SAT reverses SEBI’s order in Arshad Warsi’s pump and dump case
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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[Google-CCI Case] |NCLAT upholds Rs1,337 crore penalty on google for abuse of dominant position in Android Mobile Device Ecosystem
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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[District Police Constable Driver Recruitment] MAT| Clause prohibiting application for one and the same post in more than one unit in the advertisement notice not violative of Article 14, 16 and 19
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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[Reliance Capital (RCap) Resolution] CoC has power to negotiate and call for higher bid; NCLAT allows another round of bidding
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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RPC fee paid by Formula One not liable to be disallowed; Second proviso to S. 40(a)(i) be given retrospective effect: ITAT
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 upholds NCLT’s rejection to dislodge resolution plan against POSCO India Processing Center Private Limited
NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.
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Payment received by assessee from foreign company for business support services cannot be treated as FTS under Art. 12 (5) of India Netherlands DTAA: ITAT reiterates
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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Do Third-party/shareholders have locus to challenge initiation of CIRP against Corporate Debtor? NCLAT answers
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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Builder not giving possession on time; NCDRC slams with compensation for delay in delivery of possession
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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NCDRC allows Rs 20 lakhs compensation to patient suffering 80% disability; reiterates doctor’s legal obligations to patients
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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[Relief for Homebuyers] NCLT approves resolution plan of Suraksha Realty in Jaypee Infratech case
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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Advance paid for purchase of shares of Corporate Debtor does not fall under definition of Financial Debt: NCLT
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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SEBI imposes penalty on Arshad Warsi and his wife & 29 other entities; Bars from Securities Market for practicing fraudulent & unfair trade practices
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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RBI imposes penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements
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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Once Resolution Plan approved and submitted to Adjudicating Authority, it cannot be sent back for re-consideration: NCLAT
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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NCLAT provides time-bound opportunity to Resolution Professional and CoC to revive Corporate Debtor
In a case related to rejection of Resolution Plan by the Adjudicating Authority, which was once approve the Adjudicating Authority, the Tribunal opined that the Adjudicating Authority was right on non-approval of the Resolution Plan as the Adjudicating Authority’s order was not followed in its true spirit.
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NCLAT stays Insolvency proceeding against Zee Entertainment Enterprise Ltd
The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor/ZEEL.
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In view of moratorium declared by NCLT, all the proceedings in Court, Tribunal cannot continue on account of Amendment to S. 178(6) IT Act: ITAT
ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.
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In what circumstances and conditions, Adjudicating Authority can send back a Resolution Plan to CoC for carrying out changes? NCLAT Answers
In the instant matter an appeal was preferred before NCLAT challenging the order of the Adjudicating Authority remitting a Resolution Plan back to the CoC for reconsideration in accordance with law.
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Failure of duty of care by ICU staff; NCDRC finds compensation granted by SCDRC to be just and adequate
While dealing with a challenge against the order of the State Commission, Delhi, the National Consumer Dispute Redressal Commission found the same reasoned, and the compensation to be just and adequate, thereby dismissing both the appeals.
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