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Supreme Court: Statutory set-off or insolvency set-off inapplicable to Corporate Insolvency Resolution Process

The Supreme Court, vide its judgment dated January 3, 2024, in the matter of Bharti Airtel Limited and Another v. Vijaykumar V. Iyer and Others [Civil Appeal Nos. 3088-3089 of 2020], has undertaken an in-depth analysis of various types of set-offs recognized under law and their applicability during Corporate Insolvency Resolution Process (“CIRP”) of a […]

Supreme Court: Nomination process under the Companies Act, 1956/ Companies Act, 2013 does not override succession laws

The Supreme Court, vide its judgment dated December 14, 2023, in the matter of Shakti Yezdani and Another v. Jayanand Jayant Salgaonkar and Others [Civil Appeal No. 7107 of 2017], held that the Companies Act, 1956 (“CA, 1956”) does not deal with the law of succession nor does it override the laws of succession and […]

Legalaxy – Monthly Newsletter Series – Vol IX – February, 2024

In the February edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, pharmaceuticals, labour, mining, power, and renewable energy. Below are the key highlights of the newsletter: SEBI introduces guidelines for AIFs on holding investments in dematerialised form and custodian appointments SEBI supersedes framework […]

Delhi High Court: Petition under Section 34 of the Arbitration Act dismissed twice for non-prosecution, court denies benefit under Section 14 of the Limitation Act citing lack of diligent prosecution

The Delhi High Court (“Delhi HC”), in its judgement dated December 12, 2023, in the matter of U.P. Jal Vidyut Nigam Limited v. C.G. Power and Industrial Solutions Limited [FAO(OS) (COMM) 120/2019], has held that the benefit under Section 14 (Exclusion of time of proceeding bona fide in court without jurisdiction) of the Limitation Act, […]

Supreme Court: An instrument which is compulsorily convertible into shares such as a compulsorily convertible debenture, is to be treated as an equity instrument and not regarded as a financial debt under IBC

The Supreme Court, vide its judgment dated November 9, 2023, in the matter of M/s. IFCI Limited v. Sutanu Sinha and Others [Civil Appeal No. 4929/2023], has held that as per the facts in the present case, compulsorily convertible debentures (“CCDs”) should be treated as an equity instrument instead of a debt instrument, since it was […]

Supreme Court: Non-signatories to an arbitration agreement can be made parties to an arbitration proceeding under the group of companies doctrine

The Supreme Court, vide its judgment dated December 6, 2023, in the case of Cox and Kings Limited v. SAP India Private Limited [Arbitration Petition (Civil) No. 38 of 2020], held that non-signatories to an arbitration agreement can be bound by the arbitration agreement based on mutual intention. Consequently, the Supreme Court upheld the ‘group […]