Supreme Court of India Judgements

46448 Judgements hosted as on 05/05/2024 - Search (FREE), Subscribe, Read & Download

Category: I B C

I B C

Insolvency and Bankruptcy Code, 2016 – Section 12 – the insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under Section 12 of the IBC and the time taken in legal proceedings in relation to such resolution process of the Corporate Debtor. has not been completed within a period stated hereinabove, i.e., within a period of 330 days, such resolution process shall be completed within a period of 90 days from the date of commencement of the IBC amendment Act, 2019, i.e., 16.08.2019.

Dec 5, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH COMMITTEE OF CREDITORS OF AMTEK AUTO LIMITED THROUGH CORPORATION BANK — Appellant Vs. DINKAR T. VENKATSUBRAMANIAN AND OTHERS — Respondent ( Before : M.R.…

I B C

Insolvency and Bankruptcy Code, 2016 – Section 60(5)(c) – Residuary jurisdiction of the NCLT cannot be invoked if the termination of a contract is based on grounds unrelated to the insolvency of the Corporate Debtor – NCLT does not have any residuary jurisdiction to entertain the present contractual dispute which has arisen dehors the insolvency of the Corporate Debtor.

Nov 27, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH TATA CONSULTANCY SERVICES LIMITED — Appellant Vs. VISHAL GHISULAL JAIN, RESOLUTION PROFESSIONAL, SK WHEELS PRIVATE LIMITED — Respondent ( Before : Dr. Dhananjaya Y.…

I B C

Once the “Operational Creditor” has filed an application which is otherwise complete, the adjudicating authority has to reject the application under Section 9(5)(ii)(d) of IBC, if a notice has been received by “Operational Creditor” or if there is a record of dispute in the information utility

Sep 27, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH KAY BOUVET ENGINEERING LIMITED — Appellant Vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED — Respondent ( Before : R.F. Nariman and B.R. Gavai, JJ.…

I B C

Insolvency and Bankruptcy Code, 2016 – Section 12A – Withdrawal of application admitted under section 7, 9 or 10 – Adjudicating Authority is entitled to withdraw the application admitted under Section 7 or Section 9 or Section 10, on an application made by the applicant with the approval of 90% voting share of the CoC.

Sep 19, 2021 sclaw

SUPREME COURT OF INDIA FULL BENCH K.N. RAJAKUMAR — Appellant Vs. V. NAGARAJAN AND OTHERS — Respondent ( Before : L. Nageswara Rao and B.R. Gavai and B.V. Nagarathna, JJ.…

I B C

As per Section 61(2) of the IB Code, the appeal was required to be preferred within a period of thirty days – Therefore, the limitation period prescribed to prefer an appeal was 30 days. However, as per the proviso to Section 61(2) of the Code, the Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of 30 days if it is satisfied that there was sufficient cause for not filing the appeal, but such period shall not exceed 15 days. Therefore, the Appellate Tribunal has no jurisdiction at all to condone the delay exceeding 15 days from the period of 30 days, as contemplated under Section 61(2) of the IB Code.

Sep 19, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH NATIONAL SPOT EXCHANGE LIMITED — Appellant Vs. MR. ANIL KOHLI, RESOLUTION PROFESSIONAL FOR DUNAR FOODS LIMITED — Respondent ( Before : M.R. Shah and…

I B C

Insolvency and Bankruptcy Code, 2016 – Sections 31(1) and 60(5) – Submitted Resolution Plan – Modification or withdrawal of – Existing insolvency framework in India provides no scope for effecting further modifications or withdrawals of CoC-approved Resolution Plans, at the behest of the successful Resolution Applicant, once the plan has been submitted to the Adjudicating Authority.

Sep 19, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH EBIX SINGAPORE PRIVATE LIMITED — Appellant Vs. COMMITTEE OF CREDITORS OF EDUCOMP SOLUTIONS LIMITED AND ANOTHER — Respondent ( Before : Dr. Dhananjaya Y.…

I B C

IBC – Dispute Section 9 – It is important to separate the grain from the chaff – so long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has no other option but to reject the application – the Court is not required to be satisfied as to whether the defence is likely to succeed or not – Court also cannot go into the merits of the dispute

Aug 14, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH KAY BOUVET ENGINEERING LIMITED — Appellant Vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED — Respondent ( Before : R.F. Nariman and B.R. Gavai, JJ.…

I B C

IBC – There is no residual equity based jurisdiction in the Adjudicating Authority or the Appellate Authority while dealing with the resolution plan approved by the Committee of Creditors. These authorities can not enter into the commercial wisdom underlying the approval granted by the CoC to the resolution plan.

