Supreme Court of India Judgements

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Category: I B C

Contempt I B C

HELD The affidavit further states that following the practice of the NCLAT, the deponent did not entertain any attempt at mentioning by the counsel and that the order of this Court dated 13 October 2023 was not on the record before the Bench presided by the deponent on 13 October 2023. What the affidavit does not state is that a conscious effort was made by the Bench to prevent the order of this Court being placed on the record despite the fact that the court was apprised of the passing of the order by this Court in the morning session. We censure the conduct of the Member

Nov 7, 2023 sclaw

SUPREME COURT OF INDIA FULL BENCH ORBIT ELECTRICALS PRIVATE LIMITED — Appellant Vs. DEEPAK KISHAN CHHABRIA AND OTHERS ( Before : Dr Dhananjaya Y Chandrachud, CJI., J B Pardiwala and…

I B C

Insolvency and Bankruptcy Code, 2016 – Section 7 – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Section 13(2) – In absence of averments or pleading, after initiation of insolvency proceeding, any promise made to pay the debt cannot be treated to have cured the fault of limitation in a preexisting action – In the event a financial creditor wants to pursue a recovery certificate as a deemed decree, he would get twelve years’ time.

Oct 22, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH TOTTEMPUDI SALALITH — Appellant Vs. STATE BANK OF INDIA AND OTHERS — Respondent ( Before : Aniruddha Bose and Vikram Nath, JJ. ) Civil…

I B C

IBC 2016 – HELD inclined to give chance to the respondent No.1 in the given facts of the case but would not like the proceedings to drag on under the pretext of the OTS given by the respondent No.1., as it would be the objective of the Court to have a quick resolution with the aspect of insolvency or revival. if the OTS is not accepted, the appellant will be free to declare the results of the e-voting qua all the proposals.

Sep 28, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH R. RAGHAVENDRAN — Appellant Vs. C. RAJA JOHN AND OTHERS — Respondent ( Before : Sanjay Kishan Kaul and Sudhanshu Dhulia, JJ. ) Civil…

I B C

IBC, 2016 – S 5(24) – ‘related party’ – ‘related party’ regarding an individual includes someone who is a relative of the individual or a relative of the individual’s spouse – Additionally, if an individual is a director of a private or public company and, along with relatives, holds more than two percent of the company’s share capital or paid-up share capital, that company is considered a ‘related party.’ – The explanation also specifies that both maternal and paternal uncles fall under the definition of ‘related party.’

Sep 23, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH EVA AGRO FEEDS PRIVATE LIMITED — Appellant Vs. PUNJAB NATIONAL BANK AND ANOTHER — Respondent ( Before : B. V. Nagarathna and Ujjal Bhuyan,…

I B C

Section 15 of the IBC and Regulation 6 of the IBBI Regulations mandate a public announcement of the CIRP through newspapers – This would constitute deemed knowledge on the appellant – In any case, their plea of not being aware of newspaper pronouncements is not one which should be available to a commercial party.

Sep 23, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S. RPS INFRASTRUCTURE LTD. — Appellant Vs. MUKUL KUMAR AND ANOTHER — Respondent ( Before : Sanjay Kishan Kaul and Sudhanshu Dhulia, JJ. )…

I B C

Insolvency and Bankruptcy Code, 2016 – Section 5(24) – ‘related party’ – if an individual is a director of a private or public company and, along with relatives, holds more than two percent of the company’s share capital or paid-up share capital, that company is considered a ‘related party.’ – The explanation also specifies that both maternal and paternal uncles fall under the definition of ‘related party.’

Sep 19, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH EVA AGRO FEEDS PRIVATE LIMITED — Appellant Vs. PUNJAB NATIONAL BANK AND ANOTHER — Respondent ( Before : B. V. Nagarathna and Ujjal Bhuyan,…

Customs & Excise I B C SARFAESI

HELD the enactment of section 142A of the Customs Act does confer or create a first charge on the dues ‘payable’ under the Customs Act, notwithstanding provisions under any Central Act, but not in cases covered under Section 529A of the Companies Act, Recovery of Debts Due to Banks and the Financial Institutions Act, 1993, Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 and the Insolvency and Bankruptcy Code, 201

Aug 27, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH INDUSTRIAL DEVELOPMENT BANK OF INDIA (THROUGH STRESSED ASSETS STABILIZATION FUND CONSTITUTED BY THE GOVERNMENT OF INDIA) — Appellant Vs. SUPERINTENDENT OF CENTRAL EXCISE AND…

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