April 16, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT CLAIMS NOT FORMING PART OF APPROVED RESOLUTION PLAN ARE EXTINGUISHED

Recently, the Hon’ble #SupremeCourt of India in the case of <strong><em>Ghanshyam Mishra and Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Company Limited,</em></strong> <strong>(Civil Appeal No.8129/2019),</strong> vide its Judgment dated 13.04.2021 held that any #creditor including…

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April 11, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT COMPANY COURT CAN NOT DECIDE ON DEFAULT IN A WINDING UP PROCEEDINGS

The #SupremeCourt of India in the case of Shital Fibers Ltd. v Indian Acrylics Limited (Civil Appeal No. 1105/2021), vide its Judgment dated 06.04.2021 held that the Company Court while exercising its powers under Sections…

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April 11, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT ISSUE OF NOVATION OF A CONTRACT CANNOT BE CONSIDERED IN A PETITION UNDER SECTION 11 OF THE ARBITRATION AND CONCILAITION ACT, 1996

The Three Judge Bench of the Hon’ble #SupremeCourt of India comprising of Justices Rohinton Fali Nariman, B.R. Gavai and Hrishikesh Roy passed a Judgment dated 06.04.2021 in the case of Sanjeev Prakash v. Seema Kukreja…

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April 11, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT BUSINESS RUN BY KARTA OF HINDU UNDIVIDED FAMILY CANNOT BE PRESUMED TO BE A JOINT FAMILY BUSINESS

The 3-Judges Bench of the Hon’ble #SupremeCourt of India in the case of Kiran Devi vs Bihar State Sunni Wakf Board & Ors. [CIVIL APPEAL NO. 6149/2015], vide its Judgment dated 05.04.2021 held that a…

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April 4, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT INSOLVENCY PROCEEDING IS MAINTAINABLE AGAINST A CORPORATE GUARANTOR OF A NON CORPORATE PRINCIPAL BORROWER

The Supreme Court of India in the case of Laxmi Pat Surana versus Union Bank of India & Anr. [Civil Appeal No. 2734/2020], vide Judgment dated 26.03.2021 held that #CorporateInsolvencyResolutionProceedings under Section 7 of the…

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April 4, 2021 In Blog, Uncategorized

SUPREME COURT DISMISSES INSOLVENCY APPLICATION FILED DURING PENDENCY OF ARBITRATION PROCEEDINGS

The 3 Judge Bench of the Supreme Court has recently passed a Judgment dated 26-03-2021 in Indus Biotech Private Limited vs Kotak India Venture and Others, where the Apex Court decided upon the issue that…

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April 4, 2021 In Blog, Uncategorized

SUPREME COURT DISMISSES INSOLVENCY APPLICATION FILED DURING PENDENCY OF ARBITRATION PROCEEDINGS

The 3 Judge Bench of the #SupremeCourt has recently passed a Judgment dated 26-03-2021 in Indus Biotech Private Limited vs Kotak India Venture and Others, where the Apex Court decided upon the issue that whether…

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April 4, 2021 In Blog, Uncategorized

ACT FOR FINANCING INFRASTRUCTURE RECEIVES PRESIDENT’S ASSENT

On 28-03-2021, the National Bank For Financing Infrastructure and Development Act (the Act), 2021 received #Presidentialassent. The Act which seeks to establish the National Bank for Financing Infrastructure and Development (#NBFID) as the principal Development…

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April 4, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT LIMITATION ACT, 1963 IS APPLICABLE TO THE INSOLVENCY PROCEEDINGS UNDER IBC

The #SupremeCourt of India in the case of Sesh Nath Singh & Anr. versus Baidyabati Sheoraphuli Co-Operative Bank Ltd and Anr. [Civil Appeal NO. 9198 OF 2019], vide its Judgment dated 22.03.2021 held that the…

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March 28, 2021 In Blog, Uncategorized

SUPREME COURT HOLDS THAT ADJUDICATORY AUTHORITY CANNOT MODIFY A RESOLUTION PLAN

The Three Judge Bench of the Hon’ble #SupremeCourt of India comprising of Justices A.M. Khanwilkar, Dinesh Maheshwari and Sanjiv Khanna passed a Judgment dated 24.03.2021 in the case of Jaypee Kensington Boulevard Apartments Welfare Association…

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