Tribunals/Commissions/Regulatory Bodies Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

IBC| Doctrine of promissory estoppel cannot be applied against approved Resolution Plan: NCLAT

NCLAT upheld the Adjudicating Authority’s order on finding no error in rejecting the appellant’s objections to the Resolution Plan.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Corporate Debtor’s early denial of liability indicates pre-existing dispute; rejection of the Section 9 application justified: NCLAT

While affirming the impugned order, the NCLAT granted the appellant option to pursue proceedings as per the agreement between the parties before an appropriate forum in accordance with the law.

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘Admitted Claim versus Security Interest’; NCLAT determines how to distribute Corporate Debtor’s assets to Secured Creditors

The NCLAT reiterated that Commercial wisdom of the CoC is crucial in determining the viability and feasibility of a resolution plan.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT issues notice in appeal against NCLT’s rejection of challenge to Lay-Off notice under Industrial Disputes Act

The main contention of the appellants is that the lay-off notice was not issued in accordance with the provisions of the Industrial Disputes Act, 1947.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Belated claims, even if allegedly due to fraud, may not be admitted once Resolution Plan is approved: NCLAT

The NCLAT rejected Resolution Professional’s reliance on Section 17 of the Limitation Act, 1963, as no fraud was found on the part of the Corporate Debtor.

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘Withdrawal of suit cannot be considered as failure of prior proceeding’; NCLAT rejects Section 9 application as being time-barred

A mere availability of arbitration or any other proceeding could not preclude the operational creditor from initiating proceedings under Section 9 of the IBC. The critical question would be whether the application was filed within the limitation period.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Single Real Estate Allottee cannot trigger Insolvency Proceedings under Section 7 of IBC: NCLAT

The underlying claim of an aggrieved party, such as an allottee, is crystallized in the form of a court order or decree, and this does not alter or disturb their status as financial creditors.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT affirms dismissal of minority homebuyers’ challenge to Resolution Plan; says it does not fall foul of law on reduction in claim

The democratic principles of the determinative role of majority opinion are enshrined in the IBC, and objections by a minority within a class, when the majority has approved a resolution plan, have no legal standing.

immediate remedial action for severe air quality index

Case Briefs Tribunals/Commissions/Regulatory Bodies

Severe Air Quality Index | NGT directs States’ Chief Secretaries to take immediate remedial action

The Air Quality Bulletins showed that there are various cities where the air quality index has dipped to ‘very poor’ or even to ‘severe’ stage.

National Financial Regulatory Authority Lexus Granito India Ltd

Case Briefs Tribunals/Commissions/Regulatory Bodies

NFRA imposes monetary penalty on Statutory Auditor and Engagement Partner of Lexus Granito India Ltd. in view of their professional misconduct

It is the duty of the auditor to conduct audit with professional skepticism and due diligence and report their opinions in an unbiased manner and the same was not done in this case.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Irrevocable and unconditional bank guarantees can be invoked during moratorium period: NCLAT

“The ‘Bank Guarantee’ is a ‘contract of Guarantee’ provided/furnished by the Bank, the “surety”, to perform the ‘promise’, or ‘discharge’ the liability, of the third person, being the Corporate Debtor herein, in case of his ‘default’.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT can’t impose fine on suspended directors for non-cooperation under Sections 19(2) or 34(3) of IBC: NCLAT

The Adjudicating Authority erred in passing the impugned order, directing the imposition fine, overlooking the law of the land through the Insolvency and Bankruptcy Code, 2016.

Case Briefs Tribunals/Commissions/Regulatory Bodies

SEBI bans ‘Baap of Chart’ owner from securities market; Imposes penalty of Rs. 17.2 crores

Securities and Exchange Board of India: In the instant matter, Mohammad Nasiruddin Ansari was alleged to have induced / influenced investors to

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘Restricted use of firecrackers’; ‘No authority can violate Supreme Court’s directions and permit banned firecrackers under the guise of celebration’: NGT

“The use of firecrackers in cities/towns where air quality is ‘moderate’ or below was restricted to only green crackers only and for duration of not more than two hours and only for celebration of any specified festival or occasion”.

District Consumer Disputes Redressal Commission

Case Briefs Tribunals/Commissions/Regulatory Bodies

Bengaluru DCDRC dismisses medical negligence case against Apollo Hospitals due to absence of necessary party and related documentary evidence

The Commission stated that the treating doctor is the best judge in a case where multiple options/ tests are available in respect of a particular ailment.

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘Timelines are of great significance in IBC’; NCLAT dismisses condonation of delay application

Limitation shall commence from the date when order is passed and shall not depend on the date when Appellant came to know of the order.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Yamuna’s situation far from satisfactory and status report filed by States and authorities did not cover major issues; NGT directs filing of fresh status reports

Details of the Sewage Treatment Plants, drains discharging both treated waste water and untreated waste water, steps taken for utilization of the treated waste water for agriculture, etc. lacked in the status report.