Company Law judiciary-2

Mere Balance Sheet entries not amounts to acknowledgment of Debt under Limitation Act

Bishal Jaiswal Vs Asset Reconstruction Company (India) Ltd. & Anr. (NCLAT Delhi)

Section 18 of the Limitation Act, 1963 would have no application to proceedings under I&B Code. Therefore, the issue raised as regards acknowledgement of liability by reflection in the Balance Sheet/ Annual Return would be irrelevant....

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Posted Under: Company Law | |

Resolution Professional or Committee of Creditors cannot reclassify status of a creditor from Financial to Operational Creditor

Mr Rajnish Jain Vs Manoj Kumar Singh – I.R.P. (NCLAT, Delhi)

Mr Rajnish Jain Vs Manoj Kumar Singh – I.R.P. (NCLAT, Delhi) Resolution Professional or Committee of Creditors cannot reclassify status of a creditor from Financial to Operational Creditor NCLAT held that during CIRP, the IRP is authorised to collate the claims, and based on that he is empowered to constitute the Committee of Creditors....

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Posted Under: Company Law | |

Company dissolution may be set aside within 2 Years from the date of Dissolution

Action Ispat and Power Pvt. Ltd. Vs Shyam Metalics and Energy Ltd. (Supreme Court of India)

It was held that Where a company has been dissolved, such dissolution may be set aside within a period of two years from the date of such dissolution under section 356 of the Companies Act, 2013....

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No ‘Secured Creditor’ status to financier If Hypothecation Charge Not Registered

Volkswagen Finance Private Ltd. Vs Shree Balaji Printopack Pvt. Ltd. (NCLAT Delhi)

Volkswagen Finance Private Ltd. Vs Shree Balaji Printopack Pvt. Ltd. (NCLAT Delhi) From the documentary evidence on record it is clear that no ‘Charge’ has been registered under the provisions of Section 77(1) of the Companies Act 2013, in relation to the Subject Property. The Liquidator has rightly referred to Regulation 21 of IBBI (...

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Posted Under: Company Law | |

ROC cannot Deactivate DIN of Director for Disqualification in Any Company

Meethelaveetil Kaitheri Muralidharan Vs Union Of India (Madras High Court)

The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) of the director due to his disqualification in one company?...

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LLP Settlement Scheme, 2020 benefit cannot be denied on Form uploaded pursuant to Court Order

Handoo & Handoo Legal Consultants & ANR. Vs. Union of India (Delhi High Court)

Handoo & Handoo Legal Consultants Vs. Union of India (Delhi High Court) The plea of the petitioner(s) in the present applications is that they have been denied the benefit of the Scheme only on the ground that they uploaded the forms pursuant to the order dated 06.12.2018 of this Court. The learned counsel for the […]...

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HC Permits Disqualified Director with Frozen DIN & DSC to Avail CFSS 2020

Ashish Gupta Vs. Union of India (Delhi High Court)

The issue under consideration is whether Disqualified Director whose DIN and DSC has been frozen by the ROC due to non compliance will be eligible for Companies Fresh Start Scheme 2020?...

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Bhushan Steel Case: HC quashes summons issued to limited extent against PNB Executive Director

Rajesh Kumar Yaduvanshi Vs. Serious Fraud Investigation Office (SFIO) & Anr. (Delhi High Court)

Rajesh Kumar Yaduvanshi Vs. Serious Fraud Investigation Office (SFIO) & Anr. (Delhi High Court) The petitioner has filed the present petition impugning a summoning order dated 16.08.2019 issued by the learned ASJ in Complaint Case No. 770/2019 captioned “Serious Fraud Investigation Office (SFIO) v. Bhushan Steel Limited and Ors.”,...

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Promoters Directors can nominate any person as a director to apply under CFSS Scheme 2020

Navneet Sahay Verma and another Vs. Registrar of Companies and another (Bombay High Court)

Navneet Sahay Verma and another Vs. Registrar of Companies and another (Bombay High Court) The Petitioners, because of their disqualification, cannot apply under the Companies Fresh Start Scheme in respect of their companies. This Scheme is to end on 30 September 2020. They, therefore, seek a direction that they may be permitted to apply ...

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HC Set Aside Directors Disqualification on June 2017 considering CFSS 2020

Sandeep Agarwal & Anr. Vs. Union of India & Anr. (Delhi High Court)

Companies Fresh Start Scheme, 2020 provides an opportunity for active companies who may have defaulted in filing of documents, to put their affairs in order. It thus provides Directors of such companies a fresh cause of action to also challenge their disqualification qua the active companies....

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