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Corporate Law : Budget 2024 boosts startups by abolishing Angel Tax, setting up a ₹1000 crore space tech fund, and reducing long-term capital ga...
Corporate Law : Chhattisgarh HC clarifies that abduction of a minor doesn’t always fall under Section 366 IPC; proving the accused’s intent is...
Corporate Law : Gujarat High Court: Bail conditions requiring the accused to mark their presence at the police station may lead to human rights ab...
Corporate Law : The Rajasthan High Court ruled that the right to a speedy trial cannot be compromised due to the seriousness of the crime....
Corporate Law : Bombay HC declares arrest illegal if not following due process, emphasizes constitutional rights in Mahesh Pandurang Naik vs. Stat...
Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....
Corporate Law : From October 2024, tax will be deducted at source on interest exceeding ₹10,000 for Floating Rate Savings Bonds (FRSB) 2020 and ...
Corporate Law : Discover the 'Vatsalya' pension scheme for minors launched by the Ministry of Finance. Learn about contributions, conversion optio...
Corporate Law : Union Budget 2024 introduces eight new MSME support measures, including credit schemes, enhanced Mudra loans, and new SIDBI branch...
Corporate Law : New centrally sponsored scheme announced: 20 lakh youth to be skilled, 1,000 ITIs upgraded, and skill loan limits increased to ₹...
Corporate Law : Delhi High Court rules in Mukesh Udeshi vs Jindal Steel Power Ltd, emphasizing that only parties to arbitration proceedings can ch...
Corporate Law : Supreme Court directed constitution of ‘Committee for Service Conditions of the District Judiciary’ overseeing the implementat...
Corporate Law : Explore Delhi High Court's rulings on arbitration of lock-in periods in employment contracts, with detailed case analyses and lega...
Corporate Law : Mineral Area Development Authority & Anr. Vs Steel Authority of India & Anr Etc. (Supreme Court of India) In Mineral Area ...
Corporate Law : Gauhati High Court held that once the assessment order of the authorities are set aside and matter is remanded back and on assessm...
Corporate Law : IBBIs recent order finds Vijaykumar Varun in violation of Insolvency Code provisions. Read details on non-compliance and disciplin...
Corporate Law : Read about the IBBI Disciplinary Committee's decision on Mr. S. Diraviam regarding alleged violations during a corporate insolvenc...
Corporate Law : Explore IRDAI's order against Care Health Insurance Ltd. for ESOP violations. Detailed analysis of legal implications, penalties i...
Corporate Law : Latest updates to the Prevention of Money-laundering Rules, 2024, focusing on KYC processes, client verification, and record maint...
Corporate Law : Explore IRDAI's final order on Aegon Life Insurance (now Bandhan Life) regarding violations of AML and policyholder protection reg...
Summary of some key decisions of the Hon’ble Supreme Court of India has been provided below. Criminal law No obligation on Officer-in-charge to arrest accused when filing chargesheet nor arrest pre-requisite formality to take chargesheet on record by Magistrate In Siddharth v. State of Uttar Pradesh the Supreme Court has held that an accused is […]
Can a common man afford the services of a Senior Advocate? Explore the accessibility of Senior Advocates in the High Court/ Supreme Court.