Aug 10, 2021 sclaw

There is no residual equity based jurisdiction in the Adjudicating Authority or the Appellate Authority while dealing with the resolution plan approved by the Committee of Creditors. These authorities can…

I B C

IBC – Initiation of the Corporate Insolvency Resolution Process by a Financial Creditor under Section 7 of the IBC is the occurrence of a default by the Corporate Debtor – Definition of ‘Financial Debt’ in Section 5(8) of IBC does not expressly exclude an interest free loan – ‘Financial Debt’ would have to be construed to include interest free loans advanced to finance the business operations of a corporate body

Aug 7, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S ORATOR MARKETING PRIVATE LIMITED — Appellant Vs. M/S SAMTEX DESINZ PRIVATE LIMITED — Respondent ( Before : Indira Banerjee and V. Ramasubramanian, JJ.…

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I P C

Penal Code, 1860 (IPC) – Sections 120-B read with Section 420 – Cheating – The case involves fraudulent transactions by accused in connivance with Indian Bank officials resulting in interest-free advances to the petitioners – The main issue is whether the petitioners were involved in cheating the bank and if they availed any undue benefit from the fraudulent transactions – The petitioners argued that they were not involved in the cheating, had not availed any undue benefit, and that the transactions were normal business dealings – The court dismissed the Special Leave Petitions, upholding the Trial Court’s conviction of the petitioners for cheating the bank through unauthorized transactions.

May 5, 2024 sclaw
Limitation

Limitation Act, 1963 – Section 5 – Condonation of Delay – Delay of 1663 days – The State of U.P. filed a SLP against an order dated 13.11.2009 by the Allahabad High Court, with a delay of 1,633 days – The main issue was the condonation of the significant delay in filing the SLP – The State argued that the delay was due to the time taken for obtaining legal opinion and permissions, and later, the realization that the appeal was not filed initially – The application for condonation of delay was dismissed, and consequently, the SLP was also dismissed – The court found the explanation for the delay unsatisfactory, especially since the State was aware of the High Court’s order when it was passed – The court did not find sufficient cause to condone the delay, leading to the dismissal of the SLP.

May 5, 2024 sclaw
Property Matters

Partition Suit – The dispute involves partition of properties left by Late ‘R’ with the main contention over roof rights of a property in Kota and another in Jaipur – The primary issue is the valuation of roof rights for further construction and the equal distribution of property among co-sharers – The appellants argue that the valuation report failed to assess the value of roof rights, which would affect the overall property valuation and entitlement of co-sharers – The respondents maintain that the property valuation and shares were appropriately determined by the approved Valuer and upheld by both the Trial Court and High Court – The Supreme Court dismissed the appeal, finding no merit in revaluating the property or altering the determined shares of the parties – The Court emphasized the importance of family ties over property disputes and suggested alternative dispute resolution methods for amicable settlements – The Court referenced the case of Afcons Infrastructure Limited vs. Cherian Varkey Construction Company Private Limited, advocating for ADR in family-related property disputes – The Supreme Court concluded that revisiting the valuation and partition would only prolong litigation and upheld the decisions of the lower courts.

May 5, 2024 sclaw
Constitution Municipal Laws

West Bengal Municipal(Building) Rules, 2007 – Rule 50 – Open spaces for building in areas other than municipalities in hill areas – The appellants challenge the High Court of Calcutta’s order regarding a contempt petition related to their residential property construction and its compliance with Rule 50 of Rules, 2007 – The appellants argue that the writ petition was a private matter and should not have been entertained by the High Court – They also claim that municipal authorities are unfairly pressuring them due to the contempt proceedings – The respondent claims that the appellants violated the sanctioned building plan, justifying the High Court’s direction for an enquiry – The Supreme Court allowed the appellants to challenge the enquiry report and show cause notice, ensuring their objections would be considered objectively without prejudice from the contempt or writ proceedings – The court expressed reservations about the High Court’s exercise of writ jurisdiction in a private dispute and suggested the civil court as the appropriate forum for grievances – The appeal was disposed of with the appellants given the liberty to challenge the enquiry report and show cause notice, without cost order.

May 5, 2024 sclaw