Supreme Court of India Judgements

46420 Judgements hosted as on 27/04/2024 - Search (FREE), Subscribe, Read & Download

Category: I B C

I B C

A judgment and/or decree for money in favour of the Financial Creditor, passed by the DRT, or any other Tribunal or Court, or the issuance of a Certificate of Recovery in favour of the Financial Creditor, would give rise to a fresh cause of action for the Financial Creditor, to initiate proceedings under Section 7 of the IBC

Aug 6, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH DENA BANK (NOW BANK OF BARODA) — Appellant Vs. C. SHIVAKUMAR REDDY AND ANR. — Respondent ( Before : Indira Banerjee and V. Ramasubramanian,…

I B C

IBC – Approval of a resolution plan does not ipso facto discharge a personal guarantor (of a corporate debtor) of her or his liabilities under the contract of guarantee – Release or discharge of a principal borrower from the debt owed by it to its creditor, by an involuntary process, i.e. by operation of law, or due to liquidation or insolvency proceeding, does not absolve the surety/guarantor of his or her liability, which arises out of an independent contract.

Jun 5, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH LALIT KUMAR JAIN — Appellant Vs. UNION OF INDIA AND OTHERS — Respondent(S) ( Before : L. Nageswara Rao and S. Ravindra Bhat, JJ.…

I B C

IBC, 2016 – Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium,

Apr 25, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH SANDEEP KHAITAN, RESOLUTION PROFESSIONAL FOR NATIONAL PLYWOOD INDUSTRIES LIMITED — Appellant Vs. JSVM PLYWOOD INDUSTRIES LIMITED AND ANOTHER — Respondent ( Before : Uday…

I B C

IBC, 2016 – Once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders

Apr 25, 2021 sclaw

SUPREME COURT OF INDIA FULL BENCH GHANASHYAM MISHRA AND SONS PRIVATE LIMITED THROUGH THE AUTHORIZED SIGNATORY — Appellant Vs. EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED THROUGH THE DIRECTOR AND OTHERS —…

I B C

Insolvency Process – Reference to arbitration – Where the petition under Section 7 of IB Code is yet to be admitted and, in such proceedings, if an application under Section 8 of the Act, 1996 is filed, the Adjudicating Authority is duty bound to first decide the application under Section 7 of the IB Code

Mar 29, 2021 sclaw

SUPREME COURT OF INDIA FULL BENCH INDUS BIOTECH PRIVATE LIMITED — Appellant Vs. KOTAK INDIA VENTURE (OFFSHORE) FUND (EARLIER KNOWN AS KOTAK INDIA VENTURE LIMITED) AND OTHERS — Respondent (…

I B C

IBC – Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors – Limited jurisdiction in matter of approval of resolution plan – Jurisdiction of the Appellate Authority is also circumscribed by the limited grounds of appeal provided in Section 61 of the Code

Mar 28, 2021 sclaw

SUPREME COURT OF INDIA FULL BENCH JAYPEE KENSINGTON BOULEVARD APARTMENTS WELFARE ASSOCIATION AND OTHERS — Appellant Vs. NBCC (INDIA) LIMITED AND OTHERS — Respondent ( Before : A.M. Khanwilkar, Dinesh…

I B C

Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 – Regulation 2B – Companies Act, 2013 – Section 230 – Compromise or arrangement – A person who is not eligible under the IBC to submit a resolution plan for insolvency resolution of the corporate debtor shall not be a party in any manner to such compromise or arrangement.

Mar 21, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH ARUN KUMAR JAGATRAMKA — Appellant Vs. JINDAL STEEL AND POWER LIMITED AND ANOTHER — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud and M.R.…

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State Laws

Bombay Public Trusts Act, 1950 – The case involves the acceptance of Change Reports for the Vahiwatdar (Administrator) and Trustees of Shri Mallikarjun Devasthan, a Public Trust – The High Court invalidated the acceptance and remanded the matters for reconsideration – The main issue was the delay in filing the Change Report for the new Vahiwatdar of the Trust, which was submitted 17 years after the previous Vahiwatdar’s death – The Supreme Court set aside the High Court’s judgment, confirming the acceptance of Change Report Nos. 899 of 2015 and 1177 of 2017, allowing the civil appeals – The Court found that the delay in filing the Change Report was a curable defect and did not impact the legitimacy of the new Vahiwatdar’s assumption of office – The Court emphasized a liberal approach to condonation of delay, citing precedents.

