NCLT admits Go Air insolvency plea
A creditor has limited grounds to object to S. 10 of IBC application.
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NGT imposes 50 crores costs on Uttar Pradesh Aawas and Vikas Parishad and 3 other Housing Realtors for environment degradation
The Tribunal noted that while developing housing projects in Ghaziabad, the Project Proponents violated environmental norms for plantations and sewage treatment plan.
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Income Tax Appellate Tribunal directs Assessing Officer to charge assessee at gross profit rate of 6.5% on bogus purchases
ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that “the assessee has taken bogus purchase bills without having taken any delivery of the goods”, without applying their mind.
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NCLT imposes exemplary cost of ₹ 5 Lakhs on Trimex Industries (P) Ltd for filing frivolous litigation
NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.
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[Ludhiana Gas Leak]: NGT orders 20 lakhs compensation to heirs of 11 deceased; constitutes fact-finding Committee
The Tribunal constituted an eight-member fact-finding Joint Committee about the incident headed by Chairman of the State Pollution Control Board, Punjab.
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DCDRC directs 67K compensation for a movie goer who suffered a rodent bite while watching movie with her family in Galleria Cinema Hall
The Commission found that the management of Galleria Cinemas was negligent for not ensuring proper hygienic conditions for their viewers.
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Intent of Corporate Debtor irrelevant in establishing existence of preferential transaction: NCLAT
There is no need to prove any fraudulent intent for a preferential transaction as per S. 43 of the IBC.
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What is the rule for settlement after constitution of ‘Committee of Creditors’? NCLAT Answers
“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”
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NGT denies Taxi Union’s plea to increase number of vehicles permitted to Rohtang Pass
The opening of the Atal Tunnel or availability of parking space is not sufficient ground to increase the number of vehicles allowed to Rohtang Pass.
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Railway horns are required to be blown as per ‘whistle code’; NGT dismisses plea to prohibit usage of train horns
The National Green Tribunal said that an environment free from noise pollution is necessary, but operation of railways is an essential activity, and must be conducted.
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DCDRC directs restaurant to pay Rs 40,000 as compensation for ordeal sustained by the complainant due to its failure to deliver ‘Sadya’ on Thiruonam day
The Commission observed that Malayalis have sentimental attachment towards ‘Thiruonam Sadya’; therefore, waiting for a long time and eventually not getting the ‘Sadya’ can be quite frustrating.
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No embargo on Operational Creditor to file application u/S 9 IBC, even if agreement has an arbitration clause: NCLAT
The scope and objective of the Code is ‘Resolution’, and not a ‘Recovery Mode / Forum’.
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Mitigating factors should be considered while imposing penalty for anti-competitive behavior: NCLAT imposes 1% penalty of the turnover on Geep Industries
“…penalty @1% of the turnover for each year of continuance of the cartel would be appropriate penalty in keeping with the extent and seriousness proportionality of the anti-competitive behavior of Geep Industries.”.
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State cannot escape liability for violation of environmental norms; NGT grants Compensation of Rs. 20 lakhs to successor of deceased
National Green Tribunal said that the State has to take precautions to prevent such incidents in future, apart from paying compensation with liberty to recover the same from the entity.
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To reject application under Sec. 9 IBC, a genuine pre-existing dispute must exist: NCLAT
The National Company Law Appellate Tribunal held that no pre-existing dispute regarding quality of supplied goods exist as the same was not raised before consumption of the goods.
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Application U/S 7 IBC not maintainable if Financial Creditor steps into the shoes of Operational Creditor; NCLAT upholds NCLT’s order
NCLAT held that the application preferred by the appellants in the second appeal under S. 7 IBC has rightly been held to be not maintainable and was rightly relegated to avail their remedy of filing the application under S. 9 IBC in relation to invoice discounting of the receivables by the seller.
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[Sambhal cold storage collapse incident] NGT orders compensation to heirs of deceased and injured persons
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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“Law will take its own course”; NCLAT refuses to interfere with NCLT’s order approving Resolution Plan
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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Reopening of the assessment is indemonstrable in law as reasons inserted in Section 147 IT Act were not considered as evidence: ITAT
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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NCLAT cannot condone delay beyond 15 days in appeal due to lack of jurisdiction even if fraud has been played
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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