All hear about electric vehicles (EV) and their future role in decarbonizing the transport sector. Equally true is our anxiety to learn about the infrastructure development for EVs and whether we are serious about its implementation. Who are the stakeholders in developing the infrastructure for EVs? NITI Aayog in association with the Ministry of power, […]
1. Background of Debate Effectuated December 2016, the Sick Industrial Companies Act[1] was repealed to pave way to the Insolvency and Bankruptcy Code, 2016[2] (hereinafter “IBC”). The objects of the two acts were different in one substantial aspect: the latter focused on reviving a company so as it continues to survive as a going concern, aimed to act as a beneficial legislation and not merely focused on recovery. Recovery however being quintessential to IBC we saw that it and the Limitation Act, 1963[3] (hereinafter “Limitation Act”), which bars the right to recover money claims after a time lapse of 3 years from the cause of action, came face to face with each other and so became a long debate culminating finally this year. This debate arose on two counts. First, IBC was always meant to be a complete code in itself, an exhaustive code on the subject matter[4] and so the remedies given thereunder comprehensively cover all matters that it apprehends. Thus, it was naturally understood that IBC is not guided by any other legislative enactment. However it does not have a clause expressly barring application of limitation act which attracts Section 29 of the limitation act which brings us to the second. Second, the mandate of Section 29 of the Limitation Act makes it abundantly clear that all legislative enactments are to be guided by the Limitation Act “unless such enactment expressly excludes itself”. Now, even the words “expressly excluded” in the section have been interpreted to have a wider import by the Supreme Court (hereinafter “SC”) giving itself the power to interpret by reading of all the provisions of an act to infer such exclusion[5]. The interpretation of such an intention or otherwise rested again with the apex court. 2. Prior to Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 Initially the NCLT held in Neelkanth Township and Construction Pvt. Ltd. v Urban Infrastructure Trustee Ltd.[6] that the “provisions of the IBC cannot be shackled by the Limitation Act”. The court noted: “There is nothing on the record that Limitation Act, 2013 is applicable to IBC. Learned Counsel for the appellant also failed to lay hand on any of the provision of IBC to suggest that the Law of Limitation Act is applicable. The IBC, 2016 is not an Act for recovery of money claim, it relates to the initiation of Corporate Insolvency Resolution Process. If there is a debt which includes interest and there is default of debt and having a continuous course of action, the argument that the claim of money by Respondent is barred by Limitation cannot be accepted.” The NCLAT based its decision on the observation in Innoventive Industries Limited v ICICI Bank & Anr [7] that IBC is a comprehensive code which implies that it is independent of other laws. Now even though there was no provision in IBC that expressly barred the Limitation Act, the court observed that it remains open for the court to conclude so on a meaningful and comprehensive reading of the provisions. This view was further supported by M/S. Speculum Plast Pvt. Ltd. v Ptc Techno Pvt. Ltd[8]. and B.K. Educational Services Private Limited v Parag Gupta.[9] Even so, acting cautiously, the courts prescribed that the underlying utility of the doctrines like that of limitation must not be forsaken and it must be ensured that a deliberate delay does not go unpunished. Undoubtedly, the above ruling was bound to result in an increase in the number of applications and appeals. In the above background the Report of the Insolvency Law Committee of March 2018[10] came in which opined that “since the intent of the Code was not to array the Code as a fresh opportunity for creditors and claimants who did not exercise their remedy under existing laws within the prescribed limitation period, the Committee thought it fit to insert a specific section applying the Limitation Act to the Code”. The legislature finally taking note of this situation came up with Section 238A inserted vide an amendment[11] which clearly provided that the Limitation Act would apply to all the proceedings or appeals before the NCLT, NCLAT, DRT and DRAT.
SC enlarges the ambit of Limitation Act, 1963 for recovery of debts. Learn about the changes and implications of this landmark judgment.
The Factoring Regulation (Amendment) Act, 2021 received the assent of the President on 7th August, 2021 and got published in the Official Gazette on 9th August, 2021. The Amendment Act shall come into force on 23rd August, 2021. (Effective date got notified vide Notification No. S.O. 3406(E) dtd. 19th August, 2021) Sr. No. Amendment Comments 1 Substitution: Section 2(a) for the […]
A. With the siege of power in Afghanistan by the militant sect Taliban, bilateral trade between India and the country is currently at high risk, the Confederation of Indian Traders (CAIT) cautioned on Tuesday. The traders’ association also alerted domestic exporters and urged the Centre to forestall any potential business losses. The CAIT statement listed […]
Sexual harassment could be a kind of unlawful employment discrimination beneath Title VII of the Civil Rights Act of 1964 and is prohibited beneath the anti-harassment policy. As per the Equal Employment chance Commission, harassment is outlined as “unwelcome sexual advances, requests for sexual favours, and alternative verbal or physical conduct of a sexual nature. […]
INTRODUCTION The right to assert maintenance is a right recognized beneath completely different laws in our country, everyone is completely different from alternative in main and another specific. United Nations the total conception of maintenance was initiated to confirm that if there’s a married person who isn’t freelance economically, then, the opposite married person ought […]
In the Budget 2021, our hon’ble financial minister announced about Amendment in LLP Act. In continuation of same, Ministry of Corporate Affairs issued a press release on 03rd February 2021. MCA initiates process of De-criminalisation of compoundable offences of LLP Further in continuation of the same Wednesday, 28th July, 2021 Cabinet has passed LLP Amendment Bill, […]
