NISHANT
NISHANT MEHROTRA 23 Nov 2019 3:21pm
Maintainability in the case of producer company under part IXA of the Companies act, 1956- shall producer company continue to be governed by the provision in part IXA of 1956 Act, though repealed, until a special Act is enacted - Sections 241 and 242
1152 0 0
NCLAT :: Maintainability in the case of producer company under part IXA of the Companies act, 1956- shall producer company continue to be governed by the provision in part IXA of 1956 Act, though repealed, until a special Act is enacted - Sections 241 and 242 - Provisions of sections 241-242 of the  Companies Act, 2013 cannot be invoked for settlement…
NISHANT
NISHANT MEHROTRA 19 Nov 2019 1:01pm
Clause (a) of sub-section (2) of section 164 of Companies Act 2013 is not ultra vires article 14 of the Constitution
1292 0 0
Karnataka High Court :: Disqualification for appointment of - Clause (a) of sub-section (2) mandating that person who having been a director has not filed financial statements or annual returns for any continuous period of three financial years is not to be eligible to be reappointed as director in any company for five years - Constitutional validity…
NISHANT
NISHANT MEHROTRA 16 Nov 2019 4:47pm
MCA notifies Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
1394 0 0
 Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) to provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs)…
NISHANT
NISHANT MEHROTRA 5 Nov 2019 11:59pm
Mere breach of promise, agreement or contract does not, ipso facto, constitute offence of criminal breach of trust.
1815 0 0
SC :: Penal Code, 1860 — Ss. 405 and 415 — Criminal breach of trust and cheating: Law recognises difference between simple payment/investment of money and entrustment of money or property. Mere breach of promise, agreement or contract does not, ipso facto, constitute offence of criminal breach of trust under S. 405 without there being clear case of…
NISHANT
NISHANT MEHROTRA 2 Nov 2019 2:17pm
Motor Vehicles Act - Appeal - Direction by High Court to deposit the entire awarded sum not correct.
2090 0 0
SC :: Motor Vehicles Act, 1988 Section 173(1) No appeal to be entertained by the High Court unless the person has deposited a sum of Rs. 25,000/- or 50% of the amount awarded whichever is less - Direction to deposit the entire awarded sum not correct - Order passed by the High Court modified and direct that upon deposit of 50% of the awarded sum.HELD:The…
NISHANT
NISHANT MEHROTRA 30 Oct 2019 11:24pm
Law on maintainability of Compromise and Arrangement application by Promoter during pendency of Liquidation under IBC clarified by NCLAT
1665 0 0
NCLAT :: An application under Section 230 to 232 of the Companies Act, 2013, for Compromise and Arrangement with creditors is maintainable during the pendency of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016.However, the Promoters who are ineligible under Section 29A IBC are not entitled to file an application for Compromise…
NISHANT
NISHANT MEHROTRA 24 Oct 2019 12:18am
The essence of section 241/242 would be defeated if during the pendency of the petition, the operational or financial creditors are allowed to initiate the corporate insolvency resolution process itself.
1259 0 0
NCLAT :: Companies Act, 2013 - Sections 241 and 242 - Tribunal/Appellate Tribunal - Jurisdiction to interfere with Board's decision - The essence of section 241/242 would be defeated if during the pendency of the petition, the operational or financial creditors are allowed to initiate the corporate insolvency resolution process itself.Held :: If the…
NISHANT
NISHANT MEHROTRA 21 Oct 2019 8:45pm
Where corporate debtor has allowed the operational creditor to execute the work though there was delay in execution, in the absence of any pre-existing dispute, admission of application under section 9 IBC cannot be denied
888 0 0
NCLAT :: Insolvency and Bankruptcy Code, 2016- section 5(6) read with sections 8 and 9 - Dispute - Where corporate debtor has allowed the operational creditor to execute the work though there was delay in execution, in the absence of any pre-existing dispute or pendency of suit or arbitration proceedings such delay in execution cannot be noticed to…
NISHANT
NISHANT MEHROTRA 21 Oct 2019 8:43pm
Where corporate debtor has allowed the operational creditor to execute the work though there was delay in execution, in the absence of any pre-existing dispute or pendency of suit or arbitration proceedings such delay in execution cannot be noticed to deny admission of application under section 9 IBC
1133 0 0
NCLAT :: Insolvency and Bankruptcy Code, 2016- section 5(6) read with sections 8 and 9 - Dispute - Where corporate debtor has allowed the operational creditor to execute the work though there was delay in execution, in the absence of any pre-existing dispute or pendency of suit or arbitration proceedings such delay in execution cannot be noticed to…
NISHANT
NISHANT MEHROTRA 21 Oct 2019 2:59pm
Election dispute in a company involving voting under rule 20 of the Companies Management and Administration Rules would not lie before the Civil Court but only before the NCLT
1057 0 0
Madras High Court :: Companies Act, 2013 – Sections 241 and 242 read with sections 420 to 430 and with rule 20 of Companies (Management and Administration) Rules, 2014 – Interpretation of statutes – Scope and jurisdiction of National Company Law Tribunal in deciding election disputes – Election would become oppression when it goes against the interest…
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