Company Law judiciary-2

Group Insolvency of real-estate companies for a consolidated Resolution Plan allowed by NCLAT

Edelweiss Asset Reconstruction Company Limited Vs Sachet Infrastructure Pvt. Ltd. (NCLAT)

Edelweiss Asset Reconstruction Company Limited Vs Sachet Infrastructure Pvt. Ltd. (National Anti-Profiteering Authority) In these appeals as common order dated 7th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi, is under challenge and common question of law is involved, they were...

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NCLAT clarifies NCLT’s Power to Dispense with Meetings of Shareholders & Creditors

DLF Phase–IV Commercial Developers Limited & Others (National Company Law Appellate Tribunal)

DLF Phase–IV Commercial Developers Limited & Others (National Company Law Appellate Tribunal) Indisputably, the proposed scheme of amalgamation between the Holding Company and its Subsidiaries is regulated by provisions of Chapter XV of the Act, Section 230 whereof provides for passing of an order by the Tribunal directing convening...

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HC explains Liability of professionals acting as Non-executive directors

Rajendra Shah Vs State of Maharashtra & Anr. (Bombay High Court)

Practicing professionals are prohibited from acting as full time directors. They can only act as non-executive directors not performing administrative duties. Such persons cannot be prosecuted for offenses committed by the company. it will be a travesty of justice to prosecute all Directors if the offense is committed without their knowle...

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Not to count Voting % of absent Financial Creditors to count voting shares: NCLAT

IDBI Bank Limited Vs Mr. Anuj Jain (National Company Law Appellate Tribunal)

IDBI Bank Limited Vs Mr. Anuj Jain (National Company Law Appellate Tribunal) As the voting is on, which is likely to be completed today by 5.00 p.m., we are not inclined to pass any specific order in the present I.A. No. 1857 of 2019 filed by the ‘IDBI Bank Limited’. After voting the decision if […]...

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NCLAT order allowing re-opening of books and re-casting of financial statements of IL&FS valid: SC

Hari Sankaran Vs Union of India & amp (Supreme Court of India)

Hari Sankaran Vs Union of India & amp (Supreme Court of India) Civil Appeal No. 3747 of 2019 titled Hari Sankaran vs. Union of India & Others filed by Ex-Director of Infrastructure Leasing & Financial Services Limited before the Apex Court has been dismissed by the Hon’ble Court. The Civil Appeal No.3747/2019 was fil...

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NCLAT directs Liquidator’ to proceed in accordance with law

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT)

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT) Learned counsel appearing on behalf of the ‘Liquidator’, on instructions from the ‘Liquidator’, who is present, submits that the ‘Liquidator’ will ensure that both the companies remain going concern and if so necessary, he will take appropriate orders from the Adjudicating Authorit...

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Company law not Stipulate any period for completion of Serious Fraud Investigation

Serious Fraud Investigation Office Vs Rahul Modi and Another Etc. (Supreme Court of India)

SFIO Vs Rahul Modi (Supreme Court of India) 1. Leave granted. 2. These Appeals challenge the correctness of the common interim order dated 20.12.2018 passed by the High Court of Delhi at New Delhi in Writ Petition (Crl.) Nos.3842 and 3843 of 2018. 3. In exercise of powers conferred by Section 212(1)(c) of the Companies […]...

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Statutory dues for taxes is Operational Debt: NCLAT

Pr. Director General of Income Tax Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi)

Pr. DGIT Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) ‘Operational Debt’ in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporate Debtor’) operational as a going conc...

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HC quashes MCA order publishing list of disqualified directors & deactivating DIN

Gaurang Balvantlal Shah S/O Balvantlal Shah Vs Union of India (Gujarat High Court)

MCA order in publishing the list of directors  associated with struck off companies under Section 248 of the Companies Act, 2013 on the Website of MCA, showing the status of assessee as disqualified Directors was not legally tenable as section 164(2) of the Companies Act would take effect only from the financial year 2014-15. ...

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Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common p...

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