Company Law judiciary-2

Appeals Filed U/s. 10F of Companies Act 1956 cannot be condoned after 60 days

Santosh Kumar Hegde Vs. Parimala Hospitality (P.) Ltd. & Ors. (Bombay High Court)

In view of Companies Act, 1956 being a special statute and upon considering the language of section 10-F, in my view it is clear that the Company Court has no power to condone delay beyond the period of 60 days....

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Principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases: NCLT

Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi)

NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being in force....

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Posted Under: Company Law |

Withdrawn of Application- After Admission – NCLT – INSOLVENCY CODE

Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata)

NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....

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Posted Under: Company Law | |

NCLT can allow Compounding of offence despite advanced stage of prosecution

Teamasia Semiconductors (India) Ltd. & Ors., In re (National Company law Tribunal Hyderabad)

the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage....

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Posted Under: Company Law |

WEF 15-12-2016 High court lost jurisdiction to hear Company Law petitions

Prasanta Kumar Mitra & Ors. Vs India Steam Laundry P. Ltd. & Ors. (Calcutta High Court)

Matter related to transitional provisions under section 68 of the Companies (Amendment) Act, 1988, which bestowed jurisdiction to hear the case only on High Court, however, as in the case in point, the issue was transferred to NCLT under the 2013 Act, the NCLT would have jurisdiction, even though the amended section 68 had not been actual...

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Official Liquidator can file claim within a period of 4 years from winding up order date

O.A. Antony Vs. Chandini Chits (P.) Ltd. (Kerala High Court)

Official Liquidator (OL) could file claim within a period of four years from the date of winding up order, by taking the benefit of one year period immediately following the date of the winding up order, as provided under section 458A of the Act and the three years period provided under Article 137 of the Limitation Act....

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Neglect to pay despite winding up notice, in law is to be deemed to be insolvent

Balkrishna Commercial Co. Ltd. Vs. Ask Dairies (P.) Ltd. (Rajasthan High Court)

This petition filed by the petitioner company M/s. Shree Balkrishna Commercial Company Limited (hereinafter ‘the petitioner company’) under section 434 of the Companies Act, 1956 (hereinafter ‘the Act of 1956’) seeks winding up of the respondent company M/s. Ask Dairies Private Limited (hereinafter ‘the respo...

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Company unable to pay debt/tax to Government Judicial discretion to direct winding up should not be exercised

Budhia Auto Associate Pvt. Ltd. Vs None (Chhattisgarh High Court)

This petition for winding up has been preferred by the company itself without referring to the relevant clause of Section 433 of the Companies Act, 1956 ('the Act' in short), however, in course of argument it was informed that the petition is under Section 433 (e) of the Act....

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Wind up Petition by employee claiming unpaid Salary is Maintainable

Mr Sanjay Sadanand Varrier Vs M/s Power Horse India Pvt.Ltd. (Bombay High Court)

An employee can maintain a Petition for winding up of a Company under section 439 r/w sections 433(e) and 434 of the Companies Act, 1956 as a creditor based on the claim of the recovery of his unpaid salary and wages. ...

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NCALT penalises for non-appointment of whole time secretary

M/s. Gopala Polyplast Ltd. & Ors. Vs Registrar of Companies, Ahemdabad, Gujarat

The Appellant being not satisfied with the compounding of fine has challenged the order dated 30th September, 2016 passed by National Company Law Tribunal, (hereinafter referred to as the Tribunal), Ahmedabad Bench, in TP No.154/621A/NCLT/AHM/2016 (New), CA No.90/621A/CLB/MB/2013 (Old)....

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Posted Under: Company Law | |
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