NISHANT
NISHANT MEHROTRA 20 Oct 2019 8:03pm
In a case for oppression and mismanagement, the paramount consideration of the Tribunal is to keep in view as to what is in the interest of the company, the interest of the parties being subservient to interest of company
2055 0 0
NCLAT :: Companies Act, 2013 - Sections 241 and 242 - Order that can be passed in - Oppression/Mismanagement - Petition for relief against -Where NCLT was not articulate in directing the petitioners to sell their entire shareholding held in respondent-company to the other respondents, while it was necessary to clearly identify the respondents since…
NISHANT
NISHANT MEHROTRA 14 Oct 2019 7:12pm
When can a Corporate Debtor, against whom morotorium under IBC was passed, file suit or legal proceedings for recovery of money.
650 0 0
NCLAT - When can a Corporate Debtor, against whom morotorium under IBC was passed, file suit or legal proceedings for recovery of money.Held :: From clause (d) of Section 11, it is clear that a ‘Corporate Debtor’ in respect of whom a liquidation order has been made is not entitled to make application to initiate ‘Corporate Insolvency Resolution Process’…
NISHANT
NISHANT MEHROTRA 11 Oct 2019 12:35am
Section 4, SIC Repeal Act, 2003 - Application filed in a modified Form-6, it cannot be treated as a proceeding under Section 10 of Insolvency and Bankruptcy Code.
829 0 0
NCLAT :: Section 4, SIC Repeal Act, 2003 - Application filed in a modified Form-6, it cannot be treated as a proceeding under Section 10 of Insolvency and Bankruptcy Code. Held :: No Form has been prescribed even for initiation of ‘Fast Track Corporate Insolvency Resolution Process’ under Sections 55 and 56 of the I&B Code, in the Insolvency and Bankruptcy…
NISHANT
NISHANT MEHROTRA 27 Sep 2019 11:54pm
The accused to explain as to how his cheque entered into the hands of the complainant.
1194 0 0
SC :: Section 138 Negotiable Instruments Act - The accused to explain as to how his cheque entered into the hands of the complainant. Held: Original appellant/accused has not even explained how the leaves of the cheque entered into the hands of the complainant. It is urged that in crossexamination of the complainant some suggestions were made that…
NISHANT
NISHANT MEHROTRA 16 Sep 2019 6:53pm
Section 138 NI Act - Handing over of the cheque by way of security per se will not extricate the accused from the discharge of liability arising from such cheque
1819 0 0
SC :: Section 138 NI Act - Handing over of the cheque by way of security per se will not extricate the accused from the discharge of liability arising from such cheque.Facts:High Court had quashed the case. It had mainly referred to the assertion in the complaint that the security cheques were demanded in response to which the accused had issued three…
NISHANT
NISHANT MEHROTRA 16 Sep 2019 11:08am
NCLAT exercises inherent powers under R. 11 of NCLAT Rules, quashes CIRP where settlement reached between parties before constitution of Committee of Creditors.
982 0 0
NCLAT :: Appellate Tribunal exercises inherent powers under R. 11 of NCLAT Rules, quashes CIRP where settlement reached between parties before constitution of Committee of Creditors. The Operation Creditor had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 which was admitted by the Adjudicating Authority and Corporate…
NISHANT
NISHANT MEHROTRA 3 Sep 2019 3:17pm
Merely because the period fixed for liquidation is over, the proceedings for recovery of dues do not stand closed
769 0 0
Supreme Court :: Merely because the period fixed for liquidation is over, the proceedings for recovery of dues do not stand closed. Held :: On the termination of the liquidation proceedings, liability of the members for the debts taken by them does not come to an end. There is no such provision in the Act providing once winding up period is over, the…
NISHANT
NISHANT MEHROTRA 2 Sep 2019 7:51pm
Consideration of record for discharge purpose is one thing and consideration of record while deciding appeal by Appellate Court is another thing - Code of Criminal Code, 1973 - Section 227
807 0 0
SC :: Consideration of record for discharge purpose is one thing and consideration of record while deciding appeal by Appellate Court is another thing - Code of Criminal Code, 1973 - Section 227 - Prevention of Corruption Act, 1988 - Section 7 read with Section 13(1) (d). Discharge of accused - Consideration of record for discharge purpose is one thing…
NISHANT
NISHANT MEHROTRA 31 Aug 2019 9:14am
When Resolution Professional under the Insolvency & Bankruptcy Code is in control of the Corporate Debtor, it is obvious that it cannot be pleaded that the company is in the hands of a wrongdoer.
1117 0 0
Madras High Court :: When Resolution Professional under the Insolvency & Bankruptcy Code is in control of the Corporate Debtor, it is obvious that it cannot be pleaded that the company is in the hands of a wrongdoer.Held :: Pith and substance of Foss vs. Harbottle principle is viewed as majority is the hallmark of a corporate entity and the minority…
NISHANT
NISHANT MEHROTRA 31 Aug 2019 1:50am
Homebuyer's application for initiation of Corporate Insolvency Resolution Process in respect of  Umang Realtech Private Ltd. admitted
1170 0 0
NCLT Principal Bench has admitted an application moved by Rachna Singh and Ajay Singh under Section 7 of the Insolvency and Bankruptcy Code in respect of real estate company Umang Realtech Private Limited.The homebuyer's application for initiation of Corporate Insolvency Resolution Process was for defaulting in repayment of debt pursuant to its delay…
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