In a recent order [1], the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”), once again reiterated the settled legal position that the NCLT cannot be invoked as a forum for recovery of money arising out of commercial transactions unconnected with insolvency proceedings. An application under section 60(5) of the Insolvency and Bankruptcy Code, […]
In a recent order [1], the Maharashtra Real Estate Regulatory Authority, Mumbai (“MahaRERA/ Tribunal”) has reaffirmed that promoters cannot evade the Tribunal’s jurisdiction by labelling transactions as having occurred prior to enactment of Real Estate (Regulation and Development) Act, 2016 (“RERA”), unregistered, or mere “investment” arrangements, where the effects of such transactions continue into the […]
The National Company Law Appellate Tribunal (“NCLAT“) has clarified that restoration of a company petition for Corporate Insolvency Resolution Process cannot be denied on a mere technicality. Where a case is withdrawn based on consent terms or a settlement agreement that expressly provides for revival in case of default, the creditor’s right to restoration of […]
In a noteworthy ruling, the Bombay High Court addressed an important issue concerning tax liabilities arising after a Corporate Insolvency Resolution Process (CIRP) in Uttam Value Steel Ltd. & Anr. Vs ACIT & Ors[1]. This case illuminates the tension between an approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC) and the actions […]
The Supreme Court reinforced the sanctity of contractual terms, ruling that, in cases of delayed property possession, the buyer is entitled to seek a refund along with interest at the rate specified in the original contract. The Court further emphasized that judicial bodies cannot alter mutually agreed-upon contracts. In the case of Venkataraman Krishnamurthy and […]
A long-running trademark dispute between the U.S. based Burger King Corporation and a local Pune eatery using the same name has escalated from a local court victory for the eatery to a fresh challenge in the Bombay High Court. The case Burger King Corporation vs. Ms. Anahita Irani and another involved a legal dispute between […]
IRP/RP can ask for continuation of the supply of such goods and services which are critical to protect and preserve the value of the Corporate Debtor and manage the operations of such Corporate Debtor as a going concern. Corporate Debtor’s (“CD”) electricity was disconnected 3 months prior to commencement of the CIRP. The Power Supply […]
In a recent ruling, the Supreme Court clarified directors’ vicarious liability in company offenses, emphasizing stringent requirements for their accountability. In the case of Bharti Airtel Limited (“Airtel”) and Fitbel Telecom Solutions Private Limited (“Company”), the Supreme Court of India provided crucial insights into the vicarious liability of directors. The judgment emphasized the stringent requirements […]
Supreme Court emphasizes need for credible evidence in claims for loss of profit due to breach of contract.
In a recent ruling, the Supreme Court emphasized the essential requirement of credible evidence in loss of profit claims, setting a precedent for rigorous standards in such legal matters. M/S Unibros (“Unibros”) was awarded a work contract by All India Radio (“AIR”) to carry out construction of Delhi Doordarshan Bhawan. The project was delayed by […]