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If the business entity involved in hazardous activities fails to pay compensation, the State is liable to pay for the failure to ensure safety. Citizens are entitled to safety from hazards of business activities having potential for incidents which may cause death and injuries.
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NCLAT held that that the allocation of meagre amount in Resolution Plan to Creditors can be questioned when the plan value earmarked for them is less than the liquidation value but same is not the case in instant matter.
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It is a trite law that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings under section 147 IT Act.
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National Company Law Appellate Tribunal observed that as per S. 61(2) every appeal must be filed within 30 days before the Appellate Tribunal and the Appellate Tribunal has the jurisdiction to extend the period of 15 days if it is satisfied that there is a sufficient cause for not filing the appeal within the prescribed time.
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NGT said that though basic liability is of violator of law, where law violator is not made to pay compensation, the State is liable to pay compensation as per its duty as a welfare State
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Securities Appellate Tribunal: In the instant appeal filed against the ex parte ad-interim order passed by the Whole Time Members (WTM) of
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The Tribunal while upholding the impugned order passed by CCI dated 20-10-2022, set aside 4 key directions issued in paragraphs 617.3, 617.9, 617.10 and 617.7.
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The Tribunal observed that the act of filling in 2 applications for one and the same post in more than one Unit cannot be accepted to be an inadvertent or innocent act.
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The NCLAT held that even after completion of challenge mechanism under CIRP Regulation 39(1A)(b), the CoC retains its jurisdiction to negotiate with one or other Resolution Applicants, or to annul the Resolution Process and embark on to re-issue RFRP.
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ITAT held that the second proviso to Clause (i) of Section 40(a) just like second proviso to clause (ia) of Section 40(a) was inserted to remove an anomaly and were therefore curative and declaratory in nature. Hence, it had to be given retrospective effect.
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NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.
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ITAT noted that an identical issue was subject matter of consideration of the Tribunal in assessee’s own case, hence following the precedent, the Tribunal directed that the payment received in this case cannot be treated as FTS under Article 12 (5) of India Netherlands DTAA.
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The NCLAT held that there is no law which allows a third party or shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor, M/s McDowell Holdings Limited.
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In another case of delayed possession of flats by builder in Gurugram, NCDRC directed the builder to compensate the homebuyers for delay and differences of brochure and builder homebuyer agreement.
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Accepting the exceptionally challenging nature of treatment of high voltage burns, NCDRC held the doctor liable to the extent of performing LD Flap surgery, otherwise recommended to be performed by plastic surgeons.
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The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL/JIL/Jaypee/RP to continue with adjusting the delay compensation.
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NCLT held that the amount of advance paid for purchase of shares of the Corporate Debtor does not fall under the definition of Financial Debt as it was not disbursed against the consideration for the time value of money.
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On 2-3-2023, the Securities and Exchange Board of India (‘SEBI’) restrained the promoters of Sadhna Enterprises including Arshad Warsi along with other
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On 3-3-2-2023, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for
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In matter related to reconsideration of Resolution Plan after approval, NCLAT held that thought the object of the CIRP is maximisation of value of the Corporate Debtor, but the said maximisation must be achieved within the timeline provided in the scheme.
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