thus, a heavy duty was cast upon the bakers, who claimed themselves to be equipped with appropriate laboratory facility, to get the sample of the cake tested”.
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65 lakhs penalty imposed on stock traders by SEBI for violating insider trading rules in ABC Bearings and Timken India amalgamation
The merchant banker responsible for providing fair opinion to the ABC was given clean chit of the allegations of insider trading for lack of substantial evidence.
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NCDRC dismisses complaint for maintainability by applying doctrine of ‘Estoppel by Election’
“Intentional exercise of a choice between the alternatives bars the persons making the choice from the benefit of the one not selected on the principle of ‘estoppel by election’.”
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NCDRC directs developers to hand over possession of flat or refund sum of 1 crore to a buyer
NCDRC remarked that the argument of dissolution of joint venture agreement relieving obligations of one of the opposite parties was misconceived and could not be accepted.
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Resulting Company cannot be held liable for violation of LODR Regulations that occurred prior to its incorporation and listing: SEBI
In this matter SEBI had issued show cause notice to Piramal Pharma Ltd (Resulting Company) for alleged violations done prior to its incorporation and listing by Piramal Enterprises Ltd (Demerged Undertaking).
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NCDRC directs ICICI bank to pay 25 lakhs compensation over lost property documents
“The issue is not of fixing a value to a piece of real estate which the complainant is in possession of. Rather, it is one of compensation for the deficiency in service and of indemnifying the complaint against any future loss.”
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NCLAT dismisses appeal due to delayed defect rectification and insufficient justification for delay
“In application for condonation of delay in refiling of appeal, the applicant/appellant has to give sufficient reason for not re-filing the appeal within the time prescribed.”
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NCLAT upholds NCLT’s order imposing ₹ 10 Lakh compounding fees for non-compliance with Section 185 of the Companies Act, 2013
In a matter concerning advancement of ₹360 crore loan by Hewlett Packard Enterprise India in violation of Section185 which only permit granting of loan for repayment of the loan and not for any other reason, the NCLT imposed ₹ 10 Lakh compounding fees.
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“‘Works Contracts’ leviable to service tax only from July 2012 onwards”; Customs, Excise & Service Tax Appellate Tribunal, Chennai
“After the insertion of Section 65B (54) in the Finance Act 1994, from 01-07-2012 onwards, the definition of ‘works contract’ was expanded to include repair and maintenance services of movable properties. Hence, the composite contracts for repair and maintenance of motor vehicles are leviable to service tax from said date.”
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NCLAT rejects Liquidator’s petition to retrieve Bank Guarantees/Fixed Deposit Receipts under IBC
NCLAT held that during the moratorium period under Section 14 of IBC, Customs Authorities are authorized to utilize Bank Guarantees and Fixed Deposits furnished against Zero Import Duty.
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[Go Airlines] NCLAT allows inspection of leased Aircraft Engines
NCLAT held that the impugned order passed by the Adjudicating Authority is at a prima facie stage and should not be treated as a final expression of opinion.
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[Deficiency in service] DCDRC directs Amazon to compensate for defective telescope
Amazon defended its case saying that it was merely an online platform and not the seller of such defective telescope, contending that there was no deficiency in service.
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NCLT directs RP to approach CoCs for refunds to passengers for cancelled Go Airlines tickets
NCLT seeks response from respondents to the application for refunds to passengers under Section 60(5) of IBC.
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Explained| SAT order directing SEBI to refund Rs. 25 crore penalty deposited by Reliance for violating SAST Regulations
There is no such thing under the SAST Regulations that acquisition and holding of shares without making a public announcement is a violation.
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Schneider Electric withdraws appeal against SEBI’s Order; SAT directs it to comply with the order
SEBI had directed the French company to either re-list on a nationwide stock exchange or provide an exit opportunity to its public shareholders through the delisting mechanism.
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