Apr 28, 2024 sclaw
Service

Maharashtra Employees of Private Schools (Conditions of Service) Regulation Act, 1977 – Sections 7, 8 and 9 – Procedure for resignation by employees of private schools – The appellant challenged his termination from, which was set aside by the Tribunal but reinstated by the High Court – The main issues were whether the appellant’s resignation was lawfully withdrawn and if the documents related to his resignation were fabricated – The appellant argued that his resignation withdrawal was not considered and that the school committee’s resolutions were fabricated – The respondents contended that the resignation was accepted by the management committee and the school committee, and the appellant was informed accordingly – The Supreme Court upheld the High Court’s decision, dismissing the appeal and affirming that the appellant’s resignation was voluntary and lawfully accepted – The Court found no evidence of fabricated documents and determined that the management committee’s acceptance of the resignation was valid – The Court referenced the MEPS Act and Rules, concluding that non-communication of resignation acceptance does not invalidate the termination – The Supreme Court concluded that the appellant’s resignation was accepted before his attempted withdrawal, and thus the termination was lawful.

Apr 28, 2024 sclaw
I B C

Insolvency and Bankruptcy Code, 2016 – Section 5(7) – “financial creditor” – The appeals challenge judgments related to the status of certain creditors of M/s. Mount Shivalik Industries Limited under the Insolvency and Bankruptcy Code, 2016 (IBC) – The primary issue is whether the respondents are financial creditors or operational creditors within the meaning of the IBC – The appellants argue that the respondents are operational creditors, as the agreements indicate services rendered to promote the corporate debtor’s products – The respondents contend that the agreements were a means to raise finance, making them financial creditors due to the interest-bearing security deposits – The Court upheld the NCLAT’s decision, recognizing the respondents as financial creditors based on the commercial effect of the transactions – The Court examined the true nature of the transactions and found that the arrangements had the commercial effect of borrowing, satisfying the criteria for financial debt under the IBC – The Court applied the definition of financial debt and operational debt from the IBC, emphasizing the disbursal against the consideration for the time value of money – The appeals were dismissed, confirming the respondents’ status as financial creditors and allowing the resolution process to continue accordingly – The Court’s detailed analysis affirmed the NCLAT’s interpretation of the IBC provisions.

Apr 28, 2024 sclaw
Family Court I P C

“Husband Has No Right On Wife’s Stridhan” Matrimonial Law – The appeal concerns a matrimonial dispute involving misappropriation of gold jewellery and monetary gifts – The appellant, a widow, married the first respondent, a divorcee, and alleged misappropriation of her jewelry and money by the respondents – The core issue is whether the appellant established the misappropriation of her gold jewellery by the respondents and if the High Court erred in its judgment – The appellant claimed that her jewellery was taken under the pretext of safekeeping on her wedding night and misappropriated by the respondents to settle their financial liabilities – The respondents denied the allegations, stating no dowry was demanded and that the appellant had custody of her jewellery, which she took to her paternal home six days after the marriage – The Supreme Court set aside the High Court’s judgment, upheld the Family Court’s decree, and awarded the appellant Rs. 25,00,000 as compensation for her misappropriated stridhan – The Court found the High Court’s approach legally unsustainable, criticizing it for demanding a criminal standard of proof and basing findings on assumptions not supported by evidence – The Court emphasized the civil standard of proof as the balance of probabilities and noted that the appellant’s claim for return of stridhan does not require proof of acquisition – The Supreme Court concluded that the appellant had established a more probable case and directed the first respondent to pay the compensation within six months, with a 6% interest per annum in case of default.

Apr 28, 2024 sclaw