Category: Corporate

Insolvency and Bankruptcy Code, 2016 – Sections 7, 9, 10 and 12-A – Initiation of corporate insolvency resolution process by financial creditor – Case of MSL in their appeal is that they want to run the company and infuse more funds – MSL has raised the funds upon mortgaging the assets of the corporate debtor only. In such circumstances, This Court are not engaging in the judicial exercise of determining the question as to whether after having been successful in a CIRP, an applicant altogether forfeits their right to withdraw from such process or not HELD Court direct the Resolution Professional to take physical possession of the assets of the corporate debtor and hand it over to the MSL

SUPREME COURT OF INDIA FULL BENCH MAHARASTHRA SEAMLESS LIMITED — Appellant Vs. PADMANABHAN VENKATESH AND OTHERS — Respondent ( Before : Rohinton Fali Nariman, Aniruddha Bose and V. Ramasubramanian, JJ.…

Deferred Spectrum charges – Dismissal of Appeal for Refund – Centre’s Appeal against TDSAT order to refund of Rs 104 Crores to Reliance Communications – Order of the TDSAT does not call for any interference – The Union nowhere disputes that the respondent licensees’ liability toward payment of deferred spectrum charges, in May, 2018, was to the tune of Rs. 774.25 crores – The total amount realized upon encashment of the bank guarantees furnished by the respondents, however, was to the extent of Rs. 908.91 crores

SUPREME COURT OF INDIA DIVISION BENCH UNION OF INDIA — Appellant Vs. RELIANCE COMMUNICATION LIMITED AND ANOTHER — Respondent ( Before : R. F. Nariman and S. Ravindra Bhat, JJ.…

Invocation or encashment of bank guarantee – HELD The settled position in law that emerges from the precedents of this Court is that the bank guarantee is an independent contract between bank and the beneficiary and the bank is always obliged to honour its guarantee as long as it is an unconditional and irrevocable one

SUPREME COURT OF INDIA DIVISION BENCH STANDARD CHARTERED BANK — Appellant Vs. HEAVY ENGINEERING CORPORATION LIMITED AND ANOTHER — Respondent ( Before : L. Nageswara Rao and Ajay Rastogi, JJ.…

NCLT and NCLAT would have jurisdiction to enquire into questions of fraud, they would not have jurisdiction to adjudicate upon disputes such as those arising under MMDR Act, 1957 and the rules issued thereunder, especially when the disputes revolve around decisions of statutory or quasi-judicial authorities, which can be corrected only by way of judicial review of administrative action.

SUPREME COURT OF INDIA FULL BENCH M/S EMBASSY PROPERTY DEVELOPMENTS PRIVATE LIMITED — Appellant Vs. STATE OF KARNATAKA AND OTHERS — Respondent ( Before : Rohinton Fali Nariman, Aniruddha Bose…

Electricity Act, 2003 – Sections 62, 65 and 108 – Levy of wheeling charges and grid support charges – Plea of promissory estoppel is not attracted, and there was no unequivocal promise – There was no material change in the facts and circumstances of the case to attract the plea of promissory estoppel based on Government orders

SUPREME COURT OF INDIA FULL BENCH TRANSMISSION CORPORATION OF ANDHRA PRADESH LIMITED — Appellant Vs. M/S RAIN CALCINING LIMITED AND OTHERS — Respondent ( Before : Arun Mishra, M.R. Shah…

Telegraph Act, 1883 – Sections 16, 16(1) to 16(4) read with Section 10 – Electricity Act, 2003 – Section 164 – Construction of electricity transmission – Injunction – Appeal against – HELD monetary compensation which we will not like to adjudicate and would leave this issue open, given the order of the District Magistrate, Thane and as the present appeal is directed against an interim order. Continuation of injunction is not warranted and justified in law.

  SUPREME COURT OF INDIA FULL BENCH CENTURY RAYON LIMITED @APPELLLANT — Appellant Vs. IVP LIMITED AND OTHERS — Respondent ( Before : N.V. Ramana, Sanjiv Khanna and Krishna Murari,…

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