The assets owned by a third party but in the hands of the Corporate Debtor held according to contractual arrangements are excluded from the definition of “assets” under Section 18 of the IBC, according to a Bench made up of Justices V. Ramasubramanian and Pankaj Mithal, although the stated exclusion does not apply to Section...Read More
In ruling on an appeal filed in Greymatter Entertainment Pvt. Ltd. v. Pro Sportify Pvt. Ltd., the National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, made up of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), determined that the IBC did not bar the Corporate Debtor from establishing defences of “Pre-existing dispute” or...Read More
According to a decision made by the Delhi High Court, the Arbitral Tribunal is authorised by Section 31(6) of the Arbitration and Conciliation Act, 1996 (A&C Act) to issue an interim award based on admissions made by a party before the Interim Resolution Professional (IRP) in CIRP proceedings brought under the Insolvency and Bankruptcy Code,...Read More
In two writ petitions, M/S Jai Singh and Co. and M/s Dimple Chaudhary v. National Highways Authority of India, the Delhi High Court declared that it is unacceptable to terminate a public contract, particularly one with a defined period, only for the prospect of collecting more money. This judgement was made in response to petitions...Read More
According to the Supreme Court’s bench of Justices MR Shah and MM Sundresh, “to continue with the interim purchase for number of years would be arbitrary and may be argued to be violating the freedom to utilise the property protected under Article 300A of the Indian Constitution.” Even continuing the temporary purchase for a longer...Read More
In deciding an appeal filed in Ashoka Hi-Tech Builders Pvt. Ltd. v Sanjay Kundra & Anr., the National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprised of Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra (Technical Member), held that a landowner who is a party to a development agreement is not a financial creditor as...Read More
