News Updates
Arbitration Cases Weekly Round-Up: April 23 To April 29, 2023
Supreme Court: Arbitration Agreement In Unstamped Contract Which Is Exigible To Stamp Duty Not Enforceable: Supreme Court Holds By 3:2 Majority Case Title: M/s. N.N. Global Mercantile Pvt Ltd vs M/s. Indo Unique Flame Ltd & Ors A Constitution Bench of the Supreme Court, on Tuesday, answered the reference, which pertains to the issue - whether the arbitration clause in a...
Weekly Digest Of IBC Cases: 24 To 30 April 2023
NCLAT Subsequently Modified OTS Proposal Would Further Refresh The Limitation Period: NCLAT Chennai Case Title: M/s. State Bank of India v M/s. Hackbridge Hewittic and Easun Limited Case No.: Company Appeal (AT) (CH) (Ins.) No. 05 of 2021 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri...
It Is Your Duty To Protect Courts, District Judiciary Is Like Mother: Calcutta High Court Acting Chief Justice T S Sivagnanam To Lawyers
The Acting Chief Justice (ACJ) T. S. Sivagnanam, while speaking at the stone laying ceremony of the new court complex in the Alipurduar district, said on Saturday that it is the duty of the members of the bar to protect courts, judges and litigants. A new court building for the new Alipurduar District Court complex is set to be built after the bifurcation of the judiciary...
Order Of Arbitral Tribunal Terminating Proceedings For Non-Payment Of Tribunal Fees Cannot Be Recalled: Telangana High Court
The Telangana High Court held that once the tribunal has passed an order terminating the arbitral proceedings under Section 32(2)(c) r/w Section 38 of the A&C Act for non-payment of tribunal fees, the tribunal cannot recall the order and continue the arbitral proceedings. The bench of Justices P. Naveen Rao and Nagesh Bheempaka held that once the arbitral proceedings are...
ITAT Directs AO To Charge 6.5% Gross Profit Rate On Bogus Purchases
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed the AO to charge a 6.5% gross profit rate on bogus purchases.The bench of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member) has observed that the entire addition has been made by the AO as well as CIT (A) on the basis of guesswork and estimation on the basis of some alleged information received from the...
NCLAT Chennai To Hear Urgent Matters Through VC During Vacations; Registry & E-Filing To Remain Functional
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, has issued a notice dated 28.04.2023, notifying the manner in which the Tribunal would function during the annual vacation commencing from 05.05.2023 to 31.05.2023. The Registry of NCLAT Chennai and the facility of E-filing of cases shall be operational during the said vacation period. Urgent matters to be...
Profile Of An Assessing Authority Can’t Be Stern And Unreasonable, Programmed Solely To Collect Tax: Kerala High Court
The Kerala High Court has held that the profile of an assessing authority can no longer be that of a stern and unreasonable automaton that is programmed solely to collect the tax."We have come across assessing authorities passing orders in a mechanical manner without showing how the taxable event is attracted in a given case or without giving reasons for denying the claim of an assessee...
IBC-Corporate Debtor Cannot Take Advantage Of Its Own Default And Set Up A Plea Of Absence Of Permission Of RBI; NCLT Delhi
The National Company Law Tribunal, New Delhi Bench, comprising Shri P.S.N Prasad (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Punjab National Bank (International) Limited vs M/s Superior Industries Limited has held that a Corporate Guarantee is not void only...
Gangster Act Case: BSP MP Afzal Ansari Convicted & Sentenced To 4 Years In Jail By UP Court; Set To Lose Loksabha Membership
BSP MP from Uttar Pradesh's Ghazipur, Afzal Ansari, brother of Ex-MLA Mukhtar Ansari, was today convicted and sentenced to 4 years in prison in a Gangster Act Case. The sentence was pronounced by Ghazipur MP/MLA Court moments after he was convicted in the case along with his brother Mukhtar Ansari.Now, by virtue of provisions contained in article 102 r/w section 8 (3)of the Representation...
UP Court Convicts Ex-MLA Mukhtar Ansari In A Gangster Act Case, Handed 10-Year Jail Term, ₹5 Lakh Fine Also Imposed
An MP/MLA Court in Uttar Pradesh's Ghazipur district today convicted former MLA Mukhtar Ansari in a Gangster Act case. He has been sentenced to 10 years in Jail and a fine of Rs. 5 lakh has also been imposed upon him.The case under the Gangster Act was registered after Ansari was booked for his involvement in the kidnapping of Vishwa Hindu Parishad office-bearer Nandkishore Rungta in the...
NCLT Chennai Orders Dissolution Of M/S Pillar Industries India Private Limited Under Section 59 Of IBC
The NCLT Chennai bench comprising of Ashok Kumar Bharadwaj (Judicial Member) and Sameer Kakar (Technical Member) has ordered for dissolution of M/s Pillar Industries India Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Chennai through its Liquidator for initiation of voluntary...
IBC-NCLT Chennai Approves Resolution Plan For Hindustan Photo Films Mfg. Co. Ltd.
The NCLT Chennai bench comprising of Shri Ramalingam Sudhakar (Judicial Member) and Shri Sameer Kakar (Technical Member) has approved a Rs. 105.30 crore resolution plan of Mr. M.K. Rajagopalan for Hindustan Photo Films Mfg. Co. Ltd. (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into...