COMPANY LAW
NCLT-Kochi allows First Motion application in MIDAS Group merger
The National Company Law Tribunal ("NCLT"), Kochi Bench, comprising of Shri Ashok Kumar Borah (Judicial Member) and Shri Anil Kumar (Technical Member), while adjudicating a joint application filed under Sections 230 to 232 of the Companies Act, 2013 by thirteen Midas Group companies seeking sanction of Scheme of Amalgamation between them, has allowed the transferor companies...
Madras HC Holds Execution Petition Over Beneficial Ownership Of Award Debtor In Shares Held Ostensibly By Third Parties Maintainable
Madras High Court has recently held that the execution petition filed by a company incorporated in the Republic of Marshall Islands, in pursuance of a foreign arbitral award in its favour, against another company with its registered office in Dubai is maintainable before it.The single-judge bench of Justice Senthilkumar Ramamoorthy has held that the consecutive third execution petition filed...
Delhi High Court Rules, Parties Under LLP Agreement Cannot Confer Jurisdiction On Courts
A Single Bench of Delhi High Court of Justice Amit Bansal, has held that carrying of business in any place does not confer jurisdiction on courts to adjudicate a dispute inter se partners in an LLP. The Partner of an LLP, registered at Hyderabad, had filed a suit before a Commercial Court in Delhi against the denial of access by remaining partners to the business accounts of LLP....
'Public At Large Cannot Be Put To The Whim & Fancy Of Recalcitrant Directors': Calcutta HC Upholds Disqualification Of Directors U/S 164(2) Of Companies Act
The Calcutta High Court on Friday observed that the provisions for disqualification of directors due to non-filing of balance sheets and annual returns as envisaged under Section 164(2) and Section 167(1) of the Companies Act, 2013 is aimed at ensuring probity and the highest standard of governance in both private and public companies. Justice Rajasekhar Mantha was adjudicating upon a...
Delhi High Court Issues Notice On Plea Challenging Constitutionality Of S.95 IBC
A Writ Petition has been filed by the personal guarantors of an MSME Corporate Debtor, Emkay Automobiles Industries Ltd., challenging the constitutional validity of Section 95 of the Insolvency and Bankruptcy Code, 2016. The Bench comprising of Justice Manmohan and Navin Chawla has issued notices to the Respondents including the Central Government, the Reserve Bank of India, the...
SpiceJet Vs Credit Suisse AG- Madras High Court Dismisses Appeal Against Airline's Admission Of Winding Up
Madras High Court has dismissed the appeal preferred by SpiceJet against a single-judge bench order for admission of its winding up on Credit Suisse AG's Company Petition. Yesterday, Madras High Court had reserved the pronouncement of judgment on SpiceJet's appeal for today. After hearing the counsels appearing for SpiceJet and Credit Suisse at length, A Division Bench of...
Appeal Against Admission Of Winding Up: 'Moonshine Defence By SpiceJet, Ploy To Avoid Liability': Swiss Corporation Argues Before Madras High Court
After hearing the caveator Credit Suisse AG at length, Madras High Court has decided to hear the appeal against the admission of SpiceJet's winding up further on January 10, 2022. Yesterday, a Division Bench of Justice Paresh Upadhyay and Sathi Kumar Sukumara Kurup heard the counsel appearing for the Switzerland based Corporation, Advocate Rahul Balaji. While deferring the...
Madras High Court Orders Winding Up Of SpiceJet Ltd, Official Liquidator To Take Over The Company Assets
The Madras High Court has ordered that SpiceJet Limited must be wound up and the assets must be taken over by the official liquidator on the grounds of proved inability of the Airlines to repay its debts. Justice R. Subramanian was adjudicating a company petition filed by Credit Suisse AG, a Switzerland based Stock Corporation and a creditor, who alleged inability on the part of...
'A Sorry Picture Of System Generated Harassment':Kerala High Court Expresses Dismay At Delays By Central Registration Centre In Allowing Incorporation Of LLP
The Kerala High Court recently expressed dismay at the delays and hardships brought on by the Ministry of Corporate Affairs' Central Registration System in processing applications for the incorporation of Limited Liability Partnerships (LLP). Taking note of the predicament of the petitioner, whose application for incorporation was being delayed for various reasons, Justice N...
Supreme Court Allows Tata Sons Appeal Against NCLAT Order To Reinstate Cyrus Mistry As Chairman
In a big win for Tata Sons Ltd, the Supreme Court on Friday allowed its appeal against the order of the National Company Law Tribunal, which had ordered to reinstate the ousted Chairman Cyrus Mistry.The Court allowed the appeal of Tata Sons, answering all questions of law framed in the case in its favour, and set aside the NCLAT order. The appeals filed by Shapoorji Pallonji group and...
Supreme Court Allows Tata Sons Appeal Against NCLAT Order To Reinstate Cyrus Mistry As Chairman
In a big win for Tata Sons Ltd, the Supreme Court on Friday allowed its appeal against the order of the National Company Law Tribunal, which had ordered to reinstate the ousted Chairman Cyrus Mistry.The Court allowed the appeal of Tata Sons, answering all questions of law framed in the case in its favour, and set aside the NCLAT order. The appeals filed by Shapoorji Pallonji group and...