Category: Corporate

Tender – Installation and maintenance of 74 videoscopes at various field formations of CBEC – direct that out of the payment to be made to M/s. ASVA Power Systems India Pvt. Ltd., a sum of Rs. 63 lakhs shall be deducted and orders with regard to that amount shall be passed after hearing the parties in detail at the time of final hearing.

SUPREME COURT OF INDIA DIVISION BENCH COMMISSIONER, DIRECTORATE OF LOGISTICS — Appellant Vs. ALMIGHTY TECHSERV, PROPRIETOR MR. MANISH DALMIA AND ANOTHER — Respondent ( Before : Deepak Gupta and Aniruddha…

IMP ::: Insolvency and Bankruptcy Code, 2016 – Sections 5(8) and 43 – Mortgage by a Corporate debtor to secure debts of third party not “Financial Debt” within meaning of Section 5(8) – Whether lenders of Jaiprakash Associates Limited could be treated as financial creditors, HELD it cannot be said that the corporate debtor owes them any ‘financial debt’ within the meaning of Section 5(8) of the Code; and hence, such lenders of Jaiprakash Associates Limited do not fall in the category of the ‘financial creditors’ of the corporate debtor Jaypee Infratech Limited – Appeals are allowed

SUPREME COURT OF INDIA DIVISION BENCH ANUJ JAIN INTERIM RESOLUTION PROFESSIONAL FOR JAYPEE INFRATECH LIMITED — Appellant Vs. AXIS BANK LIMITED ETC. ETC. — Respondent ( Before : A.M. Khanwilkar…

Colliery Control Order, 1945 – Whether the appellants were required to pay the price of coal consumed in their manufacturing process at a preferential rate, known in the trade parlance as “linked price”, or the price under a Liberalised Sales Scheme (LSS) – HELD Appellants did not have vested legal right to preferential pricing as linked consumers

SUPREME COURT OF INDIA DIVISION BENCH M/S. S.K.J. COKE INDUSTRIES LTD.& ANR. — Appellant Vs. COAL INDIA LTD. & ORS. — Respondent ( Before : Deepak Gupta and Aniruddha Bose,…

National Housing Bank Act, 1987 – Section 36 and 36 (A) – Reserve Bank of India Act, 1934 – Section 45(q)(a) – Insolvency and Bankruptcy Code, 2016 – Section 227 and 239(2)(zk) – Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicatory Authority), Rules, 2019 Rule 5 and 6 – Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – Regulation 6 – Administrator made a public announcement under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – On 04.12.2019, public depositors were included as a class of creditors under Section 21 (6A) (b) of the IBC HELD It open to the Appellants to raise all points and contentions before the Committee of Creditors, the Administrator and if necessary, the NCLT

SUPREME COURT OF INDIA DIVISION BENCH VINAY KUMAR MITTAL AND OTHERS — Appellant Vs. DEWAN HOUSING FINANCE CORPORATION LTD. AND OTHERS — Respondent ( Before : L. Nageswara Rao and…

Insurance Act, 1938 – Section 64(VB)(3) – No risk can be assumed by the insurer unless the premium payable is received in advance – HELD Proposal does not conclude the contract – A contract postulates an agreement between the parties – In the present case, the insurer while issuing the new policy at a fresh location specifically excluded STFI perils and refunded the premium – To hold to the contrary would be rewriting the agreement between the parties and creating a fresh contract

SUPREME COURT OF INDIA DIVISION BENCH SHREE AMBICA MEDICAL STORES AND OTHERS — Appellant Vs. THE SURAT PEOPLE’S CO-OPERATIVE BANK LIMITED AND OTHERS — Respondent ( Before : Dr Dhananjaya…

Debts Recovery Tribunal has no power to condone the delay in filing application for review under the Recovery of Debts and Bankruptcy Act 1993(RDB Act) HELD provisions of Limitation Act, including the provision to condone delay under Section 5 of it, apply only to original applications filed under Section 19 of the RDB Act and not to review applications.

DRT Has No Power To Condone Delay In Filing Review Application Under RDB Act : SC [Read Judgment] LIVELAW NEWS NETWORK 27 Jan 2020 12:59 PM The Supreme Court has…